Dear Future NFL Player,
I've probably seen you play a million times in college, either loved you or hated you depending on what school you've played for, and you've probably won or lost me bragging rights over the course of a season.
I love you because I'm a college football fan who wants every good college football player to have a good career in the NFL. It's a legacy type of deal.
The advice I'm going to give isn't going to be about playing the game, health or trying to kick your ass with motivational speeches. I'm not a doctor, former NFL player or the next Tony Robbins. The advice I'm going to give you is about finances, because I don't want to see you go broke. I've been a financial (and a sports) writer for a few years, so I could say that I'm more an expert on that than yoga. Also, I've met a number of NFL stars on Radio Row at the Super Bowl who were really, really nice guys.....and then I read a few years later that they don't have a pot to pee in.
That is sad. I don't want you to be one of those guys....
And so....
1) Be careful who your friends are: It'll be amazing how many people come out of the woodwork when you get your NFL contract or just before it. Suddenly cousins and uncles appear from nowhere, not to mention friends who you've never noticed from high school want to meet up with you. Some of them really do miss you. Others want to get a piece of you. Others want to be associated with you. Others want to leach off you. They'll be cheering for you until you have to no future, and then they'll vanish in the wind.
2) Get a good agent: There are two kinds of agent that I met during my time as a journalist. Agent One was a guy who seemed to act like an investment banker. Every five minutes on Radio Row he was with another client. He seemed to care about them...right until I saw him hammered at a party where he was telling people how his agency 'owned the NFL'. You're not someone to him....you're a commodity. Then there was Agent Two. One of his clients was a player who Agent One would absolutely kill for. His client's going to the Hall of Fame. He was humble, nice and quite happy to talk about things other than his client. Which one would you rather? And make sure they know their contract law, because agents may look good in Jerry Maguire, but they also should know their math, too. Oh, and do well, and the marketing guys will come running to you. Agent B's player's endorsement list includes some of the biggest companies in the world.
3) Get a financial advisor: And when I'm saying "Get a financial advisor", make sure you do your homework. If the guy tells you that he's a great financial advisor, make sure he's actually qualified to be one. If he tells you he can make you bagfuls of money in a good or bad market, he's probably not telling the truth. If he hasn't got a proven track record, then he's probably not the guy for you. Ask for his investment ideas. If he doesn't have any, he's probably not the guy for you. If he claims to have thousands of clients, but can't or won't name any of them or provide a list of how much money he manages, he's probably not the guy for you. If he can't name what funds he'd put your money into, he's probably not the guy for you. But please, please, please....do your homework. An example of someone NOT doing their homework was Clinton Portis, who made $43 million in his career, but had to declare bankruptcy due to bad investments given to him by a crappy financial advisor. I met another guy who told me that he was thinking about buying property in London. I hope that thought became a reality.
4) Don't listen to investment ideas: Kevin Love once said that when he gets an investment idea, he asks someone for a business plan. 9 out of 10 times the person who comes to him with the idea doesn't follow it up. Investments in property are generally good things, as long as they are in good areas. Investments in restaurants and movies are generally shitty ideas, because most restaurants are getting taken to pieces by the internet, and most movies don't make a return on your capital. And if the person who comes to you with a 'business idea' but has no business background, then ignore him. Listen to Rule No.1 - He's just trying to get a piece of you before you leave.
5) Rent, don't buy: If you've made millions during your career, then feel free to buy a house AFTER you've finished your pro career. I mean, you'll feel GREAT buying lodgings and talking to people about how it's "your house", but if you get traded or lose your job and have to move from Seattle to New York, you'll probably have to sell the house and sell it quickly. You'll probably lose money on it So rent the house, and buy one when you settle down with all that guaranteed money.
6) Remember, it's just a business: Remember how head coaches and coordinators disappeared in college and reappeared at bigger jobs? Well, just remember that there's no loyalty in the NFL, either. If you're making too much money but not performing 100% exceptionally, the teams will cut you as quickly as they can. After all, it saves them money. I was told by a ton of players that it wasn't about the first contract. It's about the second one. And make sure the second one comes with lots and lots of guaranteed money. Teams have to pay you the guaranteed money, after all. And that's what you can buy your house with, after all.
