Here’s a really good piece on the financial decisions kids who are fortunate enough to sign pro contracts face. Many listen to good advice, but many don’t.
It’s something that schools ought to spend more time on with their student-athletes than they do.
Get The Picture 
Hey don’t knock casino greeters … glad-handing on behalf of casinos and gambling is not beneath even those who are very very wealthy.
http://deadspin.com/this-is-the-story-about-robert-krafts-casino-holdings-t-1794594130
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“The best thing we can do is tell them over and over is you have to listen to and follow the advice of the financial planner or the financial expert in your life,” …..Either Travis Henry missed that class or his chosen ‘planner’ was a Mexican with a neck tat and scar named ‘La Caja China’ who made weekly drives to Matamoros for Travis’s ‘product’.
The words ‘superior higher education’ are synonymous with UTK…The home of five star ‘planners’
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It should be a required class (with an actual grade) for any scholarship athlete.
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Nah. This is a problem for everyone who is suddenly on their own. We just notice it more with athletes because they piss away millions instead of thousands. The truth is, no one in this country gets enough education on basic finances when you’re in your late teens early twenties (unless you seek it out). And even if they did, most don’t listen. So I’m not gonna burden student athletes with one more thing. This information is out there if they want it. If they don’t want it then they won’t heed it anyway (and I’m not condemning them, I’m someone who made stupid student loan decisions, a student loan is the most predatory loan this side of Vinny at the Ravenite.)
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Not just those suddenly on their own, everyone. Most working adults dont have enough money saved for retirement.
Savings is like so many other things in our lives. You can’t do it all in a day, so people never start. Then it dawns on them that they need to do something and they want to do it all at once.
People think of saving as dieting, but really it should be more like breathing.
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Clearly Phil’s boys were not all champions of life.
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“…don’t want to end up a greeter outside a Las Vegas casino.”
As Judge Smails said in Caddyshack; “Well, the world needs ditch diggers, too.”
Another Smails gem: “I’ve sentenced boys younger than you to the gas chamber. Didn’t want to do it. I felt I owed it to them.”
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Every NFL prospect should move to a state that has no state income tax before signing the contract. There are several besides Florida. Texas is one that immediately comes to mind. Tennessee is another. I sure as hell would recommend moving out of California ASAP.
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It’s kind of criminal we don’t require basic finances in high school, much less college.
The number one thing that killed otherwise promising sales people I trained was an inability to build a financial cushion that insulated them against a commission dry spell. The financial stress just fried them.
But again and again, the first big check would be followed by arriving at work with a new car. I was making 6 figures and driving a 1- year old Honda Accord.
I started offering to pay for them to attend Financial Peace U. Some did, some didn’t like the church affiliation. But when it comes to money, our coulture is functionally illiterate.
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10 year old Honda Accord
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