With all their money, houses, cars and jewels, I never imagined that professional athletes needed financial counseling. I just thought that since they could wallpaper their bathroom with $100 bills, they had it all figured out. It was only folks like me who needed help learning how to budget, plan, save and invest properly. Turns out, not so.
I got word this week that the National Football League Players Association has partnered with Financial Finesse, a financial education provider, to give NFL players financial guidance.
“There’s been a long standing need for this kind of financial education for our members who have unique circumstances that make financial planning particularly difficult,” says NFLPA executive director DeMaurice Smith. “With no guarantees in NFL contracts and the potential for a 2011 lock out, we want to make sure our members are prepared for injury or anything that cripples their career. We’d also like them to transition from football to a lifetime of financial security and independence — something that is possible only with smart financial planning.”
Now, I certainly empathize with NFL players – to a degree. Wealthy or not, financial planning is tough stuff. However, I mention this news only to point out that if it’s difficult for multimillionaires, it’s even tougher for your employees – who on average likely earn about one-sixth of the NFL’s minimum salary of $310,000. Yes, we’re a buy first, save last society, but all the same: It’s hard to manage money when you don’t have much to begin with.
Mull that over for a while, then click here for more EBN coverage on worksite financial education.
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