NFL financial boot camp helps players

get up to speed on managing money

By Miami Herald, adapted by Newsela staff on 04.15.16
Word Count 604

More than two dozen NFL players are among a group that attended the leagues Personal Finance Academy, a four-day
seminar in Fort Lauderdale, Florida, hosted by the NFLs player engagement department. Photo: Courtesy of NFL

Miami Dolphins linebacker Chris McCain received a phone call shortly after returning from
a vacation. The call was from his nancial adviser, the person who helps McCain manage
his money. The adviser did not have good news.
You spent over $70,000 in one month, McCain was told.
For someone like Ndamukong Suh, that is a manageable gure. Suh is a National Football
League star who makes $19 million a year.
For McCain, however, this was a crisis. McCain earned less than $420,000 as a rst-year
player.
I dont have money to be spending like that, McCain said. When it came to spending his
money, he just wasnt paying attention.

A Crash Course In Money Management

McCain is paying attention now, thanks in part to the NFL. From April 4-7, McCain received
a crash course in managing his nances. He learned how to budget his money, invest for
the future and understand the risks of investing.
McCain learned this at the NFLs Personal Finance Academy. The Academy was a four-day
program held in Fort Lauderdale, Florida, for NFL players and their families. The personal
investing company TD Ameritrade and the University of Miamis School of Business helped
run the program.
The program was designed to help NFL players build generational wealth. The program
was divided into classes on different topics. One topic was the different ways people can
invest their money now to make even more money later. A common way to invest is to buy
stocks or bonds that increase in value over the years.
Another topic was how to plan for the future. The players learned how to pass their money
on to their children and their grandchildren.

Lessons In Smart Investment

Forty-ve people attended the program, including 28 players and 17 wives and signicant
others. Chicago Bears safety Antrel Rolle wanted to attend but could not. Instead, he sent
his mother Armelia to take notes for him.
The league wants the players to learn how to make their money last for many years to
come. Cameron May of TD Ameritrade taught the players how to invest smartly. He told
them how to nd the stocks and bonds that could be worth the most money in the future.
George Korniotis is a professor at the University of Miami. He taught the players about
nancial risk, or the odds that they are investing in things that could lose money.

Managing Money Can Be Quite Risky For Football Players

Investing always comes with risk. However, Alok Kumar of the University of Miami noted
that investing can be particularly risky for football players.
Everyone might think, well, Im good at one thing. How can I make a mistake in nancial
decisions? said Kumar. Its especially dangerous for football players, because they have
tremendous skill in one area, and they might think that skill is transferable. It actually is
not.
People who are super skilled in one area are most likely to make mistakes.

Seeing The Bigger Picture

McCain learned from his mistakes the hard way.
Stop swiping, he said of his vacation credit card use. Stop swiping and save.

He is now doing just that. One way that McCain is saving is through a college savings
account for his 5-month-old daughter Malayla. McCain adds to this account every month
as a way to pass his money on to the next generation of his family.
She was the one who opened up my eyes a lot more about the bigger picture, he said. I
have to buckle down and stop thinking selshly, stop having a selsh mind and not
thinking for myself, and think about the future.

Quiz
1

Which of the following details from the article BEST supports the idea that Chris McCain
needed nancial help?
(A)

The call was from his nancial adviser, the person who helps McCain
manage his money.

(B)

The players learned how to pass their money on to their children and their
grandchildren.

(C)

For McCain, however, this was a crisis. McCain earned less than $420,000
as a rst-year player.

(D)

One way that McCain is saving is through a college savings account for his
5-month-old daughter Malayla.

Select the sentence from the section "Lessons In Smart Investment" that BEST shows why
money management is important for NFL players.
(A)

He taught the players about nancial risk, or the odds that they are investing
in things that could lose money.

(B)

Cameron May of TD Ameritrade taught the players how to invest smartly.

(C)

The league also wants the players to learn how to make their money last for
many years to come.

(D)

He told them how to nd the stocks and bonds that could be worth the most
money in the future.

Which of the following are two main ideas of the article?

(A)

NFL players are receiving much-needed help in managing their money. This
will make sure that the players' families are taken care of.

(B)

NFL players are getting into trouble with their nancial advisers. They are
being sent to the Personal Finance Academy.

(C)

NFL players are making bad investments. Alok Kumar of the University of
Miami is teaching the players how to invest better.

(D)

NFL players are making $2 million each season. They are learning how to
invest wisely, thanks to TD Ameritrade and the University of Miami.

Which detail BEST supports the main idea that players are successfully learning lessons about
money?
(A)

I dont have money to be spending like that, McCain said. When it came to
spending his money, he just wasnt paying attention.

(B)

One topic was the different ways people can invest their money now to make
even more money later.

(C)

He told them how to nd the stocks and bonds that could be worth the most
money in the future.

(D)

One way that McCain is saving is through a college savings account for his
5-month-old daughter Malayla.

Answer Key
1

Which of the following details from the article BEST supports the idea that Chris McCain
needed nancial help?
(A)

The call was from his nancial adviser, the person who helps McCain
manage his money.

(B)

The players learned how to pass their money on to their children and their
grandchildren.

(C)

For McCain, however, this was a crisis. McCain earned less than
$420,000 as a first-year player.

(D)

One way that McCain is saving is through a college savings account for his
5-month-old daughter Malayla.

Select the sentence from the section "Lessons In Smart Investment" that BEST shows why
money management is important for NFL players.
(A)

He taught the players about nancial risk, or the odds that they are investing
in things that could lose money.

(B)

Cameron May of TD Ameritrade taught the players how to invest smartly.

(C)

The league also wants the players to learn how to make their money
last for many years to come.

(D)

He told them how to nd the stocks and bonds that could be worth the most
money in the future.

Which of the following are two main ideas of the article?

(A)

NFL players are receiving much-needed help in managing their money.

This will make sure that the players' families are taken care of.

(B)

NFL players are getting into trouble with their nancial advisers. They are
being sent to the Personal Finance Academy.

(C)

NFL players are making bad investments. Alok Kumar of the University of
Miami is teaching the players how to invest better.

(D)

NFL players are making $2 million each season. They are learning how to
invest wisely, thanks to TD Ameritrade and the University of Miami.

Which detail BEST supports the main idea that players are successfully learning lessons about
money?
(A)

I dont have money to be spending like that, McCain said. When it came to
spending his money, he just wasnt paying attention.

(B)

One topic was the different ways people can invest their money now to make
even more money later.

(C)

He told them how to nd the stocks and bonds that could be worth the most
money in the future.

(D)

One way that McCain is saving is through a college savings account for
his 5-month-old daughter Malayla.