![]() If you were living like a normal person before, live like a normal person now, and just bank the rest. They get paid to offer advice, but do not get additional fees or an ongoing slice of your portfolio.Īnother important tip: Do not think you have to spend like a Kardashian just because more money is coming in. To be certain that your adviser has no potential conflicts, such as getting fat commissions to lure you into certain investments, consider a “fee-only” planner – like those in a database available at. The NFL players association, for its part, offers a database of financial advisers who have clean records and have the certified financial planner or certified financial analyst designations, but even that is no guarantee of positive results. Another planner put some of her money in Bear Stearns, and then did not alert her when the company lost nearly all of its value during the financial crisis. She was charged $10,000 a year by a financial adviser to pay her bills, even though these days you can arrange automatic bill payments for free. Indeed, he told Sports Illustrated in a 2017 interview that he at one point mulled killing his advisers (he changed his mind).Įven Lauryn Williams, a money professional herself, was taken for a ride. Former running back Clinton Portis earned $43 million over nine years, and yet because of financial mismanagement had to file for bankruptcy. Several NFL greats have sued former financial advisers: Cowboys legend Dez Bryant sued his for fraud, breach of fiduciary duty and gross negligence. Next, learn from the mistakes of others before you. And the default place to put your money should not be your cousin’s bar or your friend’s laundromat it should be a low-fee index fund that tracks the stock market. Set up your retirement accounts – the NFL, by the way, actually has a pretty good one. Instead, work on the basics: Get an emergency fund together, because things could go wrong at any moment. But they don’t have to do any of that,” said Lauryn Williams, a former Olympian who is now a financial planner in Dallas at her firm Worth Winning. ![]() “Athletes think they have to go out and buy a house, and a car, and take on all these other expenses right away. “Everything moves so fast, and your world changes overnight.”īollinger’s job now: Private wealth adviser with NorthRock Partners in Minneapolis, where he helps professional athletes in the NHL, NBA and NFL build financially secure lives beyond football. “It’s a situation you have never been in before, and that nobody around you has ever been in,” said Bollinger. The 38-year-old former quarterback was a draft pick of the New York Jets before going on to play for the Minnesota Vikings and the Dallas Cowboys. For young players, the football field is one big financial minefield.īrooks Bollinger remembers it well. It’s no wonder, according to Sports Illustrated, that 78 percent of NFL players go bankrupt or experience severe financial stress within two years of retirement. Meanwhile they are surrounded by people who have been preparing for this potential payday for years - childhood friends, extended family, shady advisers. ![]() ![]() FILE PHOTO - Dallas Cowboys quarterback Brooks Bollinger (R) is sacked by New York Giants' Mathias Kiwanuka during the fourth quarter of their NFL football game in East Rutherford, New Jersey, November 2, 2008. ![]()
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