From the podium to bankruptcy. Are high-performance athletes preparing financially for their sports retirement?

Abstract

Within professional sport people or also called high-performance athletes, there is a common factor, which is being bankrupt shortly after the end of their sports career. Looking into different case studies in the history of world-class athletes, both Colombian and foreign, we found that the reasons for their financial failure are similar, which can be summarized as lack of knowledge and understanding of the management of their finances the mismanagement and squandering of their income, doing unlucrative businesses causing them financial losses, also tax problems, among other situations that lead them to end up in ruin, and equally;  the reasons why only few athletes are successful are also similar, their success is due to the good management of their finances, creation of alternative sources of income in addition to their sports career, good management of their money, avoiding unnecessary expenses and making lucrative investments, all of this has resulted in economic success after they have retired from sports competitions.