ADVICE ANYONE?

In the recent past I've read an article titled, "Worst Athletes from Whom to Ask Financial Advice" (YahooSports - April 2009). While sharing financial advice is something I avoid like the plague when speaking with former Professional & Olympic Athletes, I am very comfortable helping people learn from others' mistakes. The finite list in this article of whom not to take advice was limited, but unfortunately elaborate in the real world of former athletes who've found the negative balance of a bank account much sooner than planned.

Some of the circumstances revolving around these athletes' financial difficulties include everything from their own poor lack of judgment to being outright robbed by those closest to them.

Number 3 on this "Worst Athletes" list, Michael Vick, actually may fall into the full spectrum of reasons from his own poor judgment (and involvement with dog-fighting), to a major loss of income (estimated to be $25.4 million per year), to debtors being owed (estimated at $10 million), to the people he entrusted his financial kingdom (namely someone who was banned from working the NYSE because of alleged fraud). It's also reported Vick was spending approximately $300,000 per month on supporting his so-called entourage. I wonder what they're doing now? Since Michael Vick's release from prison he's reportedly doing construction work at $10 per hour. Going to take about 500 years to pay back his debt at this pace...

Amongst the loss of income and savings is the elimination of possessions, as indicated by Number 2 on the list, Latrell Sprewell. In the past two years, both his $1.5 million yacht and Wisconsin home have been reportedly taken back by the creditor. Just when you think things got bad for Sprewell, they actually got worse when the state of Wisconsin indicated they would take legal action against him for back taxes.

With an income estimated to be over $300 million during his professional career, the Number 1 spot on this list was given to someone who has personally experienced prison, divorce(twice), bankruptcy, and the death of his toddler child. Mike Tyson had the professional boxing world by the tail. He became an icon for his "pit-bull" style fighting and lavishness, but also felt the dismal cold of fame when his kingdom began to crumble.

We could all easily point the finger at Tyson and the laundry-list of other former athletes whose financial worlds have self-destructed. We could easily blame the athlete or the people surrounding the athlete for their ultimate financial demise. Bottomline is....ALL PROFESSIONAL ATHLETES EXPERIENCE A FINANCIAL READJUSTMENT UPON EXITING THEIR CRAFT! If I were to tell you, you're going to receive a 90-95% pay-cut, I don't care how much money you make....you're going to feel it!

So what can we learn from the fall of others?

When it comes to financial advice, my best (and only) advice to athletes is to plan ahead. Make sure you have a grip and understand your finances. You only possess a very limited number of peak earning years, and that's why its imperative to find a good financial planner who you can trust. I've found some (not all) former athletes, now financial planners, have the intuitive background to understand and hopefully help you plan for your transition. Find one! Twenty-five percent of professional athletes experience bankruptcy within the first year out.

Don't become one of these statistics or perhaps a member of the "Worst Athlete" list. Find a Financial Planner now!

You can find out more about me, my book, my TV Show, and my services at: www.fromglorydays.com

COMING OR GOING?

As a Transition Consultant for Professional & Olympic Athletes I've heard many stories from athletes, families, and alike, but none so trying as discussions about that infamous final decision to depart their craft. Many athletes have shared their struggles and successes as they've transitioned from the pinnacle of their sports careers back into normal, everyday lives. One story I have not been personally privied, only as a sport's news consumer, is that of NFL great, Brett Favre.

After originally retiring following his 17 year NFL career in March 2008, Favre rescinded only to play last season in New York with the Jets. Following a less than Fame-bound performance during the 2008 season, Favre for a second time retired from the NFL.

Over the course of the last few months comments and speculations have arisen about another possible comeback to pro football, possibly with the Minnesota Vikings. Should we honor the words of the once almost religiously honored quarterback, whose Green Bay Packer legacy was tarnished upon his first retirement from Green Bay and resurfacing in New York. If so, then why do so many people print anything about his possible comeback after retiring from New York? "I foresee getting the impulse to play...But,...I could never do it. I won't do it," Favre claimed. I'd like to believe him, but of course...I wanted to the first time.

More important than being honest with the media, Brett Favre needs to be honest with himself and come to grip with this apparent, final retirement. With 18 NFL seasons under his belt and a locker room full of records, Brett can do whatever he wants, as far as I'm concerned. It's his prerogative to remain retired or come back and play, if that's what he so desires.

