Michigan Men Manage Money Magnificently
http://phillysportsdaily.com/eagles/2011/02/28/with-lockout-looming-are-nfl-players-prepared/
The company is called the Compass Mangement Group, founded by Ross graduate Dan Sillman.
Brandon Graham and DeSean Jackson are featured in the article, as prime examples of properly managing money. Other clients include Manny Harris and Brandon Minor.
It's a great read, and very relevant, given the impending lockout and general monetary issue that so many pro athletes face. Within 2 years of retirement, 78% (!) of all NFL players are in financial trouble (or worse).
HT: Doc Sat
February 28th, 2011 at 2:25 PM ^
No Andre Rison? Plaxico?
February 28th, 2011 at 2:30 PM ^
Peter Piper Picked a Peck of Pickled Peppers?
Good read, though. Thanks for posting.
February 28th, 2011 at 2:35 PM ^
Rubber baby buggy bumpers.
February 28th, 2011 at 2:37 PM ^
Unleass your name is Rumeal Robinson.
February 28th, 2011 at 2:45 PM ^
"I only give out money I'm not expecting to get back" is some of the best financial advice one can get. A lot of times, it's as simple as that.
February 28th, 2011 at 2:58 PM ^
The NFL needs to try and get its new players to commit to taking an allowance and having their money managed by a cadre of reputable folks at established firms. If nothing else, they can get a solid head start on retirement savings. Save 200K/year for 4 years from 22-26 and you probably wouldn't need to save another dime after compounding.
February 28th, 2011 at 3:10 PM ^
February 28th, 2011 at 3:21 PM ^
Established investment firms have something to lose. Goldman Sachs isn't going to try and con some guy with $10 million dollars. That's chump change to them and not worth the lawsuits or time. The advice may not work, but that happens.
The guys who hose themselves are the ones who create a payroll of friends and trust an "advisor" who happens to have only one client (the player).
February 28th, 2011 at 4:30 PM ^
This is the kind of thing that the PA should be stepping up to the plate and doing. The league does some admirable things for its rookies - the seminars and stuff that they do - but that's only because the PA is dropping the ball. That's what the association should exist to do.
February 28th, 2011 at 3:05 PM ^
It is tragic how pro athletes have so little left in so short a time. I blame the NFL for some of this by not having mandatory sessions explaining the rudiments of finace and investing, not that all of players would listen. Those entourages disappear in an instant once the money and the bling are gone.
Graham is smart and lucky that he is aware of the consequences of not being financially astute.
February 28th, 2011 at 5:50 PM ^
The NFL actually DOES have some mandatory sessions for players. There was a great article in SI(I think?) a while back that covered this exact same subject and explained how various leagues handle financial training.
Why do we try to blame anyone but the person who is foolish with his own money? This is so typical of our society today and it is just sad. The NFL has, for years, held the rookie seminars for players, I remember when David Terrell and Freddie Mitchell went through it in 2001. They started these seminars to help out the rookies, and many rookies did not take these serious. The blame lies with the player. If they don't bother to educate themselves, they are going to get taken advantage of it. Many of them crave the fame and entourages and want to throw their money around to look like a big shot, i.e. Pacman Jones.
February 28th, 2011 at 3:22 PM ^
Damn this kid is doing what a buddy of mine and I discussed while in college. Just never had the connections to make the idea work.
Good for him, and good for the former UofM guys who sign up with him.
Also, Dan, if you're reading this - I'm about to be laid off because I'm selling the company I work for. Hire me please.
February 28th, 2011 at 3:27 PM ^
It is really sad that players who make atleast 300K a year are not financially stable. It is even more sad to hear of those around these players trying to live off them like a parasite.
It is hard to save money. But it should be easier when you are making that amount of money. Brandon Graham is one smart man. I hope more people start thinking like him.
On a side note, I hope BG is paying his mom a good salary to cook for him every day! She deserves it after raising such an impressive young man.
February 28th, 2011 at 4:19 PM ^
Other than being able to suddenly go buy whatever you want, I'd say the biggest factor is longevity. They can't spend at the level of an "average" person with that salary because they (the minimum salary guys) have no idea whether they will have a paycheck the next year. I can understand the problems there; what I can't understand are the Allen Iverson types that apparently misplace tens of millions of dollars.
February 28th, 2011 at 3:27 PM ^
Always avoid annoying alliterations.
February 28th, 2011 at 4:23 PM ^
... except for this guy
February 28th, 2011 at 5:11 PM ^
Aaaaw BG still has his mom cook meals for him!
February 28th, 2011 at 5:35 PM ^
I hear its pretty common in professional sports. Word is Delonte West has Gloria James cook him dinner and breakfast.
February 28th, 2011 at 7:14 PM ^
I thought this was going to be an appeal to donate money.