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Five Mistakes Most Rookies Will Make.........................
5 Mistakes Most Rookies Will Make
I have witnessed major mistakes most players, especially rookies, make in their first few years in the NFL. Jack Bechta
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Print This June 06, 2012, 04:00 PM EST
1. Drinking then driving: One of the first things most rookies do, even before signing his first contract, is buy his dream car. Once he buys it, he wants to drive it everywhere, he doesn’t want to part with it and definitely doesn’t want anyone else to drive it. And he certainly doesn’t want to leave it parked overnight outside the club, bar or restaurant he just left after having a few drinks. So what does he do? He drives it anyway while most likely over the legal limit for alcohol consumption. Most studies show a driver stopped for a suspected DUI gets behind the wheel 87 times prior to his arrest. However, lets not forget he’s about 22 years old and many of his peers are doing the same thing. I know I did at that age!
With so much to lose and being warned by everyone, why do they still do it? Here’s why: Don’t want to part with the car. Riding a wave of an invincibility complex. Enablers are all around, including police officers who let many pros off when caught so they are encouraged to do it again. The thought of taking a cab is a new concept. Their friends who are usually with them are drinking even more and won’t volunteer to be the designated driver.
My clients have had their share of DUI’s. One client was downtown in a big city and tried for an hour a half to get a hotel room but they were all sold out. After trying and drinking water for about 3 hours he thought it was okay to drive. He went one block and got popped registering a .11, just barely over the legal limit.
Many NFL teams offer a “don’t ask, don’t tell car service” but many players don’t trust it.
Former NFL CB Al Harris has always stayed 'ripped' by making his body and nutrition a priority.
Solution: Simple, have your friends or teammate rotate as the designated driver (btw guys, everybody loves the DD). Hire a car service and take cabs. It’s a lot more fun and a lot less expensive than a DUI.
2. Buying a house too soon: In 25 years as an agent I haven’t seen a lot of players make money on residential real estate. However, if a young man is constantly told that he is throwing his money away on rent and buying a house is a huge tax advantage, he will eventually do it. The problem is that most players buy too soon, too big and without thinking of resale first. Secondly, they load it up with all the extras that they will never recoup in resale. While some markets are ripe for purchasing, others make more sense to rent unless you are starting a family, have a long term guaranteed contract and you want to stay there year round.
I tell my clients to rent for a year or two, get to know the local communities first before buying and whatever you buy, plan on selling it in 5 years or less.
Solution: Be patient, be opportunistic and treat your purchase as an investment as well as a home, don’t get too leveraged in case your career ends abruptly, and buy from another player who has to sell, I’m sure you will get a great deal
3. Will not set and adhere to a strict budget: I truly believe that setting a realistic hard ceiling budget is the best way for players to save money and live below their means. Many financial consultants try to do this with their clients but it seems that something always comes up and the budget is consistently exceeded. Once the spending dam breaks its hard to stop.
Solution: Obviously, set a budget and stick to it. A player should limit his own access to all his accounts and keep it limited to an account that resets each month to the fixed budgeted amount. Use a debit card (never credit) against the same account and have his monthly living expenses come from that account as well. I encourage players to pay their own bills. Using a bill paying service is convenient but when doing so players lose track of what they are spending, so they keep spending.
4. Will eat too much bad/fast food: Convenience will rule the day when it comes to eating properly. Teams like the Jets provide several meals a day for players with many healthy options. However, for those teams that don’t provide meals a fast food restaurant will provide 75% of all players’ meals. Poor eating leads to poor recovery and low energy. Big guys get bigger and the others get tired. I can’t tell you how many times my clients have called me while at the drive through window.
Many guys don’t know how to cook and when they are hungry they want to eat NOW. Personal chefs are very expensive so guys have a hard time justifying the cost. I have found that many nutritionists are over the top and don’t offer realistic menus.
Former Packers cornerback Al Harris hired one of his best friends to live with him during the season and prepare all his meals with great care. Al was/is obsessed with his nutrition and had all his meals strategically planned around his workouts, practices and games so he would always peak when he needed to. He swears it helped make the difference in obtaining a 14 year career and always held his body fat under 4%.
Solution: Most local restaurants will cook meals to order, especially for an NFL player. You just have to ask. There are food services such as Fitzee Foods who specializes in preparing and shipping meals for athletes. Stock the fridge once a week. Take cooking lessons (Women dig a man who can cook).
5. Won’t do enough to manage their body: A conundrum for most rookies is that they are told (usually in an informal manner) to stay out of the training room, however, they are probably pretty beat up and don’t know what to do about it. Head coaches hate seeing guys in the training room. Young players also have pride in being stoic, and wearing their injuries as a badge of honor. In addition, after a long day at practice, especially during camp and on Wednesday and Thursday during the season, they are tired and just want to eat and go home. So the typical routine is to get out of the facility as soon as they can, eat and get home to their favorite chair and watch TV. This is when even more stiffness and lactic acids build up in the body.
