Article on NFL Players and money management - Posluszny featured

[Ickybaluky]

In the NY Times:

LINK (http://www.nytimes.com/2011/03/05/your-money/05wealth.html?_r=1&hp)

This is kind of scary:


It may be apocryphal, but one commonly cited statistic is that three-quarters of players in the National Football League have serious financial problems within two years of leaving the game.

[ublinkwescore]

that's because a great deal of them are hedonists - too young to have that kind of money, blow it on drugs and other vices.

[Bangarang]

Good luck to those athletes that find it necessary to purchase 9 bedroom mansions and have a car for each day of the week.

It all just seems so stupid to begin with.

[mayotm]

It's too bad that Poz doesn't play football as well as he manages his money.

[psubills62]

The problem is that the players just don't realize this money needs to be spread over the rest of their lifetime. They don't get the benefit of a ~40 year career like everyone else. Yes, they're still going to make more in their lifetime than most people do, but they HAVE to see it from the long-term viewpoint, otherwise they'll end up broke (and it seems most don't see the overall picture).

[jamze132]

Thugs don't have much money in the ghetto. When they get it, they think they're Jay-Z.

[SquishDaFish]

Maybe they all should take points from Carson Palmer LOL. Put 80M in the bank :lol:

[Ingtar33]

In the NY Times:

LINK (http://www.nytimes.com/2011/03/05/your-money/05wealth.html?_r=1&hp)

This is kind of scary:

It may be apocryphal, but one commonly cited statistic is that three-quarters of players in the National Football League have serious financial problems within two years of leaving the game.


so... what other job can you walk away from and not have financial problems after 3 years of unemployment? because i would really like to know.

I think i'm pretty frugal, i get paid a lot more then i spend. And without massive changes to my lifestyle i would be in financial difficulties inside of 3 years as well if i lost my job; unless i wanted to really dig into my retirement nest egg at least (i'll need decades more investing into that before i'm ready to start to use it).

the perspective of some writers is just completely insane.

[malvado78]

so... what other job can you walk away from and not have financial problems after 3 years of unemployment? because i would really like to know.

I think i'm pretty frugal, i get paid a lot more then i spend. And without massive changes to my lifestyle i would be in financial difficulties inside of 3 years as well if i lost my job; unless i wanted to really dig into my retirement nest egg at least (i'll need decades more investing into that before i'm ready to start to use it).

the perspective of some writers is just completely insane.

And why are we assuming the football players shouldn't get a job after football?

Theyare so well off coming out of football there are so many doors open for them. The perspective us not insane...

[Don't Panic]

And why are we assuming the football players shouldn't get a job after football?

We're not... we're acknowledging that a lot of these guys made football their career. Given their limited abilities elsewhere, to get this career was quite the accomplishment. They have agents who should be setting them up long-term with financial planning. These guys have been thinking about just playing football for a living since their junior year of high school.

If they want to blow $10 million+ in less than 10 years, so be it. They will return from which they came. But don't think all of these guys live lifestyles of the rich and famous. I'd say less than 10% fit the descriptions in this thread.

[stuckincincy]

Good luck to those athletes that find it necessary to purchase 9 bedroom mansions and have a car for each day of the week.

It all just seems so stupid to begin with.


Several years ago, the n'paper here ran a story in which (an injured) LT Levi Jones was loudly complaining that the B'gals didn't appreciate him.

The photo accompanying the story showed Levi leaning against his $1.5M Bugatti Veyron...

[Dont drink the water]

so... what other job can you walk away from and not have financial problems after 3 years of unemployment? because i would really like to know.


Prostitution. Probably as few prostitutes do it as do NFL players but you can find articles in which prostitutes (higher level type) got into the business with business plan to be out of business in short period of time with enough money saved to be set for life. Any job will be doing what they want rather than doing it for paycheck.

There are a number of parallels with NFL players and prostitutes too.