Where's My Money?

"Where's My Money?"

Unfortunately, this is a question asked too often by current and former professional athletes. With the average salary for football, basketball, baseball, and hockey in 1967 being $20,000; $100,000 in 1980; $1,000,000 in 1995; and currently $5.4 million for basketball, $3 million in baseball, and $1.4 million in football management of large sums of money becomes paramount. In a recent article focused on pro athletes and their money, one of the largest areas of misappropriated money fell under one category... The Entourage. Many pro athletes as well as entertainers surround themselves with anywhere from one to a 200-person entourage to assist in the day-to-day and long term events. Despite having many members of these entourages being close friends and family members, admittedly, many are along for the easy ride and cash cow.

Where does this entourage money go...many different paths. Housing, travel expenses, and food seem to be the biggest culprits. Just getting tickets for games can be a major expense. As an example, the NBA allows players four tickets for home games and two per away games. The NFL allow two tickets for home and none for away games. If an athlete is paying $80 per ticket for the ten to twenty friends, family, or other entourage members, it adds up quickly throughout the course of a season and comes directly from an athlete's own pocket.

Professional boxer, Oscar de la Hoya dropped ten members from his entourage, mostly consisting of friends, and saved nearly $400,000 a year in food, housing, and travel expenses. Who couldn't use an additional 400 grand in their pocket no matter how much income you have?

As agents and leagues are becoming more proactive and aligning athletes with financial advisors some of the money direction is left up to personal choice. Wise athletes create their entourage of salaried positions, each given a specific task from personal assistance to publicity to nutrition to physical training. With the average personal assistant salary ranging from $30,000 to $50,000 annually, some positions include incentives such as sharing appearance monies, thus looking to create an attitude of, "the more money you make for me the more you get" situation. Another huge piece of advice by agents and financial advisors is to only recruit freelancers as needed. Another successful money management idea is to designate a supervisor. A well-trusted long-time friend or family member that will do the dirty work. Keeping a tight lid on the finances and keeping the entourage in line. Most athletes would gladly give up that aspect of money management as their focus and energy needs to be on their athletic profession.

So whether your entourage is one or one hundred, based on your business needs, use some of these timeless pieces of entourage advice so you're not saying, "Where's My Money" anytime in the near future.

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

Research & Retirement

100% of Professional Athletes Ultimately Experience Job Termination. Odds like that make it worth taking a hard look at other percentages associated with professional athletes after the final horn has sounded on their careers.

- 25% are bankrupt within the first year of retirement
- 50% experience divorce within the first year of retirement
- 75% are bankrupt or divorced within the first five years of retirement

I recently read an article in Medicince & Social Science in Sports & Exercise about professional athletes and depression after retirement. The prevalence was astounding. This particular study used survey responses from NFL players. Out of the 1,617 usable survey responses, 557 players said they retired because they were cut, 559 said they chose to retire, and 470 sustained an injury that forced their retirement (31 surveys did not report a reason). From this number, 48% reported difficulty with pain, 28% reported trouble sleeping, and 27% reported an overall difficulty with getting older and adjusting to life after football. Those who reported a moderate to severe issue with depression also reported they were least likely to seek help. This is disturbing and would explain why the suicide rate for active and retired NFL players is six times greater than the national average.

Amongst the myriad of other percentages and stats provided by this study was a practical, and unfortunately oftentime overlooked, advice and remedy. The researchers recommended players prepare for their retirement while they are still actively playing. This would allow anticipation of their retirement, especially if their retirement occurs suddenly or earlier than expected.

My Successful Transition Plan for Professional Athletes assists current and retired athletes in preparing and entering this new phase of their lives.

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

The Final Transition

Professional athletes face many transitions throughout their lives. Not to over simplify, but they have a transition into sports, a transition within sports, and a transition out of sports.

Most athletes embrace and transition nicely into sports. In fact, it's probably one of the easiest transitions a high caliber athlete will ever make. Getting into sports is often told to me, as one of the best things that's ever happened to them.

Not so much the transition within sports. Often, a professional athlete experiences the side of sports most common folk are unaware of. The extensive travel, the fierce competition for positions and victories, the social/emotional adjustment to large money and fame, and the business aspect of professional sports. Some professional athletes adjust well, some do not.

The transition from sports can be even more difficult. "100% of Professional Athletes Ultimately Experience Job Termination". This is an undeniable fact. 25% of athletes go bankrupt within the first year out; 60% of NBA players are broke within five years; Up to 80% experience divorce; and over 75% of NFL players go broke within five years. As mentioned, this transition can be difficult.