I've probably seen you play a million times in college, either loved you or hated you depending on what school you've played for, and you've probably won or lost me bragging rights over the course of a season.
I love you because I'm a college football fan who wants every good college football player to have a good career in the NFL. It's a legacy type of deal.
The advice I'm going to give isn't going to be about playing the game, health or trying to kick your ass with motivational speeches. I'm not a doctor, former NFL player or the next Tony Robbins. The advice I'm going to give you is about finances, because I don't want to see you go broke. I've been a financial (and a sports) writer for a few years, so I could say that I'm more an expert on that than yoga. Also, I've met a number of NFL stars on Radio Row at the Super Bowl who were really, really nice guys.....and then I read a few years later that they don't have a pot to pee in.
That is sad. I don't want you to be one of those guys....
And so....
1) Be careful who your friends are: It'll be amazing how many people come out of the woodwork when you get your NFL contract or just before it. Suddenly cousins and uncles appear from nowhere, not to mention friends who you've never noticed from high school want to meet up with you. Some of them really do miss you. Others want to get a piece of you. Others want to be associated with you. Others want to leach off you. They'll be cheering for you until you have to no future, and then they'll vanish in the wind.
2) Get a good agent: There are two kinds of agent that I met during my time as a journalist. Agent One was a guy who seemed to act like an investment banker. Every five minutes on Radio Row he was with another client. He seemed to care about them...right until I saw him hammered at a party where he was telling people how his agency 'owned the NFL'. You're not someone to him....you're a commodity. Then there was Agent Two. One of his clients was a player who Agent One would absolutely kill for. His client's going to the Hall of Fame. He was humble, nice and quite happy to talk about things other than his client. Which one would you rather? And make sure they know their contract law, because agents may look good in Jerry Maguire, but they also should know their math, too. Oh, and do well, and the marketing guys will come running to you. Agent B's player's endorsement list includes some of the biggest companies in the world.
3) Get a financial advisor: And when I'm saying "Get a financial advisor", make sure you do your homework. If the guy tells you that he's a great financial advisor, make sure he's actually qualified to be one. If he tells you he can make you bagfuls of money in a good or bad market, he's probably not telling the truth. If he hasn't got a proven track record, then he's probably not the guy for you. Ask for his investment ideas. If he doesn't have any, he's probably not the guy for you. If he claims to have thousands of clients, but can't or won't name any of them or provide a list of how much money he manages, he's probably not the guy for you. If he can't name what funds he'd put your money into, he's probably not the guy for you. But please, please, please....do your homework. An example of someone NOT doing their homework was Clinton Portis, who made $43 million in his career, but had to declare bankruptcy due to bad investments given to him by a crappy financial advisor. I met another guy who told me that he was thinking about buying property in London. I hope that thought became a reality.
4) Don't listen to investment ideas: Kevin Love once said that when he gets an investment idea, he asks someone for a business plan. 9 out of 10 times the person who comes to him with the idea doesn't follow it up. Investments in property are generally good things, as long as they are in good areas. Investments in restaurants and movies are generally shitty ideas, because most restaurants are getting taken to pieces by the internet, and most movies don't make a return on your capital. And if the person who comes to you with a 'business idea' but has no business background, then ignore him. Listen to Rule No.1 - He's just trying to get a piece of you before you leave.
5) Rent, don't buy: If you've made millions during your career, then feel free to buy a house AFTER you've finished your pro career. I mean, you'll feel GREAT buying lodgings and talking to people about how it's "your house", but if you get traded or lose your job and have to move from Seattle to New York, you'll probably have to sell the house and sell it quickly. You'll probably lose money on it So rent the house, and buy one when you settle down with all that guaranteed money.
6) Remember, it's just a business: Remember how head coaches and coordinators disappeared in college and reappeared at bigger jobs? Well, just remember that there's no loyalty in the NFL, either. If you're making too much money but not performing 100% exceptionally, the teams will cut you as quickly as they can. After all, it saves them money. I was told by a ton of players that it wasn't about the first contract. It's about the second one. And make sure the second one comes with lots and lots of guaranteed money. Teams have to pay you the guaranteed money, after all. And that's what you can buy your house with, after all.
