read this and let ue know what you think.
An observation from 25 years of experience:
1) Gross vs. net: It never fails; when my clients get their first NFL check they call me and say something is wrong. They are floored by how much is taken out for taxes and other deductions. Unfortunately, the shock doesn’t resonate long enough. I would say 90% of players have some type of direct deposit or their check gets mailed to their investment advisor and the players never see the net amount. Thus, they think they always are making more money (in gross numbers) than they actually are.
2) It comes too easy and too fast: First it’s a college scholarship, cash from uncles during college, advances and stipends from agents and financial advisors. A large signing bonus before the first snap in camp and making a team. When money comes fast and easy for a young man the assumption is life will always be that way. Players can easily develop a false sense of value of themselves. Many think that starting a profitable business or landing a high paying six-figure cushy job will be easy after football. Why not, everything else came easy right? Wrong! Players have a rude awaking when they can’t even land a coaching job after their career ends and don’t properly prepare for starting a second career. click here to red more