NFL players told to save for possible lockout......

[Tom [Giants fan]]

NFL | Players told to save for possible lockout

Wed, 15 Jul 2009 19:19:20 -0700

Mark Maske, of The Washington Post, reports the NFL Players Association has advised players to save at least 25 percent of their salaries in each of the next two seasons to protect against the possibility of a lockout by owners in 2011. The union calls the program "25/25" and announced it on their website Tuesday, July 14. The director of the union's financial programs and advisor administration, Dana Hammonds, said, "It's essential that players are financially prepared to withstand the loss of income due to a lockout. A financially sound membership represents a strong bargaining group."

[Warhead36]

$5 says Ocho Cinco goes bankrupt if theres a lockout

[Redskins:Victory_or_Death]

You'd think saving 25% if their salary would be a good idea, lockout or not.

[bubba9497]

OMG they might have to trade their Escalades in for a Tahoe....

[pvkeeper19]

All this lockout talk is going to make me puke.

I don't know what I would do without a football season. I have a hard enough time between February and August as it is.

And yes, it is a good (and self-evident) idea, but I applaud the NFLPA for taking the responsibility, in advance, to help players who wouldn't have the foresight to save money on their own.

[HighOnHendrix]

This seems like sabre rattling to me.

[Vicious]

How much do these football players save in the first place? They have a very small window where they make money, are you telling me they don't save something along the lines of 70%?

[TD_washingtonredskins]

$5 says Ocho Cinco goes bankrupt if theres a lockout

Maybe he should be the one to propose that bet...you know, as a hedge.

[mdboost]

You'd think saving 25% if their salary would be a good idea, lockout or not.

I know, really

[Big Blue Joe]

How much do these football players save in the first place? They have a very small window where they make money, are you telling me they don't save something along the lines of 70%?

I think I read an article recently that said something along the lines 78% of players are broke within two years of leaving the NFL.

EDIT: Here it is: Link.

At the bottom of the page

[Dan T.]

I remember reading back when Doug Williams was with the Redskins that he counseled the younger guys to live on $75 K a year, and pack away the rest. Seventy five thou was upper middle class income back then; it allowed them to live decently while saving for when the gravy train ended.

[Vilandil Tasardur]

I think I read an article recently that said something along the lines 78% of players are broke within two years of leaving the NFL.

EDIT: Here it is: Link.

At the bottom of the page

This is scary, but remember that for every Tom Brady there are 25 Anthony Mixs, Nemos, or Casey Bramlets. I think I read somewhere that the average NFL career was less than 3 years and that less than (it was either 70 or 80) percent of players made it to year 4.

I'd be very interested in finding out the percent of players who never earn a million dollars. At 100,000 a year (which is considerably nice) that's still only ten years before their broke unless they put their college degrees to use. And we all know that young kids don't think "I need to make this million last 10 years" they think "I've got a million dollars!"

Plus, no one ever expects to get cut. They all think "If I work hard enough, no matter how little talent I have, I can strive to at least be James Thrash or Carthwright, and if I have even a little talent I can be something great." Kids don't go into the NFL thinking "I'll probably get cut next week." Or at least the ones that do, probably are, since that sure ain't a winning attitude.

[Muzzah]

Most of them are fresh out of college, where they weren't well off before college. So they have all this money and go spend it on nice things that don't give them any return. The smart ones invest in restaurants and other businesses that give them an income outside of football rather than spending it all on getting 20 cars with top dollar custom sound systems and frivolous gold plated spinners that have ivory brake pads. (I may have exagerrated a little, but you get the point).

It's too bad the NFL doesn't have long-term money management as part of the rookie symposium.

[Dan T.]

It's too bad the NFL doesn't have long-term money management as part of the rookie symposium.

Actually I'm pretty sure they do. Financial management is part of the program...

[88Comrade2000]

The owners want a lockout and I think we will get a lockout.