Either way, something he must face is...."100% of Professional Athletes Ultimately Face Job Termination." One of the most difficult, yet key factors to making the most optimum transition from pro sports is LETTING GO. Bar-none, it's the most difficult and most beneficial aspect of sports transition I know.

So as I continue to hear stories of transition from all different athletes and all different sports, I hope to eventually hear how Brett Favre has finally LET GO....and looks to move on to the next phase of his life...EVENTUALLY.

You can find out more about my book, the FROM GLORY DAYS TV SHOW, and my services at: www.fromglorydays.com

THE DATING GAMES

WANTED: Emotionally stable woman, drop-dead gorgeous who is secure enough to remain alone as I'm on the road six to eight months out of the year. Must possess the ability to take care of my beckoned needs and tolerate my long work-out hours. Huge financial benefits and potential celebrity status, for at least short-term. Small chance of abuse and infidelity, but larger chance of bankruptcy and divorce (if we actually get married). Please respond by knocking on the door of Room 321 of the Hyatt-Regency in Chicago when I return to my room after midnite this weekend.

Imagine running accross a personal ad like this in a local newspaper. Chances are...at the receiving end of this ad is a professional athlete.

Having just alluded to NBA player, Paul Davis' appearance on Millionaire Matchmaker in my April Blog, the relationships of professional athletes is still fresh on my mind.

With horrific statistics on these relationships and the instability of the home life, especially while exiting pro sports, no wonder dating or being married becomes a huge challenge in itself for pro athletes.

Some statistics indicate:
- 25% of athletes are bankrupt within there first year of exiting pro sports
- 50% of divorces occur within the first year of exiting pro sports
- over 75% of athletes are either divorced or bankrupt within the first five years out

Knowing this, who in their right mind would want to be in a relationship with a professional athlete?

I'd like to tip my hat to the girlfriends and spouses of our pro athletes, especially those that are still together. I've met and spoken with athletes whose relationships have withstood five, ten, even twenty-five years of this described roller-coaster ride, so I know it is possible.

In my opinion, it is the woman behind our gladiators we call professional athletes who keep their homes together. Who navigate the emotional and financial storms that dash many a relationships into the rocks along the way. I truly believe, behind every world-class athlete stands a world-class woman who is the background pillar holding the roof up.

As I continue to work with professional and Olympic athletes while they find the next phase of their lives it is important to acknowledge and recognize the women behind the athlete and the solid emotional stability these represent.

By the way, please do not knock on Room 321's door in Chicago this weekend as I cannot guarantee who'll answer the door.

You can find out more about me, my book, and my services at: www.fromglorydays.com

A Tale of Two Big Men

Many college basketball fans might recognize the names of two big men who've transcended to the next level of their careers as professional athletes. Paul Davis and Chris Kaman both experienced success at the collegiate level, enough to find themselves in an NBA jersey, in fact, the same NBA jersey as Kaman was drafted by the LA Clippers in 2003 and Davis in 2006 by the same organization.

Though both players originated from the state of Michigan it might appear one was set up for more success than the other. The 7'0" Chris Kaman competed in high school at Tri-Unity Christian, a Class D level school (the smallest in the state of Michigan). Kaman went on to play three years at Mid-American Conference school, Central Michigan University. The 6'11" Paul Davis competed in high school at Rochester, a Class A level school (the largest in the state) where he received the top honor of all prep players in the state by being named, "Mr. Basketball" his senior year. Davis went on to play at Big Ten Conference basketball powerhouse, Michigan State University and at one point lead the nation in rebounding.

With the top prep honor, solid collegiate career at a high profile basketball school you would think Davis was destined for more success at the NBA level than Kaman. Unfortunately, it hasn't worked out that way.

Kaman has just completed his sixth NBA season with the Clippers, averaging double digits in scoring. After a less than stellar two seasons, Davis was released by the Clippers January 2009, only to be seen again a few months later during a less than stellar appearance on Bravo's "Millionaire Matchmaker" during which matchmaker host, Patti Stanger, all but ripped him a new one for his lack of personality and "typical NBA mentality."

I've been around enough to discover, no matter the appearance of who may be set up to have the better professional sports career, you never know for sure.

