NFL veterans warn rookies about money

NFL veterans warn rookies about money
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POSTED: Tuesday, May 13, 2014 - 5:30am

UPDATED: Tuesday, May 13, 2014 - 5:44am

NFL rookies know a lot about football, but little about managing their money

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."
 

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