Chris Pronger went there with a surprising outing on Monday afternoon on Twitter. In a long string of tweets, the former NHL defenseman explained how the fortunes of young athletes can quickly become a poisoned gift.
Posted at 7:46 p.m.
Pronger played about 20 seasons in the NHL before being inducted into the Hockey Hall of Fame. He made over $100 million during his long career. In his opinion, half of the athletes face financial problems once they retire. According to him, this is a serious problem.
First, he finds that young athletes spend a lot, without worrying about their liquidity. These athletes buy lavishly and believe the money will always flow. Which is not the case, he explains.
He thinks this problem is even more serious today, since the median salary of NHL players is around two million dollars a year. 30 years ago it was $300,000. On this lot, Pronger specifies that the players must take into consideration that depending on the place where they play, they must pay 39% to 56% of their annual salary in taxes, that they must pay their agent who receives between three and 5% income, in addition to almost $10,000 a month for a house near the arena where they can receive home care, such as nutrition, training and treatment.
According to him, an athlete can “easily” spend $20,000 a month. With careers getting shorter and shorter, a sportsman can have about two or three million dollars in the bank at the end of his career. According to the former St. Louis Blues and Philadelphia Flyers player, if a player doesn’t change his drinking and spending habits after retirement, “problems can happen quickly.”
He gives the example of a player who once spent a million dollars in a strip club. Or a player who, after receiving a two million dollar signing bonus, spent $400,000 on cars, bought a $1.5 million house, but hadn’t taken into account the taxes that applied. The kind of story that he believes should encourage players to beware.
Athletes must protect themselves
Pronger also points out that many people tend to profit from the fortunes of athletes. Professionals like financial planners or lawyers tend to take advantage of athletes by raising their rates significantly, contrary to what they charge their average client.
The former defender also notes that some people in the business world, who need money or to increase their sales, will offer flash sales or cut deadlines knowing that their client is wealthy and that he is used to it. to spend. This is why Pronger explains that when he feels rushed into signing any agreement, he always ends up declining the offer, to avoid the pitfalls of a quick sale.
He points out that this kind of situation happens much more often than one might think.
The dangers of the surroundings
In closing, the veteran highlights the idea that many players feel indebted to those around them. That is why they spoil relatives and friends. They want to care for and give back to the people who have helped them reach greater heights and realize their dream.
He asks players to be careful and not to bank friends who might have bad intentions.