By Player Engagement Insider, Brandyn Campbell
“This week is about empowerment. It’s about influence. It’s about impact. If you take advantage of it, you will make a difference in someone’s life.” The words of Charles Way, NFL vice president of Player Engagement, kicked off four days of knowledge and enrichment on Monday delivered at the NFLPE Personal Finance Bootcamp in Ft. Lauderdale, Florida. The impact of stable finances on the lives of people beyond players, from families to entire communities, was highlighted.
Following Way’s introduction, Patrick Kerney spoke about two topics he knows incredibly well—finances and football. A former NFL Pro Bowl defensive end, he is now Director of Business Development with National Fire & Casualty Investments. With four children, he knows firsthand the importance of getting it right not only for himself but also for his family.
NFL players face dual challenges in dealing with a fast injection of wealth during their careers, as well as having to make that salary last beyond the 17 weeks of the season. In contrast to the rest of the population, their top earning potential takes place at the start of their professional lives, making the bulk of their lifetime earnings generally by the age of 30.
While the numbers can feel overwhelming, Kerney stressed that his presentation—and this week—represent an important chance. “How we handle our finances early in life is the difference between an incredible burden and an incredible opportunity,” Kerney said.
It’s also about freedom. “What does Bill Gates have to do tomorrow?” Kerney asked the bootcamp’s attendees. “Nothing.”
Smart wealth planning can afford a lifestyle that is less dictated by what players have to do and more by what they want to do. Within reason, of course—in discussing the realities of inflation on players’ income, Kerney warned that luxury goods inflate faster than those purchased at discount stores like Target.
During his playing years, Kerney witnessed players making far above the league minimum have their families torn about by financial success. It doesn’t have to happen, and he is committed to working with players and their loved ones to prevent it from happening.
Being rich is temporary, but building wealth is about creating generational impact. Designing a sustainable lifestyle through smart planning will have an impact far beyond a player. By using professional football as a foundation to create a strong future for families, players can harness the potential inherent in their salaries.