NFL veterans warn rookies about money
POSTED: Tuesday, May 13, 2014 - 6:30am
UPDATED: Tuesday, May 13, 2014 - 6:44am
NFL rookies know a lot about football, but little about managing their money
New York (CNN) — Who wouldn't want to be Jadeveon Clowney?
The NFL's top draft pick just landed around a $22 million contract with the Houston Texans and bragging rights for life. His face is everywhere, and his name is a trending Twitter hastag.
But while Clowney -- and hundreds of other NFL rookies -- know a lot about football, they know little about managing money. Many are likely to end up bankrupt.
Just two years after their athletic careers end, 78% of former NFL players are bankrupt or nearly there, according to an analysis by Sports Illustrated.
"I've made millions and Iost millions," admits Eddie George, who was a first round draft pick in 1996 and went on to play nine seasons in the NFL as a running back.
"I bought a ton of jewelry coming out, cars, a stereo system that was worth more than the car," George says. "I found out real quick that money and ignorance is not a good combination."