You’d think that players in the National Football League, most of whom are millionaires many times over, wouldn’t need advice on how to take care of their money. But that’s not necessarily the case. In fact, according to a March 2009 Sports Illustrated article, 78 percent of former NFL players “have gone bankrupt or are under financial stress because of joblessness or divorce,” two years after retiring from the league. That’s staggering, which is why it’s good to hear that the league is trying to help its players.
According to the Associated Press (via ESPN), since 2005, the NFL and the league’s players association has offered a business management and entrepreneurial program for both current and former players. This year’s program took place at both the Wharton School in Philadelphia and at Harvard University, and more than 75 current and former players participated.
A lot of players don’t necessarily come into the league with money management skills. It’s like people who win the lottery. Sure, some of them know to seek out financial experts, put the money into sound investments, etc., but a lot of them just go hog wild, throwing it around like it’s never going to go away. But, as countless lottery winners (and athletes) find out, it does go away. Back in October, former NBA star Antoine Walker was reported to have squandered much of his career earnings, which was more than $110 million, and was being pursued by different financial institutions for outstanding debts.
The money management program could become especially relevant because of the possibility of a work stoppage in the NFL in 2011, a threat that could become very real. While the program costs $6,500, the league will reimburse the players upon completion. Information is power, so hopefully more players will sign up.
Photo by roberthuffstutter via Flickr.