The New Mother of the NFL NHL Rookie
Allow me to be the youngest surrogate mother to all these NFL NHL rookies that were drafted by giving a little advice so they can keep their money and be humble and focused on one honey. The draft has given monetary promises and endorsement hopes to many players from the college ranks. For many of these young athletes, this is the most money any of them have ever seen. In fact, it is probably more than family generations have earned. I posted this on my blog and tweeted to every signed rookie who was either drafted or undrafted - the ones who will now see their dreams come to fruition in the top professional league of their favorite sport.
From the bottom as a scrambling college athlete, you have arrived but there is business you must take care of to stay here.
1). The Hangers Ons. There are friends and family from little league to college who believe they should benefit and reap the rewards. New level, new devil. I am not saying get all new friends or replace family but definitely evaluate those who could be risks to your success both on and off the field. Illegal gun carrying, non-medicinal marijuana-using, womanizing associates should definitely be eliminated before training camp starts. Well if you have no one to hang out with after this elimination, it is a great time for self-reflection and intense strength and speed training.
2). The Percentage Takers. Between the agent,the business manager, the publicist, and the investment brokers, the percentages will add up. Some of these individuals will claim to protect your interest and make investments on your behalf that may or may not be beneficial. Protect your assets and invest properly with a reputable financial planner. Hire lawyers that don't know these people to watch what they are doing.
3). Toys of Joy. I would never tell you to not ride in style nor live in custom-built homes in plush neighborhoods. If you are making the league minimum, obtaining a Bugatti is not the best choice. Make sure your spending and monthly expenses do not exceed 30-35 percent of guaranteed salary. In other words, don't spend beyond your wage. If you get endorsements, bank that for hard times or retirement because one career-ending injury is all it takes and you will wish that money was available.
4). Lover Hover. My office landlord told me once "If you have the money, you'll attract like honey". Well I will not say what you will attract but definitely protect your ass-ets. Set a new example for athletes - husband first and then fatherhood. Baby momma drama is REAL, especially if they still want you and can't have you. Ask your elder pro-athlete brethren about that. Lovers will hover and you will have plenty of choices. Discernment!
I can go through all the adages - more money, more problems...to whom much is given, much is required. But none matter most than using commonsense. While I want you to stay in the league at least 10 years but realistically speaking, that won't happen for everyone. So prepare to succeed and get your business in order for longevity. After all, it's harder to return to the bottom and get back here.
Leadership Clues are waiting for you to read them in my latest book, Get A Clue - 10 Steps to an Executive IQ. Order on Amazon today!