they should've been more specific. what these guys are talking about is what they did with their signing bonus. most (i'll have to look back were all pretty big name guys coming into the league) their first game check was a lot less. here's a peek of this yrs breakdown annual league minimum (rook) $390,000.00 / by 17wks = each pay period $22,941.18 taxes: fed (33%) $ 7,570.50 social security tax $963.53 medicare tax $332.65 IL state tax (based on 5%) $1,147.06 NFLPA union dues based on 2011 $588.24 ---------------------------------------------------------- total net $12,339.11 factor in agent fees and anything else you can think of and it goes quick. this is the day to day struggle i have trying to get guys to save. for any of us we would be happy making this kind of money. no one feels sorry for a guy blowing this kind of loot. problem comes when there is no name on your back if you havent prepared.
I know 5 active NFL Players and I'm glad to call them friends, one told me that the League will match their money dollar for dollar in the retirement fund the similar to the NBA's retirement fund. The thing is that the money must stay in the fund for a minimum of 12 years for a 1/3 to 1/2 and 20 years for full reimbursement. He told me that was told them in a seminar that High Dollar Players only let that money sit there for 2 years before they withdraw it. And the money is always withdrawn for some get rich quick scheme, Child Support, or bad advice and the money is never put back in. these very players are the ones that wind up broke with no annual revenue coming in. Once when me and my wife was in Vegas at the Roulette Table an ex Pittsburgh Steeler player asked us for a $20 spot. At the time I didn't know who he was I thought he was a bum. The Roulette table dealer told us who he was my wife knew the name and I was miffed. I wasn't given him or anybody Sh#T! A story told to us of a NFL player in a casino was Pac Man Jones in Tunica's Fitzgerald Casino April 2010 playing Roulette said he was really pleasant and funny. He said he was there to see an MMA Match. After a while some people began to recognize him. Some even try to edge him into a fight. One person even took 2 $100 dollar chips from him. He did nothing The Pit-Boss was called then security then the police, he got his chips back and left. We all came to the conclusion if his boys would've been with him they would have torn that casino up. Why the story it's all about choices these players make good and bad.
its matched up to 20k in the 401k plan. only for players with one or more years in. the rooks can contribute but its not matched the first yr. what your guys were talking about was the tug of war for guys who get out and take out the 401k early. you should see the penalties! outragous to say the least. but guys "run out" of money and try to fall back on the 401k. i think what is going on now is that they NFLPA is trying to reduce the age limit for a guy to be able to take his 401k money out and not suffer penalties. the actual retirement plan is geared in a similar way and the same is happening that guys are tying to get at it early (instead of sitting on it) amature please please please tell/yell/fight with your curret NFL buddies to get with their Player Development Director and get started on life after ball. if they have, tell them to do an internship/job shadow NOW while they have time in the off season. i hit our guys like this, "what have you done this off season to get yourself ready for life after ball." i totally agree with you. Choices, Decisions, Consequences
