65% of family wealth is lost by the second generation. 90% is lost by the third generation.
Up to 60% of former NBA players face bankruptcy or serious financial problems within a few years of retirement.
What is “Consumption Smoothing”?…Consumption smoothing is slowing your spending in order to save for later. An important concept if you make big money now by an inheritance in a career with a short life-span, such as professional sports.
Did you know that 80% of NFL players are broke within 3 years of retiring?