{"id":20875,"date":"2017-05-19T08:30:10","date_gmt":"2017-05-19T12:30:10","guid":{"rendered":"https:\/\/lastwordonprofootball.com\/?p=20875"},"modified":"2021-03-13T11:20:42","modified_gmt":"2021-03-13T16:20:42","slug":"planning-post-football-careers","status":"publish","type":"post","link":"https:\/\/lastwordonsports.com\/nfl\/2017\/05\/19\/planning-post-football-careers\/","title":{"rendered":"Life After the NFL: Planning Post-Football Careers"},"content":{"rendered":"

Did you watch the draft? 9.2 million of us did, at least the first round. And as soon as it was over came the pictures of the rookies\u2019 first purchases \u2013 cars, homes and so on. Rookie seasons are full of firsts, and they should be full of joy. Some of these \u201ckids\u201d come from homes where they (and their families) haven\u2019t had much of anything. It\u2019s obvious they\u2019d want to buy some nice things when there\u2019s finally money beyond the next meal. You\u2019d be happy, too, if you\u2019d worked so hard towards one thing, and now you\u2019ve reached that goal. Not to mar their joy \u2013 they\u2019ve deserved a day of \u201cfrivolous\u201d spending \u2013 but here\u2019s something they should know: according to Forbes<\/a>, 80% of NFL players are broke three years after retirement.\u00a0So how can rookies go about\u00a0planning post-football careers?<\/p>\n

Life After the NFL: Planning Post-Football Careers<\/strong><\/h2>\n

The\u00a0Not So Great Side of Retirement<\/h3>\n

Can anyone really prepare for retirement becoming reality too soon, and unexpectedly? Nobody expects<\/em> to be the next Sterling Sharpe<\/a><\/strong>, Johnny Jolly<\/a><\/strong>, Terrence Murphy<\/a><\/strong>, Nick Collins<\/a><\/strong> or Jermichael Finley<\/a><\/strong>. None of them retired by choice, but rather, unexpectedly and as a result of an injury. Add to this that transitioning from football, even to \u201cchosen retirement,” isn\u2019t necessarily an easy thing. We\u2019ve all seen the horrific suicide rates among retired athletes. Although Green Bay has been largely spared, the team has not gone entirely unscathed. For example, Craig Newsome<\/a><\/strong> dealt with depression and addiction after retirement, while Chester Marcol<\/a><\/strong>\u2019s addictions began while he was active. Marcol attempted suicide by drinking a mixture of battery acid, rat poison and vodka. Fortunately, the attempt was not successful. Either way, whether it\u2019s addiction, chronic pain, or brain injury (or all of the above), they hamper a player\u2019s ability to have a successful second career.<\/p>\n

The\u00a0Bad News: A Not So Long Career<\/h3>\n

Whether by choice or by accident, suddenly, there you are, without a team. There is no coach, there is no routine. And there is no pay cheque, no signing bonus. For this reason, players have to plan ahead. To some extent, it\u2019s about being aware that careers are finite, and to plan finances accordingly. It\u2019s one thing to be a Julius Peppers<\/a><\/strong> and make $1 million\u00a0or more for 15+ years. Then you can spend like money is going out of style. The average salary, though, is $750,000, and the average career is only four years long. $3 million can stretch a long way if you assume that\u2019s all the money you\u2019re ever going to make. But try telling that to a 23-year-old rookie who wants to buy his mom a car. \u00a0Try telling him to invest in his future, right as he arrives at the goal line.<\/p>\n

Second\u00a0and Third Careers of Retired Packers<\/h3>\n

So what has worked in the past? What have other retired Packers done that\u2019s kept them out of insolvency? The answers are many, and varied. Many continued in sports in some capacity. George Koonce<\/a><\/strong> and Edgar Bennett<\/a><\/strong> found careers within the Packers organization. Mike Prior<\/a> <\/strong>serves as youth football commissioner for the Indianapolis Colts, and Don Beebe<\/a><\/strong> founded House of Speed. As for Sterling Sharpe, well, he might actually be better known for his career as an analyst on the NFL Network than for his Triple Crown NFL career at this point. Jermichael Finlay, along with fellow Packers A.J. Hawk<\/a><\/strong> and Randall Cobb<\/a>,<\/strong> have signed up with D1 (a sports training facility). Ken Ruettgers<\/a><\/strong> built a career counseling and transition program for professional athletes. Then there are a number of players who have become coaches on a variety of levels and in a variety of sports.<\/p>\n

Planning Post-Football Careers<\/h3>\n

But a second career doesn\u2019t have to be in sports. And even if it is, alumni don\u2019t have to put all their eggs in one basket. Case in point, again, George Koonce. In the 1990s, Koonce spent his Packers salary on a 72-unit apartment building. That investment became the foundation of Koonce Properties, a company which rents out apartments, duplexes and single family homes. Then<\/em> he became the Packers\u2019 director of player development,\u00a0followed by taking an\u00a0administration position at Marquette University. While property management might not be everybody\u2019s passion, it is a way to put your salary to work for you. And it\u2019s an example of what players can do with that education they got in college. They were<\/em> drafted out of a college or university, after all. Presumably some of what they learned can be used once their football career is over.<\/p>\n

Available\u00a0Programs and Support Structures<\/h3>\n

The league, private organizations and the NFLPA are aware that there are issues. There are now special life insurance plans, post career medical packages and the like. The NFLPA offers the Former Player Life Improvement Plan. The plan is designed to help former players defray some of the medical costs of joint replacement surgery. Then there are programs rookies can join immediately, well before they retire. These include savings plans where a player can contribute money into a 401(k) plan beginning in their first season. Such programs are designed to prevent players needing to blow through their savings three years after they retire. There are also programs such as the NFL Transition Assistance Program, second career savings plans and tuition assistance plans. Designed to help with education towards that second career, provide general advice, and to build that nest egg, they help steer players towards continued success after retirement.<\/p>\n

The\u00a0Good News: We’re Getting Better at This<\/h3>\n

And so we watch new players jump for joy at being drafted, see the relief on their faces. We watch their parents hug them and beam with pride. Of course we wish them well, and of course we don\u2019t want to rain on their parade. We hope that they won\u2019t become one of those statistics, yet another bankrupt player. Yet another injured, addicted, depressed retired player. Heaven forbid, another Junior Seau<\/a><\/strong>. And it is<\/em> getting better. This year\u2019s rookies are better equipped, better armed, than previous years. They\u2019re better protected both on and off the field now than, let\u2019s say, 20 years ago. Admitting that injuries happen plays a role here. So does identifying other causes of these terrible statistics. Of course there is more work to be done. It\u2019s a start, though, and it\u2019s the retired players themselves who lead the way by being role models to new recruits.<\/p>\n

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