Let me provide a different perspective here.
Earlier in my career, I had an opportunity to be intimately familiar with a few athlete's finances. Unlike most of us, their earning potential only lasts a short period. Even for those who amassed fantastic wealth, once their playing days ended, their income went from millions to much, much less overnight. Put yourself in their shoes. What if I cut your salary 80% and asked you to keep your lifestyle the same?
You hope they did the right thing and saved, but man, they fall into well-intentioned but bad business deals along the way. Financial advisers take advantage. And then you have all the folks that hang on to you during your playing days and leach you of your money. One incredibly famous player was spending $24,000 in gas monthly(!) because he was giving out gas cards to family, friends, etc. These are 20 year olds with fantastic wealth and little education, maturity or sophistication to understand that the playing days will one day end.