MILWAUKEE, Sept. 4, 2013 /PRNewswire/ — With the start of the 2013 NFL season, we're reminded that there are a few more millionaires in the world. But not every NFL player becomes a millionaire. In fact, the average NFL player isn't the top client choice for most financial institutions, according to leading estate planning attorney Eido Walny, whose national clientele includes retired NFL players and other professional and Olympic athletes. Walny says these average paid athletes are left on their own and increasingly vulnerable to bad advice, bad money decisions, and the potential for financial ruin.
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Most players make modest salaries. They sign unguaranteed, short-term contracts with average career spans of 3.5 years per the NFL (undrafted free agents and players selected in late rounds typically play just two years or never earn roster spots at all). And, they have few investable assets.
Walny says it behooves NFL players to draft their own team of expert financial services advisors – and the roster doesn't include mom, dad, or close members of their self-interested entourage. He advises:
- Don't spend money you don't have. NFL paychecks for most won't last the term of a 30-year mortgage on a multi-million dollar mansion.
- Establish a relationship with a direct contact at a bank. DO NOT become a bank for family and friends.
- Hire a financial advisor. Not a family member, friend or even a sports agent. Hire a real financial advisor who can help put together a financial plan that provides for near term and long term needs.
- Get a good accountant, not the guy who tells you there are ways to avoid taxes or pay pennies on the dollar. A well-respected accountant can help navigate the tax traps that too many athletes fall into. Filing taxes for a pro athlete can be complex. TurboTax won't help here.
- Protect your assets with the help of a credentialed estate planning attorney who can consult with you if you get married, divorced or sued.
- Find a reputable insurance agent who may soften the financial blow when the unexpected happens.
Published reports suggest nearly two-thirds of NFL athletes will go broke within mere years of their retirement from the game. Walny says few agents advise athletes financially, especially after they retire from play. Family members who once stood in line looking for handouts also seem to disappear after retirement. All it takes is one injury to shred an athletic and financial dream.
Walny adds even NFL fans and others could benefit from following the above coaching when developing their financial game plan.
About Eido M. Walny
Eido M. Walny is the founder of Walny Legal Group LLC, an estate planning and asset protection boutique law firm based in suburban Milwaukee, Wisconsin, serving both a local and national clientele. He is one of only 50 attorneys in the United States to hold both of the two sole certifications recognized by the ABA for estate planners, the Accredited Estate Planner (AEP) and the Estate Planning Law Specialist (EPLS). http://www.walnylegal.com