It’s always no surprise that many professional athletes are reckless with their money. Let’s face it – simply buying anything and everything isn’t wise.
How many times have you read about players receiving large contracts and end up filing for bankruptcy years later? Hearing that someone who made millions of dollars squander their wealth on material stuff would make a rational person scratch their head. Unfortunately, too many players are not listening to sound wisdom on how to invest their money so that their money will last for many years after their retirement.
According to the National Football League Players Association, the average career of a player is 3 years. Even though you may see players playing much longer, the truth of the matter is that only a handful of players are fortunate to last that long. Because there are so many factors that contribute to how long a player can last in the NFL, saving and investing are essential.
It’s been reported that Green Bay Packers Defensive End Ricky Jean-Francois, 30 has just inked a $2 million dollar deal. Doesn’t sound like much for an NFL player but don’t let that fool you.
Jean-Francos is not just banking on his NFL paycheck. At the moment, he currently owns 25 Dunkin’ Donuts. In an interview with Fox Sports, Jean-Francois said, “When the big money came in, I was like, ‘I need a retirement plan right now. I need a retirement plan that can grow right now, so at the time when I actually walk out of the NFL, I don’t have to let the NFL be my identity. Teams can look at me like, ‘OK, he’s a business man. He’s a smart guy. He knows what he’s doing with his money.”
More athletes need to understand the power of investing and perhaps they won’t end up broke, busted, and disgusted.