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Underpaid Military Compared to Professional Athletes

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by

Brendon Masten

on 2 December 2013

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Transcript of Underpaid Military Compared to Professional Athletes

Underpaid Military Personnel Compared to Professional Athletes
Average Professional Salaries
National Basketball Association: 5.15 Million
Major League Baseball: 3.31 Million
National Hockey League: 2.4 Million
National Football League: 1.9 Million
Pro Athlete Mishaps
In a recent "30 for 30" experts explained that 78% of NFL players are broke in the first 2 years of retirement
Bankruptcy, substance abuse and domestic violence, are such common issues for current and former players that the NFL has made it a requirement for all rookies to attend a four-day class
Classes explain professional responsibility, personal finance, substance abuse, community engagement and other off-the-field challenges that professional athletes can encounter
Forbes report 60% of NBA athletes go broke in first 5 years of retirement
Examples

Vince Young

Signed $58 Million Dollar contract
Good Investments
Opened Restaurant in Austin, Texas and still operates today
Poor Financial Investments
After home games purchased$600 shots of Louis XIII at Morton's
Spend $5,000 per week at the Cheesecake Factory
Purchased 120 of 130 seats on a commercial airline flight in 2007
Example #2
Allen Iverson
Spent $360,000 every month after leaving NBA
Spent thousands on jewelery, and clothing
Owes Atlanta Jewelery Store $859,000
$4.5 Million dollar house foreclosed
Military Pay
E-1 is a Private in the Military
An E-1 Pay grade is comparable to an NFL rookie
Monthly a Private makes about $1,500 a month
Even an Officer with a college degree makes only an E-4 pay grade

Peyton Manning's Rookie Season
Received a 34.5 Million Dollar signing bonus

A man who risks his life to protect his home land receives 23,000
times less than Peyton Manning once received in one day

Conclusion
Not all professional athletes make poor financial decisions
Unfortunately a large number do
More Military personnel than Pro Athletes
However I am not suggesting we pay every person in the military millions of dollars
Its only fair to ensure these people to have stable living conditions when returning home
3 Biggest Economic Challenges for Veterans
Unemployment
On average Vets have an unemployment rate of 6.9%
Those serving from 2001- Present have a rate of 10%
Meaning 246,000 are out of work
Poverty
2010, more than 986,000 Vets under age 64 have experienced Poverty
3 Challenges (Cont.)
Homelessness
While Veterans make up 7% of the population, they make up 13% of homeless population
While overall homeless vets tend to be heavily male, female veterans make up the fastest growing segment of the homeless population.
Why Pro Athletes Go Broke
Full transcript