Getty Image / Dave Sandford / NHLI
- Former NHL star Chris Pronger made an estimated $113,950,000 in earnings over 23 seasons of playing professional hockey
- Pronger recently jointed Twitter where he shared some stories of fellow pro athletes blowing money and common traps athletes face with personal finance
- Read more NHL stories here
Former NHL star Chris Pronger had about as great of a hockey career as one could ever hope to have. He was a two-time Olympic Gold Medalist for Team Canada (’02, ’10), a World and Junior World Champion, and he appeared in the Stanley Cup Finals with three different teams and won it with the Anaheim Ducks in 2007.
For his contributions on the ice, Chris Pronger was paid handsomely. He earned an estimated $113,950,000 from his contracts over the span of 23 seasons. Pronger’s career began after being drafted #2 overall in 1993 by the Hartford Whalers and he finished with the Flyers. Along the way he learned a LOT about money.
Pro athletes face the ‘jock tax’ which basically means they get taxed on where they work. Sounds simple, right? Wrong. There are 82 games in an NHL season and 41 of those are home games. Athletes then get taxed on the 41 road games across every market they play in (NYC, LA, MIA, TOR, etc). They also live lavish and expensive lifestyles.
Here’s a solid Twitter thread from Chris Pronger about common traps professional athletes face with personal finance and some stories he witnessed firsthand over the years about athletes blowing millions.
Ex-NHL Star Chris Pronger Shares Money Traps Pro Athletes Fall Into (3 Problems)
I played 20 years in the NHL.
I was one of the highest earning NHL players of all time. And friends with many other pro athletes.
My guess is more than 50% of pro athletes have financial issues in retirement.
— Chris Pronger (@chrispronger) April 4, 2022
Problem #1…
Here are 3 problems I’ve seen (and some stories).
Point #1: Athletes tend to be wasteful early in their careers and think the money train will last forever. (Been there done that)
It doesn’t. We are only one injury away from retirement. Always!
— Chris Pronger (@chrispronger) April 4, 2022
I had a $1M signing bonus at 18. That’s a huge sum for a young adult. Huge! Understanding the magnitude of that was daunting say the least.
I was lucky to have great mentors early on. Many aren’t as lucky.
— Chris Pronger (@chrispronger) April 4, 2022
When I first turned pro in 1993 a lot of players at that time made around $300k/year.
Nowadays, the median salary in the NHL is maybe around $2m.
— Chris Pronger (@chrispronger) April 4, 2022
On a $2m/year salary, there is anywhere from 39%-56% in taxes give or take.
But there’s also agents fees (3-5%), escrow and much more
Then there’s job related expenses. A chef/nutritionist for some, off-season trainer, $5k-10k/month for a house near the practice facility.
— Chris Pronger (@chrispronger) April 4, 2022
$20K/month doesn’t seem that unreasonable for pro athletes…
An athlete can easily spend $20k/month.
And since the avg. career is 4 seasons, an athlete might have $2m-$3m in savings when they’re done. But with spending habits already formed, in a few years there will be issues.
And in my opinion, this is a fairly optimistic scenario.
— Chris Pronger (@chrispronger) April 4, 2022
How much in the club?! And was this in Montreal or Tampa?
For example, I’ve heard crazy stories about guys spending $1M in a strip club !
I know a guy who had a $2M signing bonus. He immediately bought $400k in cars, dropped $1.5m on a home for his mom. But didn’t realize he owed taxes on it! knock knock it's the IRS.
— Chris Pronger (@chrispronger) April 4, 2022
Point #2 from Chris Pronger
So, while the earning can be great. It’s easy to spend a lot…and the income doesn’t last as long as one might think.
Which brings me to point #2: People take advantage of athletes. You always have to have your guard up.
— Chris Pronger (@chrispronger) April 4, 2022
You’re in your 20’s, a public figure, celebrity of sorts and everyone knows you’re making money.
You’re a mark.
At times I felt like they had 2 sets of documents: one for athletes and another for everyone else.
— Chris Pronger (@chrispronger) April 4, 2022
Another example: Very common to get a pitch for an investment that needs $500k and closes in 3 days.
Why are they doing this? Because they can’t get $ from alleged more sophisticated investors.
— Chris Pronger (@chrispronger) April 4, 2022
After a few errors myself, my rule is: If someone needs an answer right now, the answer is always NO. They learn this lesson real fast.
Another example: athletes are convinced to give power of attorney to advisors, which means they do not control their money.
This is crazy!
— Chris Pronger (@chrispronger) April 4, 2022
Aroldis Chapman, NY Yankees pitcher, had $3m stolen from him by his financial advisor thanks to the power of attorney.
We’re pro athletes. Not pro-investors.
So I understand why we sometimes make that mistake.
— Chris Pronger (@chrispronger) April 4, 2022
Chris Pronger’s Point #3
But the sad part is that shady professionals are far more common than most think. And it’s a common trap many fall into nut just athletes.
And finally, point #3: Many players have an entourage to take care of.
It can be hard for many to let go of friends from back home.
— Chris Pronger (@chrispronger) April 4, 2022
I’m lucky not to have had too many issues with this. But we have seen many instances of this.
Often, athletes have the attitude of “if one of us makes it, we all make it.”
— Chris Pronger (@chrispronger) April 4, 2022
That means unqualified friends on payroll, investments in deals because we grew up together, and big entertainment bills.
This is another dangerous trap.
Instead, we need to be vigilant about saying NO, which is always tough.
— Chris Pronger (@chrispronger) April 4, 2022
I’m new to this Twitter game.
But I have over 20 years of stories about playing in the NHL, financial stories, and a whole lot more.
And I intend to share some of the best ones.
— Chris Pronger (@chrispronger) April 4, 2022
Since retiring from a Hall of Fame NHL career, Chris Pronger has transitioned into life as an entrepreneur. He lists ‘Well Inspired Travels’ on his Twitter bio which creates custom wellness-inspired travel experiences. Pronger also lists ‘investor – Chaos Holdings’ on his bio. So he’s certainly staying busy these days.
Shoot him a follow on Twitter if you enjoyed that thread!