I had one rookie recently, who was playing a lot, battling stingers he received on special teams during the game. He would tell me about it but would not tell the trainers or coaches because he feared getting released if he did. He would load up on painkillers and anti-inflammtories to get through the week. I eventually arranged for him to get treatment away from the team.
Solution: Hit the cold plunge everyday, it will do wonders for recovery. Spend some extra time stretching after practice. Some vets will pay some trainers under the table to help them. Buddy up with another rookie as a stretching/recovery partner and get a consistent routine before and after practice. Spend the money on ART, massage therapy and perhaps even an acupuncturist. LaDainian Tomlinson would even travel with his own body specialist when he was fighting injuries. Take yoga! It’s all tax deductible.
I truly believe that if rookies start their careers out doing all the right things it will take away a lot of mental stress, add to their performance on the field, and buy them years on the back end of their careers.
Follow me on Twitter: @Jackbechta
I'm getting to that age where a lifetime warranty just doesn't mean as much to me anymore as an afternoon nap.
Honey Badger Don't Care. Honey Badger Don't Give a Shit.
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Not strictly football related in the typical sense but good info and interesting anyway.
Number one seems to pop up every year. It's either that or being caught with weed during a routine traffic stop. With the money these guys make they should be able to pay a designated driver to go with them. In Denver we've got a couple of companies that will send two guys out to pick you up. One of them drives your car to your place so you don't have to retrieve it the next day. It's not much more expensive than a cab ride and a hell of a lot more efficient.
Number two seems to be a big issue too. Of course in the past few years residential properties have taken a real beating valuation wise. But even in a normal market Bechta advice is good. Unless you believe your gonna live there 5 years or more buying a house is probably not the best idea especially if you expect to get your money back out of it. In addition to the risk of property values falling some low interest rate loans often have significant pre-payment penalties during the first five years. There are ways to deduct rent if you can justify using some of the property for legitimate business purposes.
Number three is probably THE most difficult thing to convince those guys to do. Heck it's difficult to convince the average person to do it let alone guys who make a million dollars or more per year. First of all they have no concept of what their net income is. That spendable portion after taxes and other associated costs. Then far too much of that goes to bling, a new chariot or two, and some heavy duty partying with friends who expect the player to pick up the tab. They spend like the money tree will always bear fruit and don't plan for that time when they won't be making a million dollars or more per year.
Four and Five obviously go hand in hand as far as prolonging their careers are concerned. A lot of NFL players eat themselves out of a job by not maintaining the football machine that makes them their living. I remember on Bears lineman very recently who should have had a very good NFL career but every year he showed up for camp over weight an out of shape and it finished him. You can't compete at a high level today unless you stay in top shape.
I'm getting to that age where a lifetime warranty just doesn't mean as much to me anymore as an afternoon nap.
Honey Badger Don't Care. Honey Badger Don't Give a Shit.
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This could be said about most people. I was reading an article about how the wealthy get there. One was to not go after status symbols. They tend to live below there means; and well below it. The other was they put a lot of money into learning how to make more of it, they goto seminars, they hire investment advisors and they get a strict budget and adhere to it.
I saw an episode of people that won the lottery, one guy was letting his dumb as son spend his money on stupid shit to open a collectible store...he was buying shoes, swords, games etc etc...and until he rented a store he was paying a motel weekly to store it. Completely wasting cash. They took a class for high dining expecting to go to the finest eateries the rest of their lives. The other took his winnings, split it w/his wife. He took the lump sum, she took the monthy payout. They paid off all their debts, and bout a few cars w/the lump sum, then put the rest into investments. They live off the monthy payout, and only part of that. Their purchasing real estate as investment properties, but only at the right price and only what they can buy off.
Pefect example of being rich and being wealthy. Wealthy build money and live off the earnings of that money, rich spend their money making it impossible for the money to work for them.
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Summary: Believe they are financially and physically invincible.
Going from a part-time job to get extra party-cash at college to a multi-million $$$ contract can have that effect on you.
So... I'll revise this list to read SIX mistakes make, and I'll make #1: "Fail to IMMEDIATELY hire a financial adviser they can trust and whose advice they will not only listen to, but follow. And you've got a college degree, get your ass in the financial weeds EVERY 2 or 3 months to see where your finances are at. An agent/coach/teammate/friend/family member is NOT a financial adviser".
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I've never understood why each team doesn't have a financial advisor on their books to help these guys manager their money via the team so they know they can trust them. Seems like one of these massive Financial companies would have someone that could dedicate themselves to 52 guys per team and it'd be a boon for them as it's easy customers.