For former Detroit Red Wing and Chicago Blackhawks, Bob Probert, these transitions not only proved difficult, but life changing.

Known for his ability to drop the gloves and play the "enforcer" on any ice, Bob had a tough-guy image as a professional athlete. This is a role he not only seemed to embrace, but even wrote about in his book titled, "Bruise Brothers" co-written with Red Wings teammate, Joe Kocur. Bob was also known for his difficulties off the ice, often wrestling a larger foe and possible addictions. These addictions arguably lead to difficult transitions within the sport, and especially transitioning out of sports.

On July 5, 2010 Bob Probert died. Succumbed to an apparent massive heart attack while boating with his wife and children, Bob made his final transition, prematurely at the age of 45. Though, release of information from the autospy did not indicate any substance tied to his death, you have to wonder if long term effects did have an impact. The premature death of his father by heart attack can certainly rule this thinking out. Regardless, Bob Probert has made his final transition.

Why is it in our society we announce and find the good things in people only once they are dead? Amongst all of the bad press and bad publicity Bob Probert has received before, during, and after his professional career it's not until his final transition that the outpouring of heartfelt thanks, and understanding of this man and his desire to wrestle his demons on his own terms ha truly come out. Bob's heartfelt appreciation of the people who supported him, despite his shortcomings, was apparent. He played harder and inspired, understanding people cut him a break.

We ALL face transitions in our lives. Some good, some bad, some desired, and some not but we'll ALL face them. Ultimately, we'll ALL face our final transition (hopefully much later, than sooner). Professional athlete or not, my hope is we use the premature death of NHL's Bob Probert as an example of how important kind words before this final transition can be, and let me start by saying "Thank You" for reading my Blog.

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

Whatever Happened to...?

Do you remember Mahmoud Abdul-Rauf? Unless you're an extreme NBA fan from the early 1990's I'm guessing you haven't a clue. But you might recall a two-time college All-American from Louisiana State University who became the 3rd overall NBA pick in 1990 by the name of Chris Jackson. Well, perhaps to your surprise these names belong to one-in-the-same, and Mahmoud Abdul-Rauf (formerly known as Chris Jackson) is still playing professional basketball twenty years after his NBA draft, with an interesting twist.

Dubbed as a progressively solid NBA player, Abdul-Rauf reached the statistical pinnacle of his NBA career during the 1995-1996 season, averaging 19.2 points and 6.2 assists per game. Unfortunately, this would be the last time he would see similar numbers, and Abdul-Rauf's NBA career would end two seasons thereafter.

Interestingly, during this same time Adbul-Rauf began to stop standing for the playing of the National Athem at the beginning of every game, claiming it conflicted with his Muslim beliefs. Abdul-Rauf received boo's, jeers, even death threats, and it obviously paid a toll on his production as he never quite lived up to his Number 3 draft pick again.

Move forward 14 years, to Osaka, Japan and you'll find 41 year-old Mahmoud Abdul-Rauf still playing professional basketball. "He's the best player in the league and that's impressive given he's 41," said one Japanese teammate. 212

Who knows how many seasons Abdul-Rauf has remaining, especially since his contract with the club in Japan expires after this season, but one thing you can know for sure.....at some point he'll be done....all professional athletes are......"100% of Professional Athletes Ultimately Experience Job Termination."

www.fromglorydays.com

Pro Athletes & Sports Broadcasting

I was recently asked to write an article for a School Video Newsletter about TV broadcasting for sports. Following is the article:

“100% of Professional Athletes Ultimately Experience Job Termination,” I frequently chant. 25% are bankrupt within the first year out, 60% to 80% get divorced, and over 75% go broke within two years out.

As creator and host of the FROM GLORY DAYS TV SHOW I have the honor of sitting down with many former professional athletes. I’ve listened to the personal stories of Hall of Fame, All-Star, and World Champion former athletes as they’ve transitioned from the pinnacle of their professional careers back into normal, everyday lives. Needless to say, I’m unable to take my position as host lightly, but because of much preparation and focus I’m able to enjoy the process throughout.

If there’s one thing I’ve learned from my friends….preparation is the foundation of any sports broadcast. Detroit Pistons TV broadcasters, Greg Kelser and George Blaha have taught me this the most. The hours of prep they put into every NBA broadcast inspired me to be as thorough with my TV show. Simply showing up at the studio to interview my guests just doesn’t happen. Once our guests are secured I’ll spend hours per athlete, scouring their sports history from high school through their final day as a professional, looking for any fact or angle that would make interesting conversation.

