With a pending NFL lockout looming, players have some serious financial decisions to make. Most of what we hear about is the excessive spending of athletes, but not the nuts and bolts of their expenses. True enough, many do make foolish financial decisions - also true is that less of them are multi-millionaires than we think. So for those who have been living extravagantly and those who are keeping their heads on straight – I’ve compiled a few suggestions for waiting out the lockout…
Review Your Expenses. Duh, I know. Create two lists – one of all your current monthly/annual expenses and another with only your necessities. Think about things like household expenses, mortgage, insurances, autos, tuition, medical, professional expenses, etc. Look at your bottom line of both lists– do you have enough in savings to live a season with no pay and also prepare financially for the days when there’s no more football? Cut, cut, cut!
Family Meeting. Have a ‘real talk’ session with your family – let everyone know we're scaling back. No new cars, no expensive trips… teach everyone the word ‘staycation’. Skip the shopping and major purchases. Truth be told, everyone probably has everything they need in the way of clothes, cars, etc. Enjoy what you already have for a while without buying new.
Side Gigs. Brush up on your speaking skills – event planners for universities, conferences, etc. would be glad to have an NFL athlete or his wife, give an inspiring message.…you got it - everyone needs a side gig! What are some other ways you can maximize your celebrity? If you have already started a business – what can be done to accelerate increased revenues this year?
Casanova? Chill on the ladies – wining and dining adds up – so do paternity lawsuits…enough said.
Keep It Real. If you are among the 20% of NFL players who has no savings it’s time for immediate action. Do all of the above in addition to downsizing your home, selling what you can in the way of cars, artwork, stocks, etc. I know this is a tough call, but it’s necessary to right-size your finances.
Entourage... Athletes and entertainers are always criticized about their ‘crew’. Those on the outside looking in don’t know what some of these people may mean to you. While I will admit there are many who aren’t around for the right reasons, I also know that you can’t make a general statement across the board. So, my advice on the entourage is to truthfully evaluate those in your circle - going everywhere you go, while you foot the bill. Outside of security, who is really necessary? If they must hang with you, why can’t they pay their own bill? I’d even say they could treat you once in awhile. I’m just sayin’. Do the math – how much do you spend on those around you that are not immediate family? They may need a ‘real talk’ conversation too.
Ryan Mundy from the Steelers is a perfect example of the reality of many NFL Players who are responsible financially and aren’t millionaires: http://bit.ly/i7TCP1-Dorethia
Dorethia Conner, MBA: Personal Finance and Business Coach
www.connercoaching.com | dorethia@connercoaching | 800.962.2491| 248.325.8016
______________________________________________________________________
Financial and Business Coaching Available Nationwide!
