With no regard for saving and/or investing, millions are thrown away on stuff and after their career is over, bankruptcy comes knocking on their door. Clearly, not every professional athlete falls into the money trap, however, many of them do.
Unless professional athletes become financially literate, they will find themselves making fooling decisions. That’s why, every athlete, regardless of how much education they have, should empower themselves through financial empowerment.
Case in point – Brandon Copeland, a defensive end for the NFL Detroit Lions is planning as well as preparing for his future after football. Instead of using his time away from football to relax and travel, Copeland is employed with Weiss Multi-Strategy Advisers as a spring analyst.
According to theGrio, “In an interview with ESPN, Ron Darnowski, a trader in the IPO and valuation division of the company, said of Copeland’s position in the company:
He’s part of the process and he works for our firm and with me because he contributes to the process and makes our team better. This isn’t, ‘Oh, let’s help out Brandon and teach him some stuff and give him some work to do.’ He’s doing work and adding to our process here. But the flip side of that is like anybody who is very new and green and learning the business, their contribution is going to be relatively small, but it is material. He’s part of the team.”
Copeland is learning his lesson about the importance of preparing for the future. He is literally saving as much as he possibly can through sound investing. If he decided to walk away from football today, he would not be hurting for money.