October 1, 2014

Sports Business

The Money and the Game

Pros in different sports have different mentalities when it comes to saving, spending and investing, their financial advisers say.

Mike Vogel | 5/1/2011

» NBA players tend to spend up to their paychecks. They and their NFL counterparts are more likely to have an entourage than baseball or hockey players.

» Football players have low pay early in their careers, and although their careers tend to be short, they have high expectations. Couple those facts with the lack of guaranteed contracts, and the footballers tend toward poor decisions and less saving. Most NFL players' careers are over by the time their NBA and baseball counterparts are settling down to big money and mature saving and investing discipline. NFL players also represent less profit for advisers compared to the work involved.

» With guaranteed contracts, baseball and basketball players make for easier planning.


Rudy Molnar
» Compared to most athletes, golfers have extraordinary long careers and usually have middle-class or upper-class upbringing. Figure in those factors and the lag between going pro and making it big, and golfers make excellent savers, investors and clients.

» Athletes from all sports have some things in common. The best predictors of how they'll handle money are whether they were raised by both parents and had parents who worked. How soon they link up with a reputable adviser whom they will listen to also matters. Another thing they have in common: Short attention spans — like doctors, says Orlando financial adviser Rudy Molnar with Ameriprise in Orlando.

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

How to Do Florida State Parks
How to Do Florida State Parks

From traditional outings to modern, high-tech adventures, there's something for everyone at Florida's State Parks.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Comic-book and gaming stores are expanding across Florida. The state's major comic & video game themed conventions continue to generate increased interest and revenue. What's your level of participation in the world of comics & gaming?

  • All in! I love gaming and/or comics! We're in a new Golden Age of entertainment!
  • I manage the occasional game or graphic novel, from time to time...
  • Does Candy Crush count?
  • Are you kidding? I don't have time for any of that stuff...

See Results

Ballot Box
Subscribe