http://www.tmz.com/2011/09/14/chris...ene-parents-house-home-football/#.TnI1puzaLTo Two years out. It never ceases to amaze me how these guys never get around to hiring a financial adviser or have anyone around them with post-career suggestions. Seriously, open a summer bootcamp for rich jock sniffers and let them experience pro-style workouts. How is that not instant cash? New Money, soon to be Long Gone Money.
The NFLPA has really failed their membership in this regard. Along with providing basic financial education, they should take 10-30% of people's salaries and automatically put it in some kind of trust fund for them post-retirement.
These athletes are just dumb... All you have to do is downsize and live within your means... Any of them can go back and be a HS coach or college assistant coach somewhere.... He aint broke...All he gotta do is sell his expensive memophilia or worldly possessions and live comfortably
This is exactly what I was going to say. Sometimes these advisors take advantage of this wealth that is sent their way to benefit only themselves and not the actual person making the money. I think Vick actually got into a lot of trouble this way as he was sent to a financial advisor who misused his funds.
Exactly. It's easy to invest some multi-millionaire's money into some riskier investments and hope to make a big payday on the commissions than it is to risk your own money. I can't speak from experience but I'm sure some of those financial advisors are worse than used car salesmen. My favorite part of that article is McAllister saying he has "no income," like that is the reason he is broke. lol
A "financial advisor" typically won't take all of your money and throw it at silly friend-of-a-friend investment schemes, nor will he allow you to blow all of your cash upfront and not save a significant amount of it. These "financial advisors" you're referencing usually end up being their childhood friends or family members. A fool and his money are soon parted...
Not many FA's I know will tell you to spend ALL your money on jewelry, tattoos, cars and child support.
No, I am referring to advisors that were named during his court cases, when referencing Vick anyway. Same thing happened to David Akers. They both took the advice of teammates or colleagues and it didn't work out for them.
as an athlete whom do you trust, as pun pointed out, some of these "advisors" are supposed to be legit. they see big money and go for high risk high reward investments.
he should have tried out for the texans defense last season for a contract. Probably would have been the best cb out there. That's alll on him. =)
That's what the NFLPA should be for - to help steer athletes, who understandably have no background in finance - to legitimate, safe advisors and investments.
I had a close relative who was a high first rd pick in the nfl in the mid 90's. He was later deemed the franchise player and got the tag. Later he got the money associated with that. He played 13 yrs and had a couple of kids in between then. His child support was about 4k per month, after the new contract it was jacked up to 9k per month per child. He basically took 9k and multplied it by 12 then by 14 yrs since the kids were 4. He gave the 2 women about 2m per. It was a tough pill to cough up a lump like that, but it least the debt is paid and the embarrassent of child support re adjustment isn't hanging around.
Played on the greatest defense ever imo. If they had a decent qb they would have won multiple super bowls.
