The recent labor strike has forced many professional football players to seek out short term loans to meet their financial needs. Banks and financial companies are lending athletes money at interest rates starting at 25%. This is predatory lending at its best. Financial institutions are using the NFL strike as an opportunity to profit heavily from athletes misfortunes. These loans are low risk to the banks since they know that athletes receive multimillion dollar salaries and that the strike will be settled soon. Even the average NFL player makes over six figures in a year. The current NFL strike has demonstrated the importance of athletes being responsible with their money.
It is important that athletes save a significant portion of their earnings, invest their money in stable businesses with opportunities for growth, and generate a passive income stream. This will ensure that athletes will not get wealth but will be able to hold onto it and properly manage it.
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