Do you know what "NFL" stands for?
"Not for long."
True, professional athletes are some of the most well-payed in our society. After all, it is more of an entertainment business than a sport.
The brutal reality of life as a professional football player is that your career is short.
Either way, you can work for the United States Postal Service a lot longer.
So, when you make a lot of money, but only for a very short time, how can you make the most of the financial opportunity for the long haul?
That is the question.
In response, both the NFL and the NFL Players Association have teamed up to build a comprehensive wellness program called "The Trust" to help retired football players better transition into a life without football, both financially and emotionally.
According to a recent article in The Employee Benefit News, titled "NFL aims to keep players financially fit," the program has helped about 1,000 former players each year since 2013 with education, lifestyle, health, and career services.
Under the program, a case manager is assigned to each player enrollee. This case manager then identifies the key issues to address for each player.
Ultimately, The Trust and its service partners formulate a customized "game plan" to tell each player where he is financially, where he should be, and how to get there. A critical component of the program is to forge a community for these retired players where they share their personal stories and mentor others who are in need.
What are the most popular financial topics for these top athletes?
Much like those who watch them play on Sundays.
NFL players are interested in estate planning, setting up college funds for their children, business counseling, and investment strategies. The Trust also offers advice on health, fitness, relationships, mental health, new careers, and going back to school.
Many players who retire from pro football (or have their careers cut short) must deal with mental health issues.
When football has been a big focus of your life since little league it can create a huge vacuum when it the playing days are over. Consequently, former players can feel isolated when they no longer experience the comaraderie of a locker room in the shadow of an uncertain future.
To make matters worse, many players need to learn money management and make some lifestyle adjustments when their big salary comes to a halt.
Today's takeaway: make like an NFL player and get your financial and estate planning house in order and plan a more secure future for you and your loved ones.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Employee Benefit News (November 23, 2015) "NFL aims to keep players financially fit"