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Life in the NFL

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    Rookie symposium to help players sidestep bankruptcy trend

  • Duration 5:23
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You know FL players can make a lot of money.

And they can lose a lot of money because there have been several isn't that file for bankruptcy -- it and they make bad financial decisions but.

That's -- the NF LL players association is holding a rookie symposium this week.

And they're going to help them understand what life in the NFL is all about and also how to make good financial decisions.

Susan doesn't speaker's dining -- was -- Alice.

Two time pro bowler with he had Detroit Lions and prominent McDonnell.

For strayer university which developed the financial planning session that can be helpful to not only NFL players but was solved now.

This album -- start with you because.

I was just amazed to learn that you earned twelve million dollars between 2002004.

Which is what.

Some people could -- would set them up for the rest of their life but then in 2010 you filed for bankruptcy how did that happen.

He is due to multiple things but the biggest ones lack of education on finances and how to handle your money.

And knowledge to develop a budget for the stick within the budget -- For my wife and I was investing in some businesses than husbands who once -- then just far integrity purposes -- -- make -- -- creditors are paid back as much -- it possibly could.

We had to pay it back we paid back as much -- -- -- winner of the Clinton bankruptcy.

-- -- So what advice would you give NFL rookies today.

Because most times they put into what -- -- on the filled their job.

Trying to stay healthy stay in shape understanding the game.

Doing everything that they possibly can to make sure -- if you play in the NFL the -- -- -- -- into their finances.

-- have a greater understanding of what it takes to have a future and to think about retirement.

Apart from within both players are professional fees in general -- that we we believe we're Superman.

And insist that we are -- vulnerable we will be making this money for a long time and do lots of things.

Whether it realization that the average career going three and half years so with knowing that and hopefully having a really set them.

You know that you knew about the financial planners can help you carry through you -- your life.

-- -- the idea that a lot of these players -- that this kind of my -- will be with them for ten or fifteen or twenty years.

Is that one of the big traps account falling to.

Oh yes yes is again is that Superman syndrome where.

Don't play this game for 101520.

Years than you know every year the money he's getting bigger and bigger and I'm they have all -- them.

Not really need I'm not ever -- spend all the money down learned so it's -- -- policy that we tend to fall into his players and all of them.

You know due to lack of education on the financial side.

We tend to have fallen say hey I gotta five million dollar contract making five million dollars a year should be able to live on this from -- -- from alive.

Interesting you know mr.

O'Donnell.

-- -- university and what will you be teaching these players specifically about their financial management.

Well our goal is to provide them with some good practical tips and advice on.

How to think about their financial future starting with -- Luther said which is.

The earning career of one of these players is likely to be only three or four years which is quite different than most Americans when they work.

And so we're gonna talk to them about the importance of having a plan.

And then living to it so we understand the players are gonna wanna spend money and we're certainly not gonna discourage that but we want to talk to them about spending their money responsibly and wisely.

And when it comes to the use of credit and credit cards to make smart choices there and really most important is to have a plan for saving and setting aside enough money.

So that they can live comfortably for the remainder of their lives once they're out of the -- You know.

You're talking to do you guys who are obviously making a lot more than the average person they'd give -- some of these principles then applying to regular you know civilians -- -- making average salaries.

Absolutely it really comes down to three practical points.

The first as I say is to have a budget and actually use that month the month the second is to become aware of how to use credit and credit cards in particular wisely.

And to not use credit cards as a way to just fun short term living expenses.

And then third and most importantly is to have a savings plan in place start saving even if you're only able to submit -- one -- 25 dollars a week that's an important start.

You can always add more dollars later you're able to do but start saving early and that will pay off dramatically -- -- in the later years of your life.

What about people -- I don't have enough money to save I don't make that much money every bit of my income goes to paying bills or.

Winds or.

Just everyday expenses.

What would you say to them.

-- those cases it's important to understand how much of your income was going to discretionary expenses -- true required monthly living expenses.

And -- many many cases people are surprised to see that a significant amount of money is actually discretionary each month.

But for individuals who may be living only paycheck to paycheck.

It's important to think about even if you only save as I say just a handful of dollars maybe five or ten dollars that is -- start.

And it starts up practice a habit of savings which is very important.

And it's one of the things that really separates individuals who have money set aside later in life vs those that don't.

Even if you'd have to start late that's fine too.

Saving early is better but if you're able to -- in your -- huge you should do that as well.

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