Personal finances of professional American athletes

The personal finances of professional American athletes is a subject of widespread discussion due to the often high salaries of such athletes and the high rates of personal bankruptcy and other financial distress.

According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association players go bankrupt within five years after leaving their sport. Originally the statement "60% of NBA players go bankrupt within five years after leaving their sport" was released by a representative of the NBA Players' Association in 2008 A Fortune magazine article states, however, that a working paper from the National Bureau of Economic Research found that the percentage of NFL players who go bankrupt after two years is a much smaller 1.9%, climbing to 15.7% after 12 years.

As of 1911^[update] the average salary for the about 500 players in Major League Baseball was slightly more than $2,000 a season ($51,400 today). The star hitter Ty Cobb received $9,000 a season ($231,300 today), and sold automobiles in the off season. While Cobb encouraged young men to play professionally, top pitcher Christy Mathewson—who had made more money as a player than Cobb—warned, "Keep out of baseball unless you are sure of being a star!" He stated that the average player did not make enough over a ten-year career to justify devoting those years to the sport.

By 1941, Hank Greenberg was the highest-paid player in baseball, earning $55,000 a season ($895,600 today).Stan Musial's $80,000 a season ($721,500 today) was the highest in 1952, while young star Mickey Mantle earned $10,000 a season ($90,200 today). Musial, like Cobb, supplemented his income; he owned a restaurant.

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