*If you don’t think there’s no connection between three-point shots and NBA players going broke, take another look.
More specifically, take a look at study Ruby Henry did on NBA players drafted between 1990 and 1996. According to the Toulouse-trained labor economist, every three-pointer a baller shoots per 36 minutes of time on the basketball court increased his odds of going bankrupt by a factor of three.
Ozy.com notes, the result from Henry’s study is present when taking in a player’s shooting percentage, education, age and position.
So how do three-pointers specifically figure into this?
Quite simply, it lies in the confidence a player has to take what is considered a long-range, low-percentage shot on a regular basis.
Translated: Players who shoot more three-pointers tend to take more risks off the court as entrepreneurs. The more risk the business carries, the greater the chance the player was going to go bankrupt.
“It’s the Superman Syndrome,” Billy Corben, director of the ESPN “30 for 30” documentary “Broke” told Ozy. “These are guys coming from a life of being very good at one thing and constantly being told they’re very good, so they think maybe they’re just as good at being a businessman, too.”
Although Henry’s study is unusual, it does seem to be relevant, in light of it being well-known that many pro athletes are just bad with handling and recklessly spending their money right. Among those in that category are Allen Iverson and Antoine Walker, who declared bankruptcy in 2010 despite generating more than $100 million during his NBA career.
A Sports Illustrated story that came out in 2009 mentioned that as many as 60 percent of U.S. professional basketball players faced bankruptcy or serious financial hardships within just a few years of retiring.
Despite more financial literacy education and other programs available for players, the sad story continues to be told for various players.
So what do you think about Henry’s study? Is there any truth to it or is it just a theory and nothing more?
Weigh in below.
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