Insights
Sports Insights
By
Lorenzo Amaya
Why So Many Athletes Go Broke — And What We’re Doing About It
A 2009 Sports Illustrated article, "How and Why Athletes Go Broke," put it plainly: recession or not, many NFL, NBA, and MLB players have a pattern of losing most, if not all, of their wealth. Unfortunately, that headline still holds. The article highlights stories of fraudulent financial advisors, poor investment decisions, and manipulation by those closest to the athletes.
I’ve seen it firsthand. I’ve walked players through fraud, family disputes over money, destroyed credit, reckless spending, and investment schemes that were never grounded in reality.
I’ll admit, before hearing these stories up close, I had little sympathy for athletes who lost it all. But stepping into their world changed that. The system doesn’t prepare a rookie, especially one suddenly handed $800,000 or more at age 22, for the weight of financial independence. I had to ask myself: Would 22-year-old Lorenzo have done any better? My honest answer is no.
What I’ve learned is this: Most athletes don’t lack advice; they lack direction and understanding. So, they hand over control of their finances to someone they believe they can trust.
At Amaya Financial, our mission isn’t just to advise, it’s to educate. We equip players and clients with a financial strategy rooted in growth, discipline, and legacy, not just wealth.
Real growth begins when you’re not only empowered to take control but prepared to do so.