More Money, More Problems: Why Pro-Athletes Go Bankrupt After Retiring

Romone Penny, Founder and CEO of Pursuit Sports Group says professional athletes are challenged by many factors when it comes to managing their finances. The professional sports world is known for huge paychecks, but so many athletes file for bankruptcy soon after retiring. ESPN's (DIS) 30-for-30 documentary cites staggering statistics on bankruptcy of former players just a few years into retirement. A pro-athlete doesn't just deal with their salary, but also endorsement income. NBA player LeBron James makes about $42 million annually in endorsement deals from companies including Coca-Cola (KO), Nike (NKE), and Dunkin Donuts (DNKN). Penny also says financial education is key, and sees different investing tools for athletes in the future including the stock market. TheStreet's Kurumi Fukushima reports in New York.