28. Losing Endorsements
Endorsements are a huge source of income for many celebrities and athletes. In 2015, professional athletes were expected to earn over $836 million in endorsements, based on Opendorse data compiled from Forbes.
The problems come if they spend everything they make, and when the tides in their career change — they’re not as popular anymore or they leave the league — those endorsement deals go away. Some athletes aren’t prepared to make an adjustment to their standard of living, and that’s one of the ways extremely wealthy people run out of money, said Janis.
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