The 2010 rookie class gets a three-day crash course on life skills. Jack Bechta
Today, 254 rookies will travel to beautiful San Diego for a week at La Costa Resort and Spa. However, there will be no massages, golf or swimming. Instead, there will be classroom lectures on finances, sex education, conduct, and life skills backed by advice backed from former and existing NFL players.
This annual symposium was created in 1997 by the NFL, in coordination with the NFLPA, to help rookies get a handle on the responsibilities and personal challenges that come along with being an NFL player.
I commend the NFL for doing this, and I would even recommend they lengthen and expand the program to more live workshops and a follow-up seminar after the season. I believe players want education and want to be empowered to make good decisions. However, I’m not sure how effective a three-day crash course is for an energetic group of 22- and 23-year-old young men who now have some money and a few weeks of summer left to burn before camp. Regardless, it’s better than nothing, and I have witnessed its positive impact on players.
A few years ago, one of my high-round picks was so scared by the financial horror stories he heard at the symposium that it took him two years to make his first modest mutual fund investment. To this da,y he doesn’t make a move with his cash until he has talked with me, his financial advisor, his accountant and has done his own research.
In one sex education course, players were instructed on how to use a condom with a banana as the stand-in. One of my clients told me he was surprised to hear how many players had never used one and had some problems with the exercise.
Overall, the symposium does a good job of using both scare tactics and education as tools to get through to the players. High profile retired players share their personal experiences with the rookies, which can have a powerful impact. Experts from all fields give practical advice on how to make good decisions, along with explaing the consequences that come with bad ones.
I will have four rookies in attendance, all of whom are excited about the chance to learn from both the vets and the experts. After the conclusion of the symposium, I will get a debriefing from my rookies and let them know I am always available to help them with any decisions. Continuing education for all NFL players is a never-ending process. Each NFL team employs a player development executive who is responsible for guiding vets and rookies alike through the challenges of everyday life as an NFL player.
Pro athletes have to grow up fast if they want to manage their business, social and family affairs successfully. Unfortunately, the job of a pro athlete can also extend adolescence if a player decides to let everyone handle everything for them. By Thursday of this week, 254 pro athletes will be better prepared to face the world.
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Another great article Jack! I believe the Directors of Player Development have their work cut out for them with the during-season issues and challenges that arise even WITH the pre training camp primer.
It's ludicrous that the NFL is responsible for teaching common sense.
It seems to me there are three separate although related issues. Money, sex and violence.
The money issue is difficult because these days, even well respected financial managers are having trouble. Ther are no simple answers, as in "investing ood quality stocks and hold them." Even the formerly sound real estate has serious perils. Ask Mark Brunnell.
The sex issue is complicated by a serious disconnect between the culture of middle america and the culture a lot of these guys come from. Ultimately, a player has to realize that his career is somewhat dependent on not offending fans, owners and coaches. Good luck with that though.
The violence issue is in many ways the easiest. Stay away from friggin' strip clubs. Don't own guns or hang with guys who pack. Go to clubs only with a driver/security.
Good to hear that the NFL does things like this. But I'm wondering how they (or teams or agents) measure success: what's an acceptable failure rate? If an experimenter took 254 random young men, gave them a high income and fame for several years and then turned the taps off very abruptly, what would be the crash and burn rate (1) during the period while they were famous and high-earning and; (2) after the money and fame have gone?**
Presumably there would be some attrition in any group of young men with disposable income and TV cameras in their faces; is the aim to minimise this, to get it down to an acceptable level (if so, what would that be) or just to be seen to be better than other pro sports leagues..?
**My guess is that the NFL/teams/etc have incentives to care about (1) but not (2); hence the very high failure rate post-football.
good post!!Thanks for your suggestion!!!!!!!!!!!!!!!!!!!!
The NFL should not be teaching common sense although I feel it is critical for these young rookies to learn about managing their finances. Unfortunately most just pay big chunks to financial advisors who only want a huge chunk of the pie.
I think these guys should try a different approach and use a retired millionaire business mentor, like myself who doesnt make any money unless they do with no upfront fees. Diversification and minimal debt is our key to retiring wealthy and set for life.
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Jun 28, 2010
05:38 PM
Better prepared to be one of the 75% who is broke 5 years after they retire ? I love that stat you mention. Not surprising but informative. Actually the players should bring there crew with them and then the the symposium could be about how to
" cut the strings with the money sucking klingons who refuse to work and want to spend your dough "
or how about
" take my crew so I can party without getting arrested" workshop.
Lets see some others make there own workshop titles ?????