Home / NEWS / Wealth / How these ex-NFL stars avoided the pitfalls of being young and rich

How these ex-NFL stars avoided the pitfalls of being young and rich

“In our beforehand 20s we don’t always make the best decisions. For most of us, those decisions aren’t catastrophic,” broke Ryan Wibberley, CEO of CIC Wealth in Rockville, Maryland.

For players in the National Football Conspire, it’s a different story.

“It’s very common to spend recklessly,” said bygone NFL tight end Steve Maneri. “It’s really hard as a young athlete; you don’t in reality understand the value of a dollar.”

For that reason, nearly 80 percent of put ones feet up NFL players go broke in their first two years out of the league, according to Sports Illuminated.

Mario Henry was one of them.

“I wasn’t a marquee player, I was let go before my third year so I didn’t temper for a pension. Guys like me go in and out,” he said. “I spent two years in the NFL and four to five years taxing to get back in the NFL. My money ran out.”

Henry signed with the Patriots in 1994 and performed on to play for Buffalo. He said he was making about $107,000 a year.

“When my craft was finally over and I gave up on the NFL, I was broke,” Henry said. “I saw that my teammates, plane the ones that were making a lot more than me, were also ruined.”

To avoid that same fate, Maneri, who played for the Kansas Municipality Chiefs, Chicago Bears, Tampa Bay Buccaneers, New England Patriots and New York Jets, sided up with Charles Princiotto, a vice president of wealth management at Battery Estate Financial Partners, an advisor he could trust.

Together, they came up with a map to save 60 percent to 70 percent of his income and invest in stocks, ETFs and complementary funds.

That became crucial when his career ended and Maneri all in a year and a half with no income at all, which is common among take to ones bed players. He has since started a second act as a commercial real estate force in New York.

To protect yourself and your retirement, it’s important that you cotton on to the type of advice you’re getting when you meet with your advisor. Here are the key doubtfuls you should ask.

Former NFL player Patrick Kerney is another exception. After 11 years with the Atlanta Falcons and the Seattle Seahawks, the Pro Trundle player socked away the bulk of his income mostly by spending conservatively and deterring away from too-good-to-be-true investment opportunities.

After Kerney got, he earned an MBA from Columbia University and went on to give financial counsel to other NFL players.

“When we are in our 20s we are full of testosterone and full of a pride and for us to say ‘I don’t remember,’ it’s hard to do,” Kerney said. “Not many men can say that.”

“One-hundred percent of us should be struck by an annual surplus and we need to get educated on what to do,” he said. “Don’t let ignorance be your degradation.”

“For an athlete, they’re making more at that point than they’ll set up in the rest of their life, and they don’t have the chance to recover. They’ll in no way have a chance to make that money again,” Wibberley guessed.

“What I would tell any athlete: Get help from a financial angle, a lawyer, an advisor or even a parent,” he said.

It’s very important for people to “encircle themselves with a good team so you have some checks and equilibria,” said Ken Nolan, a managing director at CBIZ MHM in New York, which take ins an accountant and an attorney who are independent from each other.

“And that’s not good limited to athletes.”

More from My Success Story:
Why a guy who built a $600 million hedge scratch gave up Wall Street
Get dirty: This CEO built an $11 million bath empire
This couple turned $10,000 into an $800,000 clothing occupation

Check Also

How airport hotels are upping their game to win over picky travelers

Done in road warriors look to airport hotels for convenience. But increasingly, those hotels want …

Leave a Reply

Your email address will not be published. Required fields are marked *