Here's how former MLB star A-Rod wants to stop athletes from going broke. investinyou (In partnership with acorns.)
One of those team owners is billionaire investor Marc Lasry, co-founder of Avenue Capital Group and co-owner of the NBA's Milwaukee Bucks. He agrees it's important to teach young athletes who have no background in finance what to do with their new windfall.
"Imagine if, when you were 18 or 19 years old, all of a sudden you're making millions of dollars," he told "Squawk Box" Friday. "It takes a while to understand what to do," he added. "One thing we always tell everybody is, 'Look, just leave your money in the bank. "You don't need to invest right now," Lasry said. "Just save that money because you've got a short career span.'"The concern around the financial wellness of athletes has been gaining steam in the decade since apointed out that 78% of former NFL players have gone bankrupt or experienced financial stress just after being retired for two years. Within five years of retirement, 60% of ex-NBA players are broke, the report stated.
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