The National Bureau of Economic Research recently reported that about 16 percent of all professional football players file for bankruptcy within 12 years of retiring from the sport — despite the average NFLer earning a cool $2 million a year.
With so many professional athletes unable to live within their means, what are the newest members of the NFL — those drafted just last week — to do? Our latest article on Yahoo Finance, NFL Rookies, Here’s How to Play the Investing Game, aims to help these rookies navigate the world of big paychecks and uncertain career lengths. They may be raking in the big bucks now, but a broken leg or losing streak could leave them unemployed before they turn 30 years old.
Since athletes’ earnings are usually highest when they’re in their 20s, stashing a significant portion of their seven-figure paycheck in savings could ensure a comfortable future — regardless of when their playing days on the gridiron end.
But that’s not all. They’ll also need to diversify their savings and devise a long-term investment strategy, two things that TradeKing Advisors can help with.
After all, their football career won’t last a lifetime, but their money needs to.
Have you ever received a sudden windfall of cash? How did you invest it?