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Good article on pro athletes and money
Old 04-25-2017, 04:25 PM   #1
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Good article on pro athletes and money

NFL players offer financial advice

Interesting piece and pretty much true.

Surprisingly good 401(k) plan.
Quote:
For every $10,000 a player puts in, his team and the league each put in $10,000, for a total of $30,000
And some good advice.
Quote:
“A financial adviser is not your friend. They’re your employee,” says Kerney. “If you don’t know how to properly evaluate such an employee, you should place all of your money in a savings account until you do.”
I'm thinking of my former next door neighbor who was a MLB pitcher. He was a very LBYM guy ("I'm trying to get a quarter million miles out of this pickup.").
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Old 04-26-2017, 09:58 AM   #2
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Colts QB Andrew Luck:

"After signing a $140 million contract, Luck celebrated by replacing his old flip phone with a—drum roll, please!—new flip phone. He's not ashamed. Luck posted a photo on Facebook with the message, "Thanks to AT&T for hooking up the new phone!"

A Portrait of Andrew Luck: The NFL's Nice-Guy, Mean-Competitor, Badass-Geek QB | Bleacher Report

Luck seems to be a LBYM type of guy.
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Old 04-26-2017, 10:20 AM   #3
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I'm glad to see this being provided now. There was an article a few years back (can't post a link at the moment) about how a large majority of U.S. pro athletes end up broke within 5 or so years of leaving their sport. Also an ESPN special about it.
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Old 04-26-2017, 10:46 AM   #4
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Quote:
Originally Posted by candrew View Post
Colts QB Andrew Luck:

"After signing a $140 million contract, Luck celebrated by replacing his old flip phone with a—drum roll, please!—new flip phone. He's not ashamed. Luck posted a photo on Facebook with the message, "Thanks to AT&T for hooking up the new phone!"

A Portrait of Andrew Luck: The NFL's Nice-Guy, Mean-Competitor, Badass-Geek QB | Bleacher Report

Luck seems to be a LBYM type of guy.
Not only LBYM but also being content with what he has and avoiding the herd mentality. For just making and receiving phone calls, you can't beat a flip phone.
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