There’s Life After the NFL: Just Ask These Guys
In today’s world of instant-gratification media, the trainwreck story will always gain more traction than its positive counterpart. Former Giant Tiki Barber’s post-NFL career saga failed TV career, divorce, marrying his mistress a few days later is much better for ratings than talking about the five Popeye’s restaurants former wide receiver Frank Rice owns. Sure, 78 percent of NFL players are bankrupt, divorced, and/or unemployed after retirement, according to a 2009 Sports Illustrated article. But that remaining 22 percent either anticipated post-NFL life while playing, or made great decisions following their careers.
Vernon Davis Preparing Early
It’s difficult to expect any young man who’s getting paid millions of dollars, and basking in the spotlight of the NFL, to be a financial stalwart immediately. San Francisco 49ers tight end Vernon Davis doesn’t consider himself a financial genius (yet), which is why he confided in Magic Johnson for advice. Davis signed a five-year, $23 million rookie contract in 2006, and got a hefty raise with a $42 million extension in 2010.
David admitted to Forbes that he “wasn’t prepared” for all that came with his newfound riches and doesn’t want to be broke when he retires. The former Maryland Terrapin said too many guys put all their eggs in one basket “where you cannot access [your money] easily if you need it.” He said a $500,000 investment should be spread between several low-risk funds. Low-risk fund options include business ventures and US Money Reserve gold bullion and some in mutual funds.
The All-Pro tight end heeded Johnson’s advice and has already built a diversified portfolio. He currently owns two Jamba Juice franchises and an art studio. He believes all young players should absorb the wisdom of those who have come before them.
Making Profit After The NFL
Not only does this former Patriot and Redskins’ defensive back have a bachelor’s degree from Yale University, but carries a name that almost guaranteed him post-NFL success. Eugene Profit played sparingly in three seasons with New England before tearing his hamstring in his first pre-season game of 1989 as a member of the Redskins. Profit’s peak salary as an NFL player was a “mere” $200,000, according to the Washington Post. But that was more than enough for Profit to establish Profit Investment Management in 1996. The Washington, D.C.-based firm “serves institutional and retail clients investing in U.S. equities.” The firm currently manages 64 accounts totaling $1.93 billion, according to Findthebest.com
Other Former Players Finding Post-NFL Success
Rick Mirer, known more for his Notre Dame career, was in fact a first-round pick of the Seahawks (number two overall) in 1993. Though his NFL career fizzled, he is now the owner of Mirror Wines in Napa Valley. Former Raiders offensive lineman Lincoln Kennedy offers “all-pro protection” as a Farmers Insurance agent based in Phoenix. Fran Tarkenton, who is said to be worth more than $40 million, was a co-host of the 1980s reality show “That’s Incredible” and now owns Atlanta-based Tarkenton Companies.