The ever controversial Tupac Shakur once said you can’t go to war until you’ve got your money right and most NFL players may not be ready for the battle against the owners in a lockout situation, according to this MSNBC article. That is unless you’re Carson Palmer.
“When NFL owners read the opposing defense, they see an obvious soft spot in the line: the free-spending, high-living ways of more than 20 percent of the league’s players.
“Though a lockout has been threatened for years — and despite an apparent rise in the number of football stars safeguarding their millions — roughly 380 of the NFL’s near 1,700 players still live paycheck to paycheck, according to financial experts familiar with the league.
“Many NFL stars have made headlines because of their financial problems.
Luther Elliss, who earned $11.6 million with the Detroit Lions from 2000 to 2004, filed for bankruptcy in 2009 and has recently relied on friends and local churches to pay his bills. Raghib “Rocket” Ismail, who pulled in an estimated $18 million during a 10-year career, lost much of it through bad investments. Mark Brunell, now a New York Jets backup quarterback, filed for bankruptcy in June 2010 despite contracts that paid him $50 million during his career.”
Read the full article at MSNBC.
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and this is why mike ditka had to start that organization to pay for ex-players’ medical bills. of all the sports leagues to play in, the nfl seems to be the one where saving your cash is critical, considering the relatively short length of careers and the plentitude of medical problems that arise from getting slammed to the ground for a living.
b/w this and dementia, the NFL doesn’t look fun.
I am not surprised by this.
These dudes need financial advisors. They only get paid 16 weeks out of the year so I’m sure a few if not most of those checks get blown without saving anything. It probably doesn’t occur to them until too late that they don’t have the means to get through the next 8 months. I know grown men should be able to manage their own money but when you’re getting weekly checks of $100,000+ it becomes easy to say “I’ll just save the next one”. I’d get my advisor or accountant to hold my money and pay me bi-weekly in order to establish a normal pay cycle.
Much of the NFL, as in way over 50 percent, doesn’t make THAT much money (alot more than everyone here, but probably mid 6 figures a year.) If the 1700 number includes practice squad players (about 15 percent of rosters,) those guys are checking in at under 100K easy.
Add in the under 25 and rich and that number seems about right.
I agree with thastrings. And the fact that they don’t make that much should already prompt them to get on some sort of financial plan. I think I read some where a couple years ago that something like 60% of ex-NFL players file for bankruptcy within the 1st 3 years out of the league.
Stop buying homes that you cannot afford, stop stuntn’ in the club, quit buying lame ass chains, no you do not need a bently or a range rover…get an affordable crib and whip! Paycheck-to-paycheck is bullshit…come see how I live!
“If you ain’t got no rims don’t get no wood grain
steering wheel for real you can go on chill out & still build
let your paper stack instead of going into overkill
pay ya fuckin beeper bill bitch”
its actually more of them like 60 % of professional athlets be broke once they done , tim hardaway , spreewell, u name them
I did some reading mid-season and they were saying most of the young player have advisors. So people are picking up on it.
I can’t believe anyone would try to defend them, they’re fucking up, that’s all there is to it. Even if there making around 100k a year that’s a lot of fucking money
In a league where your contract is not guaranteed, I’d be stacking my money like crazy. Bo may not know, but 500K has the knowledge to stretch the dough!
1) Spend less than you make
2) Save a MINIMUM of 20% of your earnings
3) Put big bills in the bank (20′s, 50′s and 100′s), little ones (10′s and 5′s) in a coffee can in your crib (this is your “stash”)
4) Don’t fuck with chicks who aren’t financially sound. Try and educate your lady and get her on board with your vision. If she’s not with it: CUT HER LOOSE!
5) Don’t lend money to friends OR family! You’ll NEVER get it back!
6)Save for retirement EARLY, invest aggressively.
7)Pay cash for EVERYTHING! Credit cards are EVIL!!!
8)Learn to cook and eat healthy
9)Furnish your crib well and equip it with everything that you need to stay entertained.If your home environment is wack you’ll be more inclined to venture out & spend $$$$!!! Going out is cool, just in moderation!
10)Have at least ONE indulgence that you can treat yourself to every month or two so that you don’t go insane while accumulating $$$. This is your reward for being money-wise!
Go forth my disciples! GET MONEY!!!
all i gotta say is fuck em…we all make our career decisions, and we live with the repercussions. i’m making fractional money compared to even the least paid pro athlete. i may not face a career ending injury every time i clock in, but again, i’m making fractional money in comparison. like the rest of us, professional athletes ought to be able to do some common sense decision-making BEFORE pursuing their career-path, and once on that path they ought to have enough sense to manage their money accordingly (or, if they lack that common sense, they ought to have enough money to be able to afford a financial advisor who DOES have common sense).
and…
7)Pay cash for EVERYTHING! Credit cards are EVIL!!!
___________
gtfo….all simple muhfuckas gotta do is learn to pay the fuckin statement amount each month and you got a chance on getting anywhere from 1-5% back on all you’re already blowing. beats paying cash and beats using a debit card, cuz beyond any incentive reward system that your credit card company is offering, you’re also floating your money for at least a month whereas if you pay cash you’re ass out the moment you buy. only upside of cash is less traceability, but since we all living legal anyway (right?), what you worried about?
Financial advisors are crooks…. ask Mike Vick
500k Flea- well said my dude
and the river card to this is…. Broke hoes Are Still A NO NO
how many of these Players are dumping cash into some chick (dime or not)
and paying the babies mamas that a privileged black athlete too often has.
Then when shit get real and guap gets tight and teams aint calling the divorce is a killer.
= Hank Baskett
@Tto: Nah, really? The point is to have enough free cash flow to AVOID using credit. Most people don’t adhere to the simple rules of using credit effectively, therefore it’s better to pay cash for your purchases. It you’re ass out after paying for something then don’t buy it; you’re better off saving up and buying it later.