What Unnecessary Purchases Do Professional Athletes Make?
Explore the unique financial choices of professional athletes and the fascinating array of purchases they make that go beyond necessity.
Professional athletes often achieve significant financial success at a young age, leading to substantial disposable income. This wealth, combined with demanding careers and a desire for comfort or status, frequently translates into spending habits beyond practical needs. While some purchases support their careers, many are excessive luxuries offering little long-term financial benefit.
Luxury Vehicles
Luxury vehicles are a common expenditure for professional athletes, often acquired in multiples or with extensive custom modifications. Athletes frequently purchase high-performance sports cars, luxury sedans, or expensive SUVs, often owning a fleet far exceeding personal transportation needs. Beyond upfront costs, their financial implications extend further.
Rapid depreciation means substantial value loss shortly after purchase; a new luxury car can lose up to 50% of its value within a few years. These vehicles also incur high insurance premiums, considerable maintenance expenses, and often require specialized servicing. These recurring costs accumulate, representing a continuous financial drain rather than a sound investment.
Lavish Real Estate
Professional athletes frequently invest in lavish real estate, acquiring properties larger and more opulent than necessary. These properties often feature expansive square footage, multiple bedrooms and bathrooms, and custom amenities like indoor basketball courts, oversized swimming pools, home theaters, or extensive gym facilities. These features contribute to high purchase prices and considerable ongoing expenses.
Extravagant properties involve substantial annual property taxes based on assessed value. Maintenance and upkeep are significant financial burdens, potentially costing 1-5% of their value annually. This includes professional landscaping, pool service, HVAC maintenance, and general repairs. Utility bills for heating, cooling, and powering large estates can range from hundreds to thousands of dollars monthly, adding to the recurring financial outlay.
High-End Personal Items
Spending on high-end personal items is a common category of unnecessary purchases among professional athletes. This includes extensive wardrobes of designer clothing, luxury watches, bespoke jewelry, and other accessories acquired in large quantities or at extreme price points. These items often serve as status symbols rather than practical necessities.
Many luxury goods, like high-value watches or jewelry, are purchased for hundreds of thousands or millions of dollars. While some rare items might appreciate, many luxury accessories do not hold their value and are subject to sales tax upon purchase. Athletes also acquire unique and expensive collectibles or exotic pets, like large fish tanks or wild animals, which come with considerable ongoing care and maintenance costs. These expenditures represent a consumption of wealth rather than an asset that generates income or reliably retains value.
Extravagant Experiences and Services
Beyond tangible goods, professional athletes spend considerable sums on extravagant experiences and personal services supporting an opulent lifestyle. This includes lavish parties, private jet travel, and extensive personal entourages. These non-tangible luxuries represent significant discretionary spending.
Private jet travel can cost thousands of dollars per hour, ranging from $2,000 for a turboprop to over $10,000 for a larger jet, with additional fees for catering or international travel. Maintaining a large personal staff, such as chefs, stylists, security personnel, or personal assistants, involves substantial ongoing payroll expenses. A personal assistant for a high-net-worth individual might earn an annual salary between $70,000 and $125,000, with additional benefits. These expenditures are recurring and do not build equity, contributing to a high burn rate of wealth.