Originally Posted by dougdirt
While there are certainly baseball players that go broke, fewer do than in the NFL or NBA. One of the reasons it is believed that it happens that way is that they have to actually learn how to manage money while in the minor leagues. While there are certainly the first or second rounders who get big money, most guys don't get those kinds of deals and they make about $800 a month in their first season or two, then get bumped up to maybe $2000 a month by the time they reach AAA. It gives you a better idea of how to truly manage money.
I still think it is insane that our education system doesn't have required finance classes starting in middle school.
I think another benefit of minor league ball in that respect for the big bonus guys could be that they're primarily hanging around w/ guys who didn't get the big bonus check. You get drafted in the NFL, you get a sizable bonus and everyone on your team is making, at a miminum, 300k+ a year. Many of them are making a mil plus. In baseball, you're playing w/ guys making small potatoes by most everyone's standards, you can't get a bunch of guys on the team to go out to dinner every night, there is no pressure to get the bentley like everyone else, etc... Additionally, minor league guys are mostly forgotten, unrecognized to the average person. They tend to play in smaller cities, they are very mobile, and don't stay around long. In the NFL or NBA, if you make the team, you're often of abnormal size, so you stand out on the street, you tend to stay in the same city for several years in a row, making it easier to find tag alongs.
Its sad enough in the first place that Vince Young had to even take out a loan during the lock out. Its a shame the players ever find themselves in that situation as they should be stowing away money every day, so that even in the worst of situations, a guy like Vince Young should have a nest egg paying him 20k+ a month no matter if he plays football or not. (that's 10 mil at a 2.5% rate of return for those wondering how I got there, something vince Young's 1st deal and signing bonus should have been easily attainable by the time the lockout came around)