While the world economy is slowly improving, the consequences of the world's 2008 financial crisis fundamentally changed many economic relationships between governments, financial institutions, markets, and consumers.
Read why some professions are more valuable than others.
What Is “Too Much”?
We live in a world where entertainers and athletes earn more money in a year than teachers and social workers make in a lifetime – so the everyday, middle-class person has to wonder: ”Why is this so? Are these people simply more valuable than me?” You’re not going to like this – but, yes, they are more valuable than you, economically speaking; celebrities are quite valuable to the marketplace.
In a capitalistic society, athletes and entertainers are walking billboards for a brand, product, enterprise or service – and these stars are subsequently rewarded with copious amounts of money for this exchange. It’s been this way for a long, long time. Professional athletes make up a good percentage of these celebrities. And they do not make too much money if they are doing it legally. They have earned it.
But first, let’s consider who decides what constitutes “too much money.” Let’s look at the kind of money professional athletes make in a year. In Forbes’ list of the highest-paid athletes in the world, the top earner in 2015 was boxer Floyd Mayweather: He made $300 million, $285 million from his winnings. In that list at number 10, NBA star Kobe Bryant made $49.5 million – $23.5 million from his contract, and $26 million in endorsements alone. These are extraordinary amounts of money, enough for a single person to never have to work again in their life.
And if it’s the struggling everyday people of the middle and lower classes deciding whether these numbers illustrated “too much money,” they would likely advocate the burning of these money-sucking pigs. In America, the median salary is about $50,000, according to a 2016 article published on Foxbusiness.com titled, “Average Salaries for Americans: Median Salaries for Common Jobs.” But if they tried to put themselves in the shoes of the celebrities – well, in the wallets of these celebrities – they would find themselves reaping the rewards and basking in the sunshine of extravagant wealth. And they’d probably want more of it, realizing it meant a life free from common worries, problems, and generally negative experiences. So, once again, professional athletes could never make “too much” money. Their banks’ accounts are filled with hard-earned money.
Everybody Is Paid According to His Talents
Professional athletes earn their money because they possess an otherworldly talent and work ethic. They say talent is nothing without the effort to hone it. Well, these athletes making several million dollars a year were not only born with God-given talent or skill for a certain movement or sport – they took that talent to become one of the best in the world at their sport. That takes amazing character and self-discipline – like the patience and dedication to climbing over a massive wall each and every day for years, knowing for sure that success is just around the corner.
Take basketball legend Michael Jordan, a late bloomer: He grew six or more inches the summer after his sophomore year in high school, that year not making the varsity team. He then worked on his craft and bettered himself. He eventually became a star in high school and college, and then was drafted into the NBA – and the rest is history. He was the best player in the league for years, making the top salary too, before retiring and investing his money. He is now a billionaire.
Income Is Balanced by Tax
Professional athletes, both actively playing and retired, deserve all of their money because they are highly taxed – just like a large corporation. Now the tax system may be imperfect – because there is certainly some inequality in how much money people of different tax brackets are taxed – but we can generally see that a person is taxed more with the more money they make. Each year some of these athletes still are taxed hundred of thousands of dollars, if not millions. So anyone would want to make more money if they were taxed each large amounts of money.
It’s best to conclude this argument by asking the reader, to be honest here. There is never too much money to be made unless of course, it comes through evil, violent tactics. Then it’s not deserved. But professional athletes deserve every penny they earn, even if it’s disgusting, whether through competing in their sport, getting paid through endorsement deals, or by merely showing up to things and attracting people. They do no make too much. What they make is, well, just right.