Money is a prime motivation to play in the NFL. No other football league offers the level of financial security and lucrative earning opportunities. Players start the dream as little kids, hoping to make serious money. Yet when people read about the lucrative contracts, they do not realize the behind-the-scenes issues that plague them.
However, with better financial management, some modern football players are looking to avoid the same pitfalls that ensnared veterans. Dallas Cowboys quarterback Dak Prescott opened up about how a story of a retired player who lost some of his fortune motivates him not to suffer the same fate.
Cowboys QB Dak Prescott Reacts to Terrell Owens’ Financial Issues
When an NFL player retires, many believe that the player, their family, and future generations are set for life. However, when Hall of Famer Terrell Owens revealed that most of his $80 million in career earnings are gone, Prescott articulated his feelings.
“Yeah, that’s sad to hear. I’m sorry. I’m stuck on that more than anything.” Prescott said.
Entering his 11th NFL season, Prescott talked about how he handles his fortune and added, “I’ve been super, super blessed with an amazing team. I can’t say enough about my financial team.”
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Later, Prescott mentioned that despite earning nearly $300 million so far in his career, his financial team still makes sure he’s not overspending, which he is grateful for.
The Cowboys star said, “I think we all kind of need that, to have somebody like that in your corner. When you have it, you can spend it fast.”
The video closed with the Cowboys quarterback inviting teammates who may be struggling to manage their money to talk to him, as he can refer them to his advisor.
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Bad investments, family obligations, and living a lavish lifestyle all contribute to players running out of money. Owens credits the last five years of his career for keeping him comfortable, asserting that if he had only played 10 seasons, he would be struggling. However, other players have not been as fortunate.
Adrian Peterson, regarded as one of the better running backs in NFL history, currently sits millions in debt stemming from a 2016 high-interest loan that ballooned after an anticipated contract bonus never materialized, leading to the seizure of his vehicles and property. He has separately faced (and resolved) legal issues related to child support.
The players’ union, the NFLPA, enacted policies that they hoped would help current players avoid losing money. For example, the union features a program and policy that require certified agents to steer their clients only to advisors who are registered with the union.
That does not prohibit players from pursuing investments on their own. NFL players have never made as much money as they do currently. Will the raised compensation lead to smarter financial decisions?
