It is not how much money you make in life, but how much you save
NSA does not conduct financial planning for any of our players and similarly get no referral fees, as well. Your financial advisor should be licensed and registered with the NFLPA. This is for your protection.
You will learn very quickly, “It is not how much money you make in life, but how much you save.” Unfortunately, too many athletes find out the hard way. The article in Sports Illustrated and ESPN’s 30 for 30 was a wakeup call for all. They stated that 78% of all athletes are either broke, filed for bankruptcy, or divorced approximately 3 years after they were finished playing professional sports!
The above statistic is staggering, but fortunately can be avoided with the proper leadership. Finding the right Financial Advisor from the start may be one of the most important decisions you can make…Of course you as the player must have the discipline and willpower to prepare for the future as well. While the amount of money that you are about to earn playing professional football will be more in one year than most people will make in 10 years, as we all know, this will not last forever.
You will find out very quickly that there are just as many financial advisors recruiting you, as there are agents, if not more. Choosing the right advisor takes time and research, no different than choosing the right agent. Do your homework and always ask for clients that they currently and previously have worked with so you can contact them directly. After you find the one you feel most comfortable with, PLEASE have them call us directly. We owe it to you to make sure that this new member of “The Team” understands exactly what he can and cannot do. They must understand that football, unlike baseball, basketball, hockey or even coaches’ salaries, are not guaranteed. In football, typically only your signing bonus and potentially first year salaries are guaranteed, unless you are a top, 1st round selection. The majority of your investments should be conservative in nature. Additionally, advisors should never lock you into investments of which do not allow you to cash out if needed. Far too often players get involved in “business ventures” that do not allow them to sell until finding a new, replacement investor. These scenarios almost certainly result in penalties and interest charges that cost players their hard earned dollars. Most importantly, you should NEVER SIGN a power of attorney with your advisor, relinquishing your control. This gives advisors the right to operate without your input and will never happen under our supervision.
With over 30-plus years in representing athletes, I have come across what I consider to be some of the finest finical advisors in the business – those with great track records, results, and a long list of happy clients. I would be happy to share these names with you at any time. The only thing better than making money is saving money, as these save dollars have already been taxed.