Tuesday, June 5, 2012
Financial Advice For 2012 NFL Rookie Class
For the typical NFL rookie, starting a career in professional football is not merely a chance to achieve a dream and play a great sport for a living, but it's also a catastrophic lifestyle change.
Those of us who have attended college, even for a short period of time, can recall a daily life that featured microwaved noodles, a collection of quarters for laundry, as well as a car that was consistently stuck with only an eighth of a tank of gas.
Many people rise above the penny-pinching lifestyle after graduation, but it's hardly an overnight change. It takes years to earn a comfortable life by saving money and rising through the corporate ranks. It's a gradual process.
But imagine yourself sleeping on a futon one night, and the next night you're suddenly living on a $390,000 dollar salary (the minimum salary for an NFL rookie). Or better yet, what if your bank account is empty one day, but the very next day you're a millionaire?
This is the scenario that NFL players face upon entering the league.
Ex-athletes receive zero sympathy for financial troubles because of the gross amounts of money they earn over the years. However, adapting to a life of wealth is certainly a difficult task. Budgeting $100 over a month is much simpler than budgeting $5 million over 50 years.
So with that in mind, what can the 2012 rookie class do to insure financial success?
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