Football is a multi-billion dollar industry in the US, because of how easily it took young boys of the street to instant success as an athlete. The daily growth of football lovers in the US and other places around the world can’t be overemphasized.
Huge paychecks, lucrative endorsement deals and continued growth of fan base on social media is one aspect of the game retirees from the sport have come to miss. For the NFL jets, which have retired many players over the years, it’s sad to find some of them broke after a couple of years.
According to a study, 19% of NFL players go broke after five years in retirement. What could be contributing to the high percentages currently being experienced in the sport?
Quite some people have blamed the athlete mostly for their spending habit that is why they go broke. But there is an underlying theory most people have failed to mention. Banks that borrow them money basing their decision on the huge fat check collected by 18-30 years old athletes.
Debt is a perfect financial instrument, if adequately utilized can yield a tremendous amount of profit before it is paid back. However, such a scenario can’t play out in the hands of a teenager or a 25 year old with no financial literacy, and that is where the problem lies.
A player trying to get into the NFL jets might not be looking at such a problem, because they are focused on the fat pay cheque that will be arriving at the end of the day. Studies have found such a move to be detrimental to the player and also to the NFL community.
People are starting to grow tired of the news that another NFL star who retired recently have filed for bankruptcy.
NFL on their own and the Jets in particular, have collaborated with a few institutions and organization to educate these boys about the importance of financial discipline. Financial terms are spelled out to them in such courses, and they are asked to read balance sheets and draw up a financial plan.
Some of these kids have never had to worry about money problems their entire lives, watching them trying to better themselves in order not to end up like past NFL stars is an improvement.
Soon they will be taught how investment works, the different types of investments we have and how they can properly channel their huge paycheck in starting a business or picking great investments deals.
In other words, before you plan on joining the NFL jets or any football team in the US, make sure you are: Financially literate.
Financial literacy comes with knowing what is an asset and a liability and tailoring your money towards any worthwhile venture. It can also be seen as understanding financial terms and what each of them implies as soon as they are heard. You can learn more about immediate money for it .
Every organization has a budget, why not an NFL star? Budgets help you plan for short and long-term goals. It makes you reach your goals faster by eliminating impulsive spending. Under a budget, what is not budgeted for, is not spent on randomly.
Darshan Shah is a young serial entrepreneur, digital marketer and blogger. He’s founder of TheWebReach.com <http://thewebreach.com/> and providing. Digital Marketing services like SEO, Guest Blogging and many more. He’s enthusiastic about creating blogs and writes creative content for the readers. He loves to help people to grow their business worldwide through his digital marketing knowledge.