Whenever a player is drafted or signed to an NFL roster their lives immediately change in the blink of an eye as they quickly become multi-millionaire athletes who are expected to perform at the top level of play for any one of the 32 different franchises that compete in the nation’s most popular league during the active season.
While a majority of NFL players are not shy on showcasing their unparalleled levels of wealth and income by purchasing flashy cars, expensive jewelry or lavish homes, they also aim to remain incredibly keen on saving their league earnings to ensure that they are prepared for their new lifestyles after their active playing career reaches its conclusion and for the next wave of generations that may follow in their name.
NFL players and all related sports athletes take great strides in persevering their salary from active duty and have since setup numerous strategies that can help ensure that they do not enter a state of bankruptcy or financial neglect at any point in their lives.
No matter where a specified player may be ranked in the NFL, whether that being a superstar Quarterback or a backup kicker, all players must be sure to keep their revenue secured and monitored in case of any unexpected mishaps or setbacks.
As a means to continue supporting their personal lifestyle, families and other essential payments, NFL players are always aiming to protect their earnings by utilizing any of the available methods listed below.
- Investing and developing brands:
While NFL players do make a name for themselves primarily while on the gridiron, many of the league’s richest stars have also aimed to take advantage of the many business and personal investment opportunities that continue to arise in the community.
For example, renowned QB Patrick Mahomes of the Kansas City Chiefs is not only winning on the field, as the Chiefs are ranked as favorites to win the Superbowl for the third year in a row according to the latest NFL Playoff odds on DraftKings, but has also taken up plenty of other business ventures during his free-time away from football.
While Mahomes is widely considered by many to be the main superstar face of the league, he has also built-up an impressive resume as an entrepreneur and investor in various exploits such as his Hyperice athletic brand which has witnessed its revenue grow by 20 times its original figures from three years prior, which is reportingly from $10 million to a staggering $200 million.
Many other NFL stars including Mahomes also own several other notable stakes in various other brands and companies which now include sports teams from different league’s and professions.
- Hiring financial advisors:
There are various stories that many former players from the NFL or any other related sports league have greatly discussed about their initial neglect for their money upon their first major payments in the league, with some players immediately spending a true king’s ransom on various items that instantly placed them in a financial crisis.
In order to help monitor their money situation and accounts to avoid overspending, many players hire financial advisors, that could include an accountant or a trusted planner that they may pay a monthly or yearly fee to, in order to keep them updated on where their cash flow resides.
These advisors will provide players with a full breakdown of their cash flow and can even set limits over what they should be aiming to live off for a set period of time as well as providing advice as to whether it is best to invest in any potential asset(s) that they are looking into.
Hiring a financial advisor with a reliable background is a perfect method for players to understand how much money they are actually spending, where their current projections lie and to give them an even better idea as to how they should aim to plan out their latest financial escapades.
- Preparing a post-career cash plan:
The NFL is a grueling and an overly competitive league that features the pinnacle of talent that represents the sport as a whole, meaning that any aspiring athlete’s career could potentially come to an end at any significant moment due to the most unforgiving of circumstances.
With the timeline being largely fluctuated as to how long an average NFL player is expected to last in the league due to a variety of factors, the NFL PA advices that players have a minimum three-year plan set in place for their post-athletic life.
This plan can usually be associated with free agent players or veterans who may still be looking for a spot on an NFL roster, meaning that the first year focus is to continue putting yourself out there to see if any team is interested in signing you onto their active roster or practice squad.
Year two mainly focuses on players beginning to understand their predicament and remain ready to move onto greener pastures should the opportunity still refuse to prevent itself.
While Year three is the official timeline that informs players that reality has finally set in and it’s time to make an official transition away from football and into other ventures in an effort to support themselves and their family members.
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