Steve Smith Isn’T Surprised Some Players Are Broke

[Carolina Mike]

I agree the NFL does benefit by having players spend their money wisely. Seeing players bankrupt looks bad for not only players but the NFL image. However the said players in the post......

Lombardi said that 90% of retired NFL players that made over $15 million during their NFL career are now bankrupt!

If you are making over $15 million you should be able to place a little money into a system to help yourself. It is only the right thing to do I would think.

[Panther59]

Look, all NFL athletes have had at least 3 years of college courses, minimum. If a guy knows that he is good or rated highly enough to more than likely enter the draft when he becomes eligible, at some point during his time in college he should elect to take some sort of financial management course. Sorry, but my heart doesn't break for a "STUDENT-athlete" who fails to utilize his free ride in college, knowing that he's more than likely leaving the university in 3 years for the NFL (like most 1st and some 2nd round picks these days) to educate himself on handling HIS OWN FINANCES IN THE REAL WORLD once he's got that million dollar contract. Newsflash: Universities do offer classes designed to EDUCATE people on things like that. Unfortunately, most "3 year" collegiate football players take the easy way out and major in Hotel & Restaurant Management, Underwater Basketweaving, or some crap like that. Hell, nowadays they even offer courses online to teach people how to handle their money. In my opinion, if a guy is old enough to make millions in the NFL, he's old enough to be broke after wasting those millions without others throwing him some sort of fugging pity party.

[Snake]

This falls under "you can lead a horse to water, but you can't make him drink ".

[CamX]

NFL players going broke is no different than the general public. Everyone can benefit from money management courses. Bankruptcy courts are not filled with NFL players.

[hank pimple butt]

Smitty is a pimp. and cant nobody f$ck wit his money!

[Future of the Funchise]

Smitty, is the man. That is all.

[Brooklyn Bully]

It's all about not going wild with your money. I'm what they call a "paper millionaire". But I rarely touch my investments/stocks for any other purpose than very important things. Some years I'll lose money, some years I'll make money, but by no means do I waste it on cars, jewelry, or homes. If I play it smart as I have been, and the market avoids total devestation one day, I can live comfortably the rest of my life (as long as I keep adding money to it as well). My cousin, however, was also the same as me. She sadly has cashed in most of her money and won't have the benefits of it like I will as we get older. I mean, I could easily cash stuff in and be driving a Ferrari by the end of the week, but I'm simply not stupid. I let my money sit, and make money on its own.

[Udogg]

That's what I said. They don't have to do it. They do it to help people and it clearly needs to be done. Is that so crazy?

I've worked at plenty of companies that had free classes.

Why does people helping others learn something bother you?

Probably one of those people who think helping people in America isn't the American way.

[Udogg]

My wife is a CFP. 90 % of her clients(and she is very busy) are over 35. Some people catch on early but that's not the norm. Look at the average age and career of pro players and it's easy to see why so many go broke. Especially when you are from a poor family and feel it's your responsibility to help them. I feel that burden and I'm not a pro player making pro money.

[tiger7_88]

it's not common sense. financial adroitness is something taught. many players come from poverty-stricken backgrounds where they are just another in a long line of uneducated ancestors who didn't know how to spend their money wisely and stayed poor and passed on those habits.

The NFL *does* advise newly drafted players that they need to care for their money in rookie symposiums, year after year after year.

Again, if you close your mind to that advice, its not the NFL's fault when you go broke.

What they could do IMO is for the NFL and the NFLPA to only certify agents that have a background in actually providing financial advice AFTER the contract is signed and not just before. Responsible agents that want to make sure that their client keeps his money safe and saved or invested wisely.

My own employer provides me opportunities for investment in 401k's and stock purchase plans, but they never advise me how to spend my money for a single moment. I really don't see why the NFL has any more of an obligation to its employees. Maybe even less. Because if the NFL *did* provide a 401k-style investment for their players, as soon as the market took a down-turn the players and the NFLPA would be suing the NFL for losing their money.

Its the NFLPA that promotes treating their members like children, not the NFL.

[Wither]

It's all about not going wild with your money. I'm what they call a "paper millionaire". But I rarely touch my investments/stocks for any other purpose than very important things. Some years I'll lose money, some years I'll make money, but by no means do I waste it on cars, jewelry, or homes. If I play it smart as I have been, and the market avoids total devestation one day, I can live comfortably the rest of my life (as long as I keep adding money to it as well). My cousin, however, was also the same as me. She sadly has cashed in most of her money and won't have the benefits of it like I will as we get older. I mean, I could easily cash stuff in and be driving a Ferrari by the end of the week, but I'm simply not stupid. I let my money sit, and make money on its own.

Cool?

And why does our society push the "need to take care of everyone" mentality? Soon we'll take thinking and preparation out of everything in life. None will need to know responsibility be it parental, financial or personal.