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NFLPA* tells rookies: Wait a year before spending money

Top 2010 NFL Draft prospects appear atop the Marquee of Radio City Music Hall for photo call in New York Reuters

Many NFL rookies make more money in the year they’re drafted — at age 21 or 22 — than they make in any other year for the rest of their lives. And many NFL rookies spend the money they make that year as if they can count on making that much money every year for the rest of their lives.

Breaking that pattern is a big part of the rookie symposium that the NFLPA* is hosting in Florida today.

Karl McDonnell, the chief operating officer of Strayer University, told Alex Marvez and Jim Miller on Sirius XM NFL Radio that rookies will be told to “take a year off from making any big financial decisions.”

For rookies, McDonnell said the best thing to do is tell everyone who asks you for money to come back in a year.

“These players have a tendency to get approached by a lot of people, family and friends,” McDonnell said. “We’ve actually drafted a letter they can use that says, ‘I’m going to take the next year getting used to being in the NFL. I’m not going to make any major commitments,’ just to give them a little breathing room.”

It’s a good idea, even if it’s easy to be skeptical about whether many rookies will follow it. As Jared Allen has noted, not only do many rookies fail to wait a year before they start spending, some don’t even wait until they’re drafted.

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25 Responses to “NFLPA* tells rookies: Wait a year before spending money”
  1. lovesportsandsurfing says: Jun 28, 2011 10:34 AM

    Lets drop the asterisk when mentioning the union,…we all know you only did it to mock how they claimed to desertify,…but lets keep it real,…and drop that silly asterisk….however it would be apropriate to use it if you ever decide to mention that De Smith has a college degree of any kind.

  2. drgfri says: Jun 28, 2011 10:36 AM

    And Rex Ryan tells rookies, “save money, free foot rubs at my place.”

  3. tumsman2 says: Jun 28, 2011 10:39 AM

    The fact that the NFLPA has to tell players not to blow all their cash in their 1st year is an insult to the players intelligence. It also explains why the players are so greedy in the later contract years.

    Some of these guys have mansions with no furniture in it. But at least they have mansions.

  4. geo1113 says: Jun 28, 2011 10:46 AM

    For rookies, McDonnell said the best thing to do is tell everyone who asks you for money to come back in a year.
    ____________________

    How about telling them to get lost.

  5. buckybadger says: Jun 28, 2011 10:47 AM

    Year? They should be told until they get their 2nd contract which 60% of them will never see. Nothing has changed for most rookies after a year. You get that 2nd contract than you can spend a little otherwise don’t waste it because you will never make that kind of money even if your at the league minimum.

  6. horsecore says: Jun 28, 2011 10:48 AM

    Good god…they drafted a letter for these idiots in case they cannot properly say no? What a joke…

  7. freedomispopular says: Jun 28, 2011 10:49 AM

    This problem won’t be quite so rampant once we’ve got a rookie wage scale in place.

  8. chatham10 says: Jun 28, 2011 10:55 AM

    I keep hearing these players are adults so let them act like it. It is their money and if they go broke, tough.

  9. frankdatank23 says: Jun 28, 2011 10:56 AM

    intro to the presentation :
    Cypress Hill song begins……
    “So ya wanna be a superstar ? Live Large, ya big house, 5 cars ?”

  10. hobartbaker says: Jun 28, 2011 10:58 AM

    Dez Bryant keeps telling his creditors he has been advised not to spend any money during his first year in the league. To leave all those invoices “a little breathing room”.

  11. weswelkerspornstash says: Jun 28, 2011 11:08 AM

    Thanks for the cliff notes

    Colin Keapernick

  12. joetoronto says: Jun 28, 2011 11:18 AM

    What, they shouldn’t continue to but huge diamond earrings before they even get their money?

    A moron is a moron, letter or no letter.

  13. gdeli says: Jun 28, 2011 11:23 AM

    good luck with that. ha

  14. alberthaynesworth says: Jun 28, 2011 11:34 AM

    I have a better chance at playing nose guard for the redskins then anything like this remotely happens.

  15. SpartaChris says: Jun 28, 2011 11:44 AM

    I’m as unsympathetic to the players money problems as the next guy, but lets remember these guys are young 20 something punks. Now think back to when you were a young 20 something punk. Did YOU save your money? Not likely. If I were a betting man, I’d wager to guess you spent every dime you had, figuring you’d have plenty of time to save. I know that’s how I operated. I also know if I suddenly came into 6 or 7 figures back then, I would have been just as irresponsible as Dez Bryant or Jamarcus Russell.

    Also consider how most lottery winners wind up bankrupt. Not all are young punk kids. Most are middle class, older adults who have no concept how to deal with that kind of money.

