By Mark Eckel, Player Engagement Insider
Tim Masthay has a degree in economics from the University of Kentucky and was part of the NFL Player Engagement’s business management program at Notre Dame a few years ago.
Just as a player can always improve his game, one can never have enough financial knowledge. So the Green Bay Packers’ veteran punter took part in the NFL Player Engagement Personal Finance Boot Camp this offseason.
The boot camp held the first weekend in April in Ft. Lauderdale, Fl., had presenters from TD Ameritrade and the University of Miami’s School of Business Administration.
“I was familiar with a lot of the concepts, a lot of the terms, but there were still a lot of things for me to glean and learn,’’ Masthay said. “I was picking up stuff the entire time.
“It’s always good and helpful to review some of the things you know, but might not have thought about for a while. For me one of the big things was really doing the math. Making projections, seeing where you’re at. I left the boot camp and it invigorated me to do that.’’
Masthay and his wife, Amanda, have two children, a four-year old daughter, Emory Grace, a one-year-old son, Paxton and a third child on the way.
This boot camp was instrumental in helping him, along with the other players, plan for his family’s future.
“There were some simple banking ideas, structuring a checking account, where you have multiple checking accounts, one for fixed bills, one for more flexible spending, just some simple ideas like that,’’ Masthay said.
“There was also conformation of some investment strategies that my wife and I have used, so that was good. On a larger scale, the theme of the boot camp was generational wealth, meaning creating opportunities for your kids, your grandkids, etc. And then providing education for your children and grandkids, so they have the financial acumen going forward.’’
Anyone with a child in college or knows someone with a child in college, realizes the high cost of tuition and the long-term pains of college loans. For the Masthay family, who will have three children all around college age at the same time, there are plans to be made.
“That was impactful for myself and my wife,’’ Masthay said. “One of the presenters talked about the power of having goals, but then having an emotional reason behind the goal. It could be, ‘I want my child to go to college debt-free.’ That makes achieving your financial goals more attainable.
“And then there is the importance of really doing the math when you set these goals, actually putting pen to paper and figuring out what it is going to take to achieve what you’re trying to achieve. Part of the program was to talk about historical returns, historical inflation, fees and expenses with certain funds. That’s where it pointed out how important it is to do the math, instead of just blindly investing money.’’
It’s no secret that professional athletes make more money than the average person. It’s also a fact their careers are much shorter. That just adds to the importance of investing their money properly and, as the boot camp stressed and Masthay pointed out, “doing the math.’’
“Financial acumen is extremely important for anyone, whether you’re low income, middle income, high income, whether you play pro sports or whatever you do,’’ Masthay said. “When it comes to us as players, it’s especially important for that short window we’re in the league. There are a lot of challenges and temptations that come when you’re playing pro football, earning a high income and you’re in your 20s. It’s important that guys consider the decisions they’re making.’’