One of the mandatory classes all NFL rookies must attend deals with money management. A large majority of the incoming NFL rookies are 21-22 years old and suddenly have more money in their bank account than most people see in a lifetime. It’s easy for a young kid to run out and drop a couple grand on clothes or a sick ride. So the NFL tries to warn them to be smart with their money.
Naturally, most ignore the advice, and three years later they’re out of the league and flat broke.
ESPN NFL analyst Matt Bowen played seven seasons as a defensive back in the NFL. He’s seen more than a few players waste money and go broke almost overnight. Bowen recently posted an article on the .com about some of the stupider purchases he’s seen and heard about over the years.
Besides the usual suspects of expensive houses, cars and jewelry, here are a few of the absolutely ridiculous purchases…
Cars & Accessories
“A financial planner told me one player came in and wanted to buy three Escalades — one each for his mom, his girlfriend and himself. Another player started buying cars — and RVs — for the family. Those aren’t cheap, either. And all these expensive rides (or Winnebagos) lose value the minute you drive them off the lot. So does painting a Mercedes G Wagon with green chameleon paint. (True story.) That’s a tough trade-in there.”
“New rims are one thing, but you’ll also see guys trick out rides with a bunch of electronics. One player had TVs installed in the headrest of the third-row seats on his SUV. Why? Well, he thought it would be cool if the people behind him could also watch the movie at a red light. OK. Another guy had a fish tank installed in his van. Yeah, I don’t know. Louis Vuitton interior in the car? That’s another. Start tricking those rides out and the money is going to add up.”
Luggage
Seventh-round picks and undrafted free agents showing up at the airport for road trips with designer luggage. Real or fake, it’s a brutal investment for guys making the rookie minimum
Pet Tigers
“You can’t have tigers, the same ones you see at the zoo, hanging out in the backyard. Those things can eat people. But one player I know of bought a tiger cub and let it walk around the patio. These suburban neighborhoods that surround pro football facilities aren’t ready for tigers to get out and stroll down the street. Animal control felt the same way when it took that tiger away.”
Rifle Insurance
“An agent told me he once wired $15,000 to pay for insurance on an AR-15 rifle for one his clients. Yes, $15K!”
Here’s the rest of the list in case you want to shake your head even harder.
[via ESPN]