Navigating lifestyle Changes- Part 1
Most are aware of how transitioning to life beyond the game can be difficult for NFL players. Few have chosen to shine a spotlight on just how challenging transitioning into the NFL can be. For some athletes, February marks the beginning of an interview process for the opportunity to play in the NFL as hopefuls are invited to participate in the college All-Star Game. This game presents players who have decided that they are at the end of their collegiate careers with an opportunity to be evaluated by front-office personnel from each of the 32 NFL clubs. Players participate in testing, interviews, practice, community service events, and the game. One of the most critical aspects of the week-long programming that often accompanies these games is when the players have the chance to hear from NFL alumni who offer valuable insight into the business of the NFL. Former players offer tips not only on navigating the business but also provide a glimpse into how mentally, physically, emotionally, and financially taxing it is to play in the National Football League.
One of the topics that comes up each year is financial literacy and how to manage money. Former NFL legends attempt to warn the prospects about the financial challenges that come with the status of playing in the National Football League and the sudden wealth that comes with it. Players consistently provide two primary pieces of advice each year: 1) learn to say “no” and 2) stay in your financial lane.
Saying “no” to family members and friends is one of the most difficult things for many players once they finally get into the NFL. Players are often bombarded with financial requests even before they make a roster. The pressure placed on young players mounts as family members express the belief that a player is now obligated to take care of everyone because of the support they were provided when they were young. Nearly every former player gives the same advice to incoming players:
Learn to say no!
And do it early, and often.
Don’t try to care for everyone else until you have cared for yourself and your financial future. Wait until you are more established, for example, when you sign your second contract before you buy Mom a house.
Adding to this narrative, once a player signs his contract and enters the NFL locker room, they get to see veteran players, some of whom have played a long time and have made a significant amount of money. Well-established players may have extravagant lifestyles that can be attractive to incoming rookies, increasing the belief and desire that they, too, can afford that kind of lifestyle. Former players caution these young men each year to “stay in your financial lane.” Don’t try to spend like the players with big contracts who have accumulated a lot of money. Every former player knows a teammate who focused too much on the lifestyle, not on the game. These players often struggle financially because they try to keep up with the proverbial Joneses.
The financial advice provided by these NFL legends not only applies to prospective NFL players; it also applies to athletes in every other professional sport and to young professionals entering the professional workforce. It is essential to establish healthy financial habits early on in your career that can provide a lifetime of financial security. Often, spending habits are the outcomes of our mindset about money. This mindset comes from several sources, including our upbringing and social circles, which are carried into our professional careers. While it’s ideal to ensure an awareness of your financial mindset at the beginning of a career, it’s never too late to take a self-assessment and plan for improvement.
Be sure to check the next installment, when the conversation will focus on the five financial categories that appear to reveal themselves in the NFL player lifecycle. For both professionals and NFL players, there are five financial mindsets that most people fall into.
