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Know Your Dough: Football & Financial Literacy

By Brandyn Campbell, Player Engagement Insider

The financial challenges inherent in amassing wealth in a concentrated timeframe are a reality faced by all NFL athletes, regardless of the size of their contracts. Enter the NFL Player Engagement Personal Finance Bootcamp held on April 4 – 7 in Ft. Lauderdale, Florida to provide guidance. Current and former players have gathered to learn from financial experts, provided by event partners TD Ameritrade and the University of Miami, for straight talk and education on managing the rewards and difficulties that NFL wealth bestows.

The economic reality underpinning the glory of the game can be grim for players. In research following 2000 players drafted from 1996-2003, over a span of 12 years, the Wall Street Journal found that 15% declared bankruptcy. Add to that this little-known fact: A majority of NFL players are paid the entirety of their salaries over the 17-week span of the season. Think of the challenges the average worker faces in sustaining themselves in between paychecks. For professional football players, the majority of the year passes without payment.

The good news is that budgetary disaster can be avoided with the right information and tools.

 The struggle of managing large payments within a short timeframe is real. While many of us would like to think we would be up to the challenge, it’s a rare few who find themselves in that position. All players have the majority of their working lives ahead of them at the conclusion of their football careers. Learning to manage money in a way that lasts and maximizes stability for players and their loved ones is more than a notion—it requires education and proactive planning.

In four days filled with sessions on topics ranging from the psychology of money to understanding different asset classes, the NFL Personal Finance Bootcamp will give attendees a heightened sense of control over their long-term financial future. It is one of NFL Player Engagement’s many resources designed to ensure success for players on and off the gridiron. Join us for updates, interviews, and tips throughout the camp, because financial awareness and football should go hand in hand

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