As an example, I was able to find a minor detail about 1984 World Series Champion Detroit Tiger, Dave Bergman and posed it as an opening question for the show. The question was just enough to cause Dave to pause and think, and then opened a flood gate of dialogue about this detail and beyond. In that moment my hours of research paid off.

Another example came during my research for Episode 6 when I discovered NCAA Champion and former NBA star, Terry Mills had a post sports involvement in drag racing. Imagining a 6’10” body strapped inside a low flying rocket and racing down a quarter-mile track made for some great discussion while being insightful and entertaining to our studio audience and viewers.

Not all of my preparation finds humor or fun facts about my guests, as discovered when interviewing a former NFL quarterback in Episode 8. Sadly, this guest’s transition from sports included bankruptcy, jail, and the suicide of his 15 year old son. Our discussion took much sensitivity on my part while the tape was rolling, but ultimately led to my guest sharing his current involvement as an advocate for depression as he travels and speaks throughout the country.

I also discovered no matter how much time I spend on preparation, sometimes things just happen and I have to go with the flow. This couldn’t have been truer than during Episode 2 and my interview with 1968 World Series Champion, Jim Northrup. Partway through our taping we got onto the topic of dairy farming (Jim grew up on a farm, but also worked in the cattle business following his pro sports career). In response to his comment, ‘anyone can milk a cow’ I simply responded with doubt of my own ability. To the studio audience and my surprise, Jim elaborated about the process including details of grabbing the ‘tits’ of the cow and pulling until milk starting coming out. Once I stopped laughing out loud I regrouped and continued the interview, trusting our fine editing crew would eloquently remove his explicative of the cow’s certain anatomy. As I occasionally see that particular clip I can’t help but laugh to myself again, but understand preparation is not simply enough.


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

Community Service

The streamed images and news of the Haitian catastrophe by print, radio, and TV media can't help but draw us together for a common cause. No matter our race, ethnicity, religion, or financial status we're able to see one vision of improving the lives of those most effected.

It is these underlying principles of a higher calling or cause which may assist in a professional athlete's life following their pro sports career.

Many seasoned former professional athletes have shared some secrets to success with me when facing the next phase of their lives after pro sports. Amongst the list of "self-help" actions that many of them applied, COMMUNITY SERVICE ranked high.

"Get involved," preaches one NFL Hall of Famer. "Give back," suggests another.

Whatever the motive, its well documented in the study of human behavioral science that transcending or taking on a larger cause than oneself is one of the best therapies prescribed. And with the enormous emotional and practical difficulties professional athletes face as they've transitioned from the pinnacle of their pro sports careers back into normal, everyday lives, some form of therapy is beneficial, especially if it helps athletes develop a new sense of purpose.

Certainly, I'm not suggesting that by taking on a community service an athlete's transitional struggles will totally dissipate, but it will more than likely help. And the nice thing about community service is you don't need to wait for a nation-wide earthquake to occur, but can start right in your own backyard.

Find a local church, food bank, or charity to attach to. Keep it the same or mix it up every year with other organizations that are designed for the betterment of less fortunate people.

Bottomline....find a larger cause than yourself!

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

Tiger's Transgressions: Lessons to Learn?

A little over a year ago (September 2008) I scribed a Blog post titled, "Image is Everything!" Within this Blog I discussed the importance of "image" for a professional athlete, especially when considering the potential of endorsements and sponsorships following their pro sports careers. To slightly rehash, the Merriam-Webster dictionary describes the word image as, "a mental picture or impression of something," but to the professional athlete image can be described as money.

I cannot help but refer to the blasts of articles, blogs, and news media revolving around the recent Tiger Woods events. Time will only tell the financial impact of his alleged transgressions, but minimally his image has been altered. The once imper vial picture the world held of this most recognizable athlete has been blurred.

With more and more endorsement contracts (and playing contracts) including "morality" clauses an athlete must be even more diligent to maintain the perceived image in order to maintain the money deal. Case in point, NFL quarterback Michael Vick is reported to have lost up to $100 million in endorsement and playing contracts as a result of his transgressions a couple years back.

I'm not attempting to draw the conclusion that Vick's shortcoming is in comparison to Woods' alleged issues by any level of judgment but endorsement money and morality clauses are becoming a norm. With a staggering statistic of over 75% of professional athletes either bankrupt or divorced within the first five years out, I'm saddened by the sheer number of athletes whose image becomes damaged.


Lesson learned, it's very important for a professional athlete to surround themselves with people who care as much, if not more for their image. As Webster puts it, an image is "a mental picture or impression of something," and if an athlete wants to parlay their pro career into endorsements....."Image is Everything!"

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