Inside the NY Giants money boot camp: PatrickKerney discusses how to tackle some wild spending habits. investinyou (In partnership with acorns.)
The issue for players is that their NFL careers and peak earnings years are relatively short. So, if they don't make the right money moves, they could still end up destitute., 15.7% of NFL players filed for bankruptcy within 12 years of retirement. The researchers looked at data on all players drafted from 1996 to 2003.Former Giants wide receiver David Tyree understands how it can happen. During his early years, he made several mistakes — financial and otherwise.
If that is happening, they have a spending problem, Kerney pointed out. That means it's time to scale back.Kerney advises avoiding big, unnecessary purchases. Instead, he said people should invest that money and watch it grow. NY Giants rookies, including quarterback Daniel Jones, look on as former NFL player and financial expert Patrick Kerney teaches a class on money and investing.One of his favorite examples is the expensive watch, the cost of which, if invested instead, could multiply many times over.
So many guys come into this with sort of the dumb-jock complex, without realizing that everyone else their age also has no knowledge of what to do from a fiscal standpoint or an investment standpoint.Instead, access the advisor's credibility and look at his or her track record — what the returns have been over the years."But when we hire a financial advisor, we are the employer and often made to think like an employee and are afraid to ask probing questions.
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