Retirement Planning
NFL stands for "not for long." The average player lasts only 3.7 years in the league. So if a player lasts four years and makes the minimum salary—with the minimum increasing for each year of service—he can expect to make nearly $2 million. Two million dollars!
The median salary for an NFL player is $900,000. And according to Yahoo, some people estimate that 80% of players have used all their money by the time they retire.
Within the last 10 years, current and former NFL stars such as Michael Vick, Deuce McAllister, Mark Brunell, Lawrence Taylor and Travis Henry filed for bankruptcy.
So how does this happen? How can someone blow that much money in that short amount of time?
The average career of a Professional Athlete is typically anywhere from 3-5 years. That means athletes must plan for almost 50 years of retirement. The challenge is making the earning of a relatively short career last a lifetime. Recent studies have shown the average career length for the 4 major U.S. Sports:
- NFL- 3.5 years
- NBA- 4.8 years
- MLB- 5.6 years
- NHL- 5.5 years
During this time, athletes will most likely earn more money per year, than at any other time in their life. That is why it is so important to make sure that their investment decisions, saving habits, and spending tendencies are guided by a professional to establish a retirement plan enabling athletes to maintain a high quality of living, long after their playing days are over.
"It doesn’t make sense to work your butt off your entire life and retire broke."
Need help? Mintco Financial Team work with athletes to establish a retirement plan enabling them to maintain a high quality of living, long after their playing days are over. Our goal at their retirement is for them to be financially sound– able to do whatever they wish with the rest of their lives.
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