    What the union should do is enforce mandatory financial education. No, we’re not asking these guys to become investment bankers, but teach financial responsibility. The union should also strongly encourage the players to hire an accountant who pays them a percentage (10%, 20%, maybe even 30%) of their weekly salary every week, every two weeks, something like that. Basically force them to live on less for the first year or two. Hopefully that will encourage them to learn to live below their means and save/invest the rest.

  16. prior0knowledge says: Jun 28, 2011 11:50 AM

    Let’s not be so hard on the rookie NFL players. They are young and naive, but not necessarily stupid. A friend of mine told me that they knew their dean’s list son needed money (a junior at college), so they deposited $500 in the son’s bank account, but forgot to tell him for a couple of days. When the parent called the son, he had already wasted the $500 on video games and now needed money for rent. The son thought that the $500 was a gift from the bank for opening the account. DEAN’S LIST… Straight A student. Father been bragging on how smart his son was….

    Conclusion: Youth = stupid

  17. pftard says: Jun 28, 2011 12:23 PM

    Neither the Teams or the League should be telling the players how to spend their money.

    Any player with an Agent of value will hear this advice from them. If the Agent is telling them the payday never ends.., then it’s time to find a new agent who understands the players best interests.

  18. henryjones20 says: Jun 28, 2011 12:30 PM

    joetoronto: why exactly do you give a rats AZZ how these guys spend there money? you act like they are spending your money,jesus!! if they wana go broke so be it.god bless em’

  19. thefactor51 says: Jun 28, 2011 12:59 PM

    It’s so easy for people to judge these players but it is not easy to say no to people when they are your family or close friends. Yeah its easy to say no to all the random people that you are not close to. What if that person is your mom or dad. If they have unrealistic expectations of money and being in the NFL and are constantly asking for things, you can say no but that puts a strain on your relationship. It’s not as easy as you think.

  20. jimmymcnultysbottleofjameson says: Jun 28, 2011 1:23 PM

    JA is right, I can’t even imagine how many rookies rack up cc debt and debt to their agents buying Breitlings and Armani suits for the draft and not even including cars, homes, etc. This is a great event that the NFLPA is hosting and kudos to them for trying to teach these young men about personal finance. They are part of the <.05 percent of this country that will ever experience this type of wealth; they should at least have the knowledge to make it last.

  21. laeaglefan says: Jun 28, 2011 2:41 PM

    “I also know if I suddenly came into 6 or 7 figures back then, I would have been just as irresponsible as Dez Bryant or Jamarcus Russell”

    In that case, you’re just as big of an idiot as they are.

    “Also consider how most lottery winners wind up bankrupt. Not all are young punk kids. Most are middle class, older adults who have no concept how to deal with that kind of money”

    Have these people never heard of putting their money in a “safe” investment? Probably not, because human nature is to be greedy and want more. Someone should just give ME the chance to learn the concept of dealing with that kind of money.

  22. philyeagles5 says: Jun 28, 2011 2:55 PM

    “The fact that the NFLPA has to tell players not to blow all their cash in their 1st year is an insult to the players intelligence. It also explains why the players are so greedy in the later contract years.

    Some of these guys have mansions with no furniture in it. But at least they have mansions.”

    youd think it would be insulting, but when most players go literally bankrupt 2 years after they are out of the league, something needs to get stuck in their head.

  23. SpartaChris says: Jun 28, 2011 2:55 PM

    laeaglefan says:
    Jun 28, 2011 2:41 PM
    “I also know if I suddenly came into 6 or 7 figures back then, I would have been just as irresponsible as Dez Bryant or Jamarcus Russell”

    In that case, you’re just as big of an idiot as they are.

    “Also consider how most lottery winners wind up bankrupt. Not all are young punk kids. Most are middle class, older adults who have no concept how to deal with that kind of money”

    Have these people never heard of putting their money in a “safe” investment? Probably not, because human nature is to be greedy and want more. Someone should just give ME the chance to learn the concept of dealing with that kind of money.
    =============================
    An idiot? Hardly. Back then, sure, but now? Nope. The fact is I’m able to take an honest look at myself for who I am and who I was. It’s a shame you can’t do the same.

    As for lottery winners, you would think they’d learn to seek some financial advice so as to properly handle that kind of money, but it’s a fact that most people simply don’t know how to handle large windfalls. It’s possible you would be no different. But hey, since you’re all high and mighty, perhaps you would be the lone exception.

  24. Soulman45 says: Jun 28, 2011 3:33 PM

    It’s ways all can attend we now have computers go to meeting. tape, they can mail the meeting out to every one on a thumb drive, it ways to get her done.

  25. granadafan says: Jun 28, 2011 4:31 PM

    The NFL and NFLPA should make this a mandated yearly event for every player (rookie or vet) considering the number of players who go broke. Obviously most forgot what they learned in the rookie symposium.

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