Postgame Press: Teammates in finance

Recently, there have been rumors that former NFL cornerback Charles Tillman, affectionately called “Peanut” by Bears fans such as myself, is now working for the FBI. Considering the amazing movie prospects, this is a great thing. It also reminded me of an old study that was released many years ago. When I found the Sports Illustrated (SI) report from 2009, it unsurprisingly said the same thing as it had when I first read it: 78 percent of NFL players go broke or are under financial stress within two years of being out of the league.

When the study came out, there was shock from players and fans. How could players go broke? There was especially confusion regarding star players such as Terrell Owens and Clinton Portis, who earned (and lost) over 80 and 43 million dollars, respectively. How could someone spend that much money? Well, there were many factors. The players' lack of education was pointed to, as was misinformation about investing and to whom their money should be trusted. People also villainized the oft-praised traits of living a lavish lifestyle and helping family and friends. By the end of the SI article, it was clear that there were plenty of ways to avoid going broke. It was also clear that the blame should not completely rest on the players, but on the league and the entire system, as well.

This is not a sad column about those who went broke though, but is instead a positive column about how change has come. The number is no longer 78 percent of players. There is now an NFL Continuing Education Program for former and current players to earn a college degree or achieve higher education through the NFL. Even more important is that players are now being helped more by their fellow NFL players. Marshawn Lynch is a prudent example. He not only has reportedly saved almost all of his career savings, but he also helps his teammates with their finances. Seattle Seahawks players used to talk about how Lynch helped them with their 401k retirement plans, even during practice. Lynch was once asked why he is so frugal with his spending and smart about his saving. His response: "If you came from eatin' cereal with roaches in it before, dawg... Feel what I'm sayin'? You wouldn't want to do that again, right?"

Retired players have also taken to helping current ones make good financial decisions. Former football player Jack Brewer started a company to help professional athletes complete their education and invest wisely. Rod Smith advised teammates when he was a player and continues to do so in retirement.An entire NFL Personal Finance Camp was created by former player Patrick Kerney in 2015 for players and their families.

There are now many more resources for NFL players to keep their finances stable and safe once they are out of the league. I can only hope that more and more take advantage of the resources they have and keep on the path of financial success.