Taxes, agent fees playing for a team in a state with high cost of living and high state taxes. I heard Jacob Hester talk about his first Million dollar a year contract with San Diego. California has state income tax of 13% of incomes of $1 million or more. He didn't say if he bought a house or rented but even a starter home cost a million or more in Lala land. Hester has lotsvof kids. They all have to go to school. Hester ain't sending his kids to public schools. You are never set for life unless you get to your second contract. Unless you are a star there are very few endorsement deals. You won't be seeing Blake Blake Ferguson or Adrian McGee in any Papa Johns or State Farm commercials any time soon. Like never. Joe Burrow will make a huge side income. CEH, Chaisson, JJ, Queen will get fat signing bonus checks. Lloyd Cushenberry won't.
$500K/yr is still alot more than any of us ever made in our early 20's. Living like a rocktar/first rnd pick is usually where they first go wrong. Second is letting their uncle or best friend be their investment manager. I know a guy that played few years on practice squad. Had multiple homes/cars and baby mommas. All gone now. Saved none of it.
Several years ago, I became pretty good friends with Larry Foster (yes that Larry Foster).. anyway, when he went to the NFL he told me he got paid only during the season each week. So his salary was divided up into 17 checks. Every week he would deposit like $30,000+.. He said he was pretty good with it the first year in Detroit, but after that you tend to lose track of spending and blowing cash... $5,000 dinners here and there, $10,000 nights at the club, all that shit..Entourage hanging out with him all the time.. Always had the thought "well I got another check coming".. He said it was great, until you didn't. No warning, just one day out of the blue the grim reaper (the GM) would show up in the locker room and send you packing that day, immediately. He told me regarding friends hanging out with him, "when you cut the grass, the snakes will reveal themselves"... Haven't seen him in about 5-6 years or longer now.... He didn't have 2 pennys to put together for a long time after the NFL.. I hope he got back on his feet; he was a very cool dude.
That's a story that has been repeated over and over throughout professional sports. Stanley Roberts made millions in the NBA and ended up flat broke. George Foreman had to unretire and fight again when he was much older. Good thing for he he fell into the George Forman Grill deal.
Got to make the team first. Don't make the team you get nothing after camp. Read rookies get about $1,100 a week in camp, vets close to $2,000. Basically a per diem.