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Originally Posted by
loki520
Summary: Believe they are financially and physically invincible.
Going from a part-time job to get extra party-cash at college to a multi-million $$$ contract can have that effect on you.
So... I'll revise this list to read SIX mistakes make, and I'll make #1: "Fail to IMMEDIATELY hire a financial adviser they can trust and whose advice they will not only listen to, but follow. And you've got a college degree, get your ass in the financial weeds EVERY 2 or 3 months to see where your finances are at. An agent/coach/teammate/friend/family member is NOT a financial adviser".
Want to take over as my marketing associate?
I'm getting to that age where a lifetime warranty just doesn't mean as much to me anymore as an afternoon nap.
Honey Badger Don't Care. Honey Badger Don't Give a Shit.
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Originally Posted by
Riczaj01
I've never understood why each team doesn't have a financial advisor on their books to help these guys manager their money via the team so they know they can trust them. Seems like one of these massive Financial companies would have someone that could dedicate themselves to 52 guys per team and it'd be a boon for them as it's easy customers.
It pretty much has to be an individuals decision. Just like any other professional a financial advisor needs to be someone you trust and, as Loki pointed, someone whose advice you'll follow. Not everyone is gonna like my style of doing things or that of any other financial advisor. It's a very personal decision.
Since the tend to mistrust owners anyway I don't know that players would trust a team sponsored guy. The best thing they can do is get some recommendations from other players or individuals and interview several advisors until they find a guy whose style they like and who they can trust.
The league can recommend that they find someone but really not who that someone should be. Most financial advisors could not legally or ethically work for the team anyway.
Edit: And by the way what you said about the difference between being rich and being wealthy is spot on. Wealth is acquired over a lifetime of making good decision and letting money work for you. Wealth is passed on if at all possible along with the wisdom of how to acquire it.
The rich tend to spend an inordinate amount of money on depreciating assets that lend to status and appearance. The wealthy do not. They use their wealth to acquire more wealth. There is a difference in the mindsets of these two types and you pretty much spelled it out.
Last edited by soulman; 06-11-2012 at 05:22 PM.
I'm getting to that age where a lifetime warranty just doesn't mean as much to me anymore as an afternoon nap.
Honey Badger Don't Care. Honey Badger Don't Give a Shit.
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Very cool article. Also very cool that the Jets provide several meals a day for players. Man if I was a Jet, I'd be eating at headquarters all day long. Save a bundle on food too.
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Originally Posted by
soulman
It pretty much has to be an individuals decision. Just like any other professional a financial advisor needs to be someone you trust and, as Loki pointed, someone whose advice you'll follow. Not everyone is gonna like my style of doing things or that of any other financial advisor. It's a very personal decision.
Since the tend to mistrust owners anyway I don't know that players would trust a team sponsored guy. The best thing they can do is get some recommendations from other players or individuals and interview several advisors until they find a guy whose style they like and who they can trust.
The league can recommend that they find someone but really not who that someone should be. Most financial advisors could not legally or ethically work for the team anyway.
Edit: And by the way what you said about the difference between being rich and being wealthy is spot on. Wealth is acquired over a lifetime of making good decision and letting money work for you. Wealth is passed on if at all possible along with the wisdom of how to acquire it.
The rich tend to spend an inordinate amount of money on depreciating assets that lend to status and appearance. The wealthy do not. They use their wealth to acquire more wealth. There is a difference in the mindsets of these two types and you pretty much spelled it out.
I've read a lot on the subject b/c of political interests, then actually worked for a mutual fund company for awhile, so above the basic training they encouraged reading up on finances a lot. I also got to see first hand how little it really takes to start to make money start working for you. It was just to late for me to really take advantage. My late teens and early 20's would have been completely different in how I spent money and used credit. Now i'm too busy paying it all off while trying to raise two kids and trying to convince my wife of the lessons I've learned. I'm hardly an expert, but I know enough to get the money into investments; it's just a matter of if i'm picking the right ones ;p. 401K i'm good, stocks for my kids college fund i'm struggling; but I kind of expected that w/the way the economy is and how aggressive I was. It's just a matter of waiting it out now and hoping it fixes itself in time to make the money back.
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Time solves a lot of problems brother. As you know it's one of the foundations of investment planning. The market runs in cycles and after almost 20 years of unprecedented gains you had to figure that would be followed by a period of under performance. The long term averages don't vary that much over most 20 years periods of time and barely at all over 40 years periods.
Now if the Mayan's were correct none of this will make any difference anyway but just in case hold your course. It'll turn around eventually. It always has.
I'm getting to that age where a lifetime warranty just doesn't mean as much to me anymore as an afternoon nap.
Honey Badger Don't Care. Honey Badger Don't Give a Shit.