Here is the link.
Facts:
78% of NFL players end up broke or under financial stress after they retire.
Here are some of the ways people sabotage their finances.
They enable instead of help
Uncles ask for money, aunts, grandmothers, friends, all of the sudden they think it's a free-for-all.
Players should learn to say no, both out of self-preservation and because unearned money breeds dependency.
Be wary of giving money to people who chronically overspend or who aren't taking steps to support themselves. You may want to help, but you could be making things worse.
They trust the wrong people
Too often, people turn over the keys of their financial lives to others and stop paying attention.
The player should have learned about finances even though he was busy setting NFL records...
Trust advisors to manage my financial portfolio without keeping a close eye on it.
They spend too much
The money disappeared faster than expected.
Careers may be shortened by injuries or getting cut from a team.
The takeaway: None of us is guaranteed a long career or ever-climbing paychecks. Living below our means during good times is the best way to survive when times are bad. Putting aside money for retirement and emergencies should be top priorities.
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