Good article on pro athletes and money

[braumeister]

NFL players offer financial advice

Interesting piece and pretty much true.

Surprisingly good 401(k) plan.

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.

“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.").

 

[candrew]

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.

 

[jollystomper]

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.

 

[easysurfer]

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.