In professional sports there is only one thing that is for sure...."100% of Professional Athletes Ultimately Experience Job Termination."

Find out more at: www.fromglorydays.com

From the Craphouse to Penthouse

Typically in this blog, I'm writing about topics which revolve around transitioning or departing from pro sports, but I've been following a story that reached a pinnacle shortly before this year's Super Bowl last month and I cannot resist telling you more.

It is a story about an NFL running back, who after his fifth season in the league was released pre-season this past year. At this moment, I could easily go into my rant of how, "100% of Professional Athletes Ultimately Experience Job Termination," or how important it is for every pro athlete to have some type of Transition Plan for when their final day comes and they must depart the game they so love, but I'm refraining for now. Refraining long enough to tell you this amazing story of how an athlete was faced with his termination and possible ending of his NFL career. But wait it gets better. Not only was this particular player facing the cold, hard truth of being on the outside wall of an NFL stadium, but cut by the worst team in NFL history.

August 2008, Detroit Lion running back, Sean McHugh, was told he was no longer good enough to remain on their roster. With a young family to support (a 1 year old son at home and one on the way), Sean's one year contracts never provided him the financial cushion that would've made this bad news any easier to swallow. The uncertainty which faces every professional athlete at some point was staring Sean dead-straight into his eyes, but Sean hardly got a chance to flinch. Hearing the news of his release, the Pittsburgh Steelers called that same day and eventually offered him a spot on their roster.

For those of you who follow football, you may know the rest of the story. Rather than finishing 0-16, as the Detroit Lions unfortunately did this past season, Sean's Steelers finished 12-4 and eventually won the Super Bowl. Sean himself stated, "It's been crazy. Four months ago you're sitting at home, just cut from the Detroit Lions, thinking life's over, and now you're playing in the Super Bowl." To sweeten the pot, Sean recently signed a three-year deal worth $2.57 million with a reported $390,000 signing bonus. From the Crap house to the Penthouse.

I bet Sean McHugh's not too upset he was cut by the Lions now...

You can find out more about me, my book, and my services at: www.fromglorydays.com

SUPER What-Now?

No sports fan is able to ignore the existence of our arguably biggest sporting event of the year....THE SUPER BOWL.

But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?

Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.

For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.

One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.

It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.

So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.

Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?

Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.

Some have done this and others eventually will.

So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."

Let's hope they're ready.

You can find out more about me, my book, and my services at: www.fromglorydays.com

BENCH FAVRE?

NFL quarterback, Brett Favre, has added great fodder for my BLOG and media appearances over these past six months. Twice I've been able to write about him during this time and with recent comments made by NY Jets running back, Thomas Jones, I'm getting the opportunity to write about him again.

I certainly do not believe in meddling in other people's business, but I must admit I was surprised when Brett announced his desire to "unretire" and sign with the Jets. Believe me, I understand NOT wanting to leave the game he so loved and excelled at for 18 seasons. I get that. I just didn't see the benefit of his decision which resulted in many apparent hard feelings with the Packer organization and potential marring of his legacy as a premier NFL quarterback, which is made evident in Jones' comments.

During the recent radio interview, Jones was very outspoken about the team and Favre's mistakes on the field. "If somebody is not playing well, they need to come out of the game," he stated. "You're jeopardizing the whole team because you're having a bad day....So when you get to the wire and somebody is just giving the game up, it's just not fair," he added. "The other day, the three interceptions really hurt us, that's just reality," Jones told the radio station.

The reality is the New York Jets lost four of its last five games and Favre tossed nine interceptions with just two touchdowns during this span. He finished the season with 22 touchdowns and a league-worst 22 interceptions.

What does this do to help Brett Favre's legacy? Absolutely nothing, in fact it mars it, in my opinion.

Again, I am in no position to tell a professional athlete NOT to retire or to "unretire" but I can say this...its imperative for every athlete to have a plan. To develop a new direction and sense of purpose, which makes departing this game a little easier. As a TRANSITION CONSULTANT FOR PROFESSIONAL ATHLETES this is what I do.

I wish Brett Favre nothing but the best, but I have to wonder...if he stayed retired and had a new direction or sense of purpose beyond the gridiron would his life be better. Who knows for sure, but he's provided good thoughtful discussion about retirement.

You can find out more at: www.fromglorydays.com