For NFL rookies, playbook includes personal finance skills

QBREES9 · 06-29-2010, 11:43 PM

Whether they earn the league minimum or a superstar's salary, football players have to know the basics of handling money to succeed financially.

NFL rookies received some lessons this week on how to manage their finances as part of the league's annual four-day rookie symposium at the La Costa resort in Carlsbad, Calif. The 252 draft picks, most of them fresh out of college, sat through a presentation from NFL sponsor Visa Inc. that reviewed the importance of saving part of what they earn and keeping track of their credit score.

Separately, the rookies learned about financial planning and hiring investment advisers who can help them navigate the inevitable "sure thing" opportunities that get touted by friends and acquaintances.

The goal is to help new players avoid the types of financial mistakes all too common among professional athletes. It's a message that's particularly important for football players, whose careers last on average just over three years. Sports Illustrated reported last year that 78 percent of former NFL players have gone bankrupt, or are facing financial stress because of joblessness and divorce just two years after leaving the game.
"I think the assumption is that everybody who plays in the NFL is a millionaire," said New Orleans Saints quarterback Drew Brees, who promotes Visa's financial literacy efforts. "That's not the case at all."

The majority of players earn the league minimum $325,000 a year.
"You get that first check, you've never seen that much money in your life, especially at one time," said Brees, 31. One big danger is young players who try to keep up with the lifestyle of teammates with big contracts. "I see it all the time unfortunately," he said.

Among the rookies who stands to earn a bit more than the minimum is Sam Bradford, the top draft pick of 2010 out of Oklahoma University. Bradford, 22, has not yet signed a contract, but the 2008 Heisman Trophy winner is expected to get the sort of deal most of his teammates can only dream about.

Nevertheless, Bradford said the lesson using a budget based on a $325,000 salary was eye-opening. "Money is something that not a lot of people like to get into conversations about," he said. But the discussion made it clear that what sounds like a big paycheck can get burned through quickly. "Especially after paying taxes, paying your agent and finding a place to live."

The players were also reminded that there may be no paychecks at all next year. There is a possibility of a lockout in 2011 if management and the players' union don't reach a new collective bargaining agreement.

For NFL rookies, playbook includes personal finance skills | NOLA.com

06-29-2010, 11:43 PM	#1
QBREES9 Moderator Join Date: Sep 2007 Location: New Haven Ct Posts: 23,989	For NFL rookies, playbook includes personal finance skills Whether they earn the league minimum or a superstar's salary, football players have to know the basics of handling money to succeed financially. NFL rookies received some lessons this week on how to manage their finances as part of the league's annual four-day rookie symposium at the La Costa resort in Carlsbad, Calif. The 252 draft picks, most of them fresh out of college, sat through a presentation from NFL sponsor Visa Inc. that reviewed the importance of saving part of what they earn and keeping track of their credit score. Separately, the rookies learned about financial planning and hiring investment advisers who can help them navigate the inevitable "sure thing" opportunities that get touted by friends and acquaintances. The goal is to help new players avoid the types of financial mistakes all too common among professional athletes. It's a message that's particularly important for football players, whose careers last on average just over three years. Sports Illustrated reported last year that 78 percent of former NFL players have gone bankrupt, or are facing financial stress because of joblessness and divorce just two years after leaving the game. "I think the assumption is that everybody who plays in the NFL is a millionaire," said New Orleans Saints quarterback Drew Brees, who promotes Visa's financial literacy efforts. "That's not the case at all." The majority of players earn the league minimum $325,000 a year. "You get that first check, you've never seen that much money in your life, especially at one time," said Brees, 31. One big danger is young players who try to keep up with the lifestyle of teammates with big contracts. "I see it all the time unfortunately," he said. Among the rookies who stands to earn a bit more than the minimum is Sam Bradford, the top draft pick of 2010 out of Oklahoma University. Bradford, 22, has not yet signed a contract, but the 2008 Heisman Trophy winner is expected to get the sort of deal most of his teammates can only dream about. Nevertheless, Bradford said the lesson using a budget based on a $325,000 salary was eye-opening. "Money is something that not a lot of people like to get into conversations about," he said. But the discussion made it clear that what sounds like a big paycheck can get burned through quickly. "Especially after paying taxes, paying your agent and finding a place to live." The players were also reminded that there may be no paychecks at all next year. There is a possibility of a lockout in 2011 if management and the players' union don't reach a new collective bargaining agreement. For NFL rookies, playbook includes personal finance skills \| NOLA.com Attached Thumbnails
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