8 Things Every Athlete Should Know Before Going Pro
You Are Still Getting a Pay Check
Just because you’re worth millions, doesn’t mean you aren’t going to be getting a paycheck. Malik Shareef, attorney and sports agent who represents Ryan Williams of the Arizona Cardinals and Isaac Redmond of the Pittsburgh Steelers, amongst others, breaks it down. “A football player gets 17 game checks and then that’s it. Those 17 game checks have to last for 52 weeks. A minimum deal in the NFL is $375,000, they’re getting 22 grand a week.”
Don’t Ball ‘Til You Fall
Not every player is going to get the mega-million dollar deal. So know your wealth, and spend accordingly—do you really need multiple cars and multiple chains like a rapper (whose jewels are usually borrowed or fake, by the way)? “The money has a shelf life, so create a lifestyle that’s affordable in the long run,” says Bev Kearney, of the University of Texas and founder of the Pursuit of Dreams Foundations. “That is the most critical component to it all.” Adds Shareef, “If you’re the cat making 370 grand, you don’t need to be driving a 370,000 car, lets just be honest.”
Pro Money Means You Need a Pro Budgeter
Get a financial manager. And on top of that, actually listen to him. But before you hire someone, make sure he or she is capable. “One of the things people need to do is really research these financial planners and see how many of this guy’s clients have gone broke,” says Shareef. “How many people do they have and will they give you the adequate resources and times if you have questions.”
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