- The Wisdom Journal - http://www.thewisdomjournal.com/Blog -
The NFL’s New Playbook: Financial Advice
Posted By Ron On March 9, 2011 @ 6:40 AM In Personal Finance,Saving Money,Tips & Techniques | Comments Disabled
Funny how the threat of a layoff/walk-out/strike makes even those earning six-figures (or higher) re-evaluate their finances. In today’s USA Today  I read a story about the National Football League’s latest advice for players facing the prospect of a salary-less autumn. Suggestions included save a bigger chunk of salary, don’t buy rounds of drinks for everyone in the club, socialize with a purpose (try to find work outside of football), don’t pay friends  to do work you can do on your own, and increase your sources of income.
Funny, that’s the same information readers have been getting right here on The Wisdom Journal  for over three years!
As a matter of fact, getting hold of your finances can be summed up in four truisms:
But don’t let it’s simplicity fool you … it isn’t easy. But with the self-discipline you already have inside, you can put these simple plays into motion in your own life.
I think it’s a great thing that the NFL is encouraging their employees (that’s really what they are) to be more responsible with their money. After all, most of the players earn the league minimum, $325,000 per year. That sounds like a lot and it is, but after you factor in agents, lawyers, taxes, insurance, union dues, and the other mandatory trappings that come along with being in the big leagues, that money can quickly slip through the fingers of someone who never made more than a few bucks per hour in high school. Not every NFL player has two commas in their annual salary.
In 2010, Sports Illustrated reported  last year that 78 percent of former NFL players have gone bankrupt, or are facing financial stress  because of joblessness and divorce just two years after leaving the game.
The problem is never a lack of money. The problem is how it’s handled.
Article printed from The Wisdom Journal: http://www.thewisdomjournal.com/Blog
URL to article: http://www.thewisdomjournal.com/Blog/nfl-playbook-financial-advice/
URLs in this post:
 Tweet: https://twitter.com/share
 USA Today: http://content.usatoday.com/communities/thehuddle/post/2011/03/nflpa-handbook-gives-players-money-saving-tips-in-case-of-lockout/1
 Image: http://www.thewisdomjournal.com/Blog/wp-content/uploads/2011/03/football.jpg
 friends: http://www.thewisdomjournal.com/Blog/7-people-you-absolutely-need-in-your-life/
 The Wisdom Journal: http://www.thewisdomjournal.com/Blog
 101 Ways to Take a Bite Out of Your Food Budget: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/101-ways-to-take-a-bite-out-of-your-food-budget/&sa=U&ei=F9d2TdDDHaWY0QG_34XtBg&ved=0CC8QFjAH&usg=AFQjCNGNrN88S-HoytFUtwZoD9Rtx1_G4Q
 17 Sneaky Savings Strategies: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/17-sneaky-savings-strategies/&sa=U&ei=F9d2TdDDHaWY0QG_34XtBg&ved=0CBEQFjAB&usg=AFQjCNF0z4DYf8fTEW562uTkWiwxANJlfA
 Savings and Savings Accounts 101: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/savings-accounts-101/&sa=U&ei=Ydd2TZe_BIz5rAHH8f3bCQ&ved=0CBEQFjABOAo&usg=AFQjCNHzGuxNoVfMMU_xZ9coyS5VoBXGpw
 An Overlooked Way to Save Energy in Your Home: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/save-energy-at-home/&sa=U&ei=Ydd2TZe_BIz5rAHH8f3bCQ&ved=0CDQQFjAIOAo&usg=AFQjCNFm5PlWAOkZ3Jsxhj_wPdG1GqNfIA
 52 Ways To Save 8 Months Of Expenses In Your Emergency Fund: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/52-ways-to-save-8-months-of-expenses-in-your-emergency-fund/&sa=U&ei=F9d2TdDDHaWY0QG_34XtBg&ved=0CBsQFjAD&usg=AFQjCNHkSKX7_N62rkhzPc0ui_dytlzTyQ
 To Change Your Financial Life, You May Have To Change Your Friends: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/to-change-your-financial-life-you-may-have-to-change-your-friends/&sa=U&ei=mNd2TYDKBND6rAHEy9i7CQ&ved=0CAwQFjAA&usg=AFQjCNHpxRhyjn7UTz2nglsR_d5vhHmx0w
 I Have A Friend Who Is About To Make A Really Bad Decision: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/heres-my-problem-friend-stupid-decision/&sa=U&ei=mNd2TYDKBND6rAHEy9i7CQ&ved=0CBEQFjAB&usg=AFQjCNGxn2pYuYFDYE6_q3DkcTKqCtes0w
 12 Things I Learned By 42 That I Wish I Knew At 22: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/12-things-i-learned-by-42-that-i-wish-i-knew-at-22/&sa=U&ei=mNd2TYDKBND6rAHEy9i7CQ&ved=0CCoQFjAG&usg=AFQjCNF0aez41TaJilrs2DW8UGuK-7DipA
 Successful People Are Usually FAT: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/successful-people-are-usually-fat/&sa=U&ei=mNd2TYDKBND6rAHEy9i7CQ&ved=0CDkQFjAJ&usg=AFQjCNEx3_D-ULV-dCYlFh94m7B5wHZ5nw
 20 Networking Mistakes You Should Not Make: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/20-networking-mistakes-you-should-not-make/&sa=U&ei=-dd2TajZLZDrrAGRvty7CQ&ved=0CAwQFjAA&usg=AFQjCNGeJ_b3VcrtimYd5k6Y3GXvDQ6ZYg
 8 Ways to Make Yourself More Valuable at Work: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/8-ways-to-make-yourself-more-valuable-at-work/&sa=U&ei=-dd2TajZLZDrrAGRvty7CQ&ved=0CCUQFjAF&usg=AFQjCNHgqupp_lekoo3XPGEPeCrsHngEOA
 Things I DIDN’T Learn in College: Networking: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/networking/&sa=U&ei=-dd2TajZLZDrrAGRvty7CQ&ved=0CBYQFjAC&usg=AFQjCNGXfH_R9hoRAhJCDarTIogSNDSfnw
 5 Keys to Networking Success: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/networking-2/&sa=U&ei=-dd2TajZLZDrrAGRvty7CQ&ved=0CCAQFjAE&usg=AFQjCNHm-bxIQwHgIkyGAioH0F8_0hTYFw
 Outsourcing Your Life Isn’t Always Worth It: http://www.thewisdomjournal.com/Blog/outsourcing-your-life-not-worth-it/
 26 Ways To Make Extra Money And Keep Your Day Job: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/make-extra-money-incom/&sa=U&ei=F9d2TdDDHaWY0QG_34XtBg&ved=0CBYQFjAC&usg=AFQjCNERrVwNDMAishBTMSOZtFgNaTTgtA
 6 Ways to Find Additional Money: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/find-additional-mone/&sa=U&ei=F9d2TdDDHaWY0QG_34XtBg&ved=0CCUQFjAF&usg=AFQjCNHjitDZGpdEJG1Mrp8WVSC4hRKc2A
 Mining the Miners: A Different Way To Make Money: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/mining-the-miners-a-different-way-to-make-money/&sa=U&ei=Utl2Tcn7EafF0QGXv-XhBg&ved=0CB4QFjAD&usg=AFQjCNGg_MYV7dvmR0GNK23bi0uOm3hHHg
 Need Extra Cash? There Are Only 4 Ways To Get It : http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/need-extra-cash/&sa=U&ei=Utl2Tcn7EafF0QGXv-XhBg&ved=0CCgQFjAF&usg=AFQjCNEYuD4U7qmZ2JkqsLqdvIxoS1mylw
 The X Files and Your Money: Strange Similarities?: http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/files-money-strange-similarities/&sa=U&ei=Utl2Tcn7EafF0QGXv-XhBg&ved=0CC0QFjAG&usg=AFQjCNFAridkvtLSZxO73Ky4fLbzRbU0Gw
 10 Businesses You Can Start For Peanuts (or less!): http://www.google.com/url?q=http://www.thewisdomjournal.com/Blog/10-businesses-you-can-start-for-peanuts-or-less/&sa=U&ei=k9l2TcWlOquC0QGtr_XkBg&ved=0CAwQFjAA&usg=AFQjCNGXkzA2NOiBFUBGFdArMvjMIUkFRw
 Sports Illustrated reported: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm
 stress: http://www.thewisdomjournal.com/Blog/?p=342
 The Wisdom Journal: http://www.thewisdomjournal.com/Blog/
 subscribe today: http://www.thewisdomjournal.com/Blog/welcome.php/
 Twitter: http://www.twitter.com/wisdomjournal/
 Facebook: http://www.facebook.com/pages/The-Wisdom-Journal/147054648679421
 »crosslinked«: #
Copyright © 2008 The Wisdom Journal. Some rights reserved.