NFL Riches 101: Phenoms Learn How to Keep Their Money
New stars get fame and fortune. But can they keep it?
April 28, 2007 — -- The NFL draft is like manna for football junkies. And for so many football players, this is the culmination of all their dreams: a guarantee of a lifetime of fame and fortune -- or so they think.
Duval Love spent 12 years in the NFL, manning the offensive line for the Rams, Steelers and Cardinals. He worked his way to the Pro Bowl, the NFL's all-star game. He thought that hard work would bring him the same success after he retired. He was wrong.
"I lost $2.5 million in bad decisions," says Love.
Through a series of bad business deals and bad decisions, Love went broke.
"I decided to go in business, which was a big mistake because I knew nothing about the business world. And that's where people took advantage of me."
The average NFL player made $1.6 million last year. The top pick this year will sign for an average of more than $10 million a year. There is a lot of money at stake.
Sure, it's good money. But the average player stays in the game for only 3½ seasons. That means they are done with football at age 25 or 26, with the rest of their lives ahead of them.
In 2005, the NFL and players union launched a program to get these men ready for the rest if their lives -- sending them to some of the best business schools in the country.
"We started it at Harvard and Wharton," says Michael Haynes, a Hall of Fame cornerback who now runs business outreach for the league. "[We are] giving guys a chance to go and learn more about business, ask questions from some of the greatest teachers and some of the most successful people in business who come and speak to the guys."
In a series of three-day programs, players learn about finance, real estate and, most of all, how to make sound business decisions.
"The real golden nugget of this thing is meeting the people and being able to network and call them when you have a question," says Tony Stewart, a tight end.
Even for an All-Pro like Brian Westbrook, in the middle of a $25 million contract, the lessons are crucial.
"One of the key things is find something that's going to make you money, and keep doing it over and over and over again until you're rich," he says.
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