NFL players will now obtain paid because that 36 weeks instead of 17 — will certainly it benefit them financially? last Updated: April 10, 2021 at 11:29 a.m. ET very first Published: April 9, 2021 at 9:06 a.m. ET
A financial adviser and also a CPA who occupational with professional athletes share your thoughts top top this change
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For the 2021 NFL season, experienced football players will be payment their earnings over 36 weeks, a longer period than just how they’ve been paid in current years — 17 mainly — according to one ESPN report.
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Nearly 80% that NFL players walk bankrupt or room under financial stress and anxiety within two years that retirement, according to CNBC, and also 