Many NFL players face the harsh reality that after their playing days are over, they must plan for the future financially and need education on how to do so. Long-term planning is required in order to achieve stability and success off the field.
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Financial literacy is an essential skill
The big step forward that most NFL players take is to develop their financial knowledge. Many organizations have budgeting and investing workshops and educate players about income management. After all, Marshawn Lynch has become a financial advocate for today’s young athletes, imploring them to learn how money works. For his part, Lynch did a lot of things to pad his financial nest egg when he agreed to live off endorsement deals in exchange for saving his NFL salaries.
Advantages of professional consultation
Activating financial advisors is also a game changer for players. Former NFL linebacker Darrell Sharpton shares an example related to his experience working with financial experts to come up with a comprehensive plan for his life after football. Through specialized consulting, Sharpton has been able to diversify investments and ensure a steady stream of income in retirement. Proactively, it can protect players from the financial vices that often plague retired athletes.
Education: the never-ending journey
More than just financial preparation, many players go on to pursue education in preparation for what’s next. While some may go on to finish their four-year degree, others go on to train in specific fields. For example, former NFL player Chris Gronkowski returned to school to study business administration, and once his playing days are over, he may go on to create a highly successful entrepreneurial venture. The commitment to education that players have is just one example of how they use the time they spend inside the NFL to gain skills that apply well off the football field.
Networking and professional life
Communication is another aspect that helps make the transition as smooth as possible. Many players use their events and workshops to network with industry leaders and potential employers. For example, LaDainian Tomlinson has attended a number of NFL alumni events. These events are mostly about career development since most of these alumni events provide them with the opportunity to gain employment, media and training opportunities.
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