“Evan Vladem and I attended the NFLPA Joint Conference for Registered Player Financial Advisors and Agents in April. The focus was preparing players for a possible work stoppage. All bets are off as to what may happen in 2020 – but players need to prepare now.
In 2011, the NFL terminated player and family medical insurance, contributions were not made to player retirement plans, savings plans, annuity programs, severance plans and many other player benefits. There is no telling what losses players may incur this time around.
Players need to be prepared for a loss of income for 17-34 weeks. What also may be overlooked is the loss of locker room privileges and camaraderie.
The time is now for NFL players and agents to look to NFLPA Registered Player Financial Advisors for help – and we (me and my team) are here. Players should focus on keeping savings accessible, notify family and friends that any help may be put on hold and they should not co-sign loans. Drafting a “Friends & Family Policy Statement” may be a good idea for some players – and we’re happy to help. For now, hold off on starting any new business ventures and making any new major purchases.
Budgeting is key. Cutting debt now should be a priority.
Players, though, do have an opportunity here. That’s time… Time to start building a network in business, especially in industries where players have an interest. Time to prepare. Time to think about life after football.
Let’s turn this into a positive and let’s go to work.”
-Luana Mobley Corral, CFP®, CFS®, CLTC™, BFA™, CDFA™, Associated Financial Consultants and Investor Services, 2699 Stirling Road, Suite A-200, Ft. Lauderdale, FL 33312, [email protected], (954) 302-6321