Former Redskins Coach Joe Gibbs Teaches NFL Players About Money
Joe Gibbs may not be coaching anymore, but he’s not done teaching and effecting the lives of young athletes. Partnering with Strayer University, Gibbs held financial literacy classes for Redskins players. NPR.com spoke Gibbs about the classes he held this summer :
“The bottom line is it took me 4 1/2 years of our financial life to come back out of that,” Gibbs tells NPR’s Scott Simon. “And the younger people in our society, particularly athletes that get large sums of money, it’s just a little bit of a natural trap.”
That’s right, Joe Gibbs even used his own financial troubles as an example of how million dollar contracts can produce money woes. Former Redskins quarterback Mark Brunell, for example, signed contracts for $52 million during his career. But he wound up filing for bankruptcy because he could no longer pay off a series of bad business loans when a housing investment backfired.
Gibbs continues:
“That was my motivation,” Gibbs says. “I saw a lot of great young men … play for me. One thing about football, you go through a lot of ups and downs and you see a lot of them kind of lay it on the line for the team. You admire them. And you’re wanting that the fact they’re getting a chance to play football [means] they’re going to get a great financial reward for that, and you would hope that that would set them up for life. And yet in many cases, the opposite is true.”
While it is widely perceived or even perpetuated, that the athletes who find themselves in financial trouble, are the stereotypical ‘poor black kids that come from nothing’, it’s not really the case. According to Sports Illustrated, 78% of NFL players are bankrupt two years into retirement. This means that 3 out of the 4 players you watch this NFL season will be bankrupt when they retire. The statistic apparently doesn’t include coaches, who can meet the same fate as well.
Gibbs offered the classes at no cost, just with the hopes to see these players avoid the pitfalls that others have experienced. He hopes the classes will be extended to the entire NFL. I think it shouldn’t stop there, it is something that ALL professional athletes should attend and implement
Erikka is the resident female voice of BSO. You can also check her out here and here.
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78% of NFL players being bankrupt two years into retirement is startling. Just like Biggie said, more money, more problems. I think financial planning and responsibility should be a part of preparation every week during the season. It should not just be about physically preparing for games on Sunday. These guys need as much assistance as possible to help them be more responsible with their money. I heard another stat a while ago where 60% of NBA players go broke 5 years after their careers are over. This is a huge problem in sports and all leagues need to be vigilant in making sure the participants don't lose out on the great fortunes their talents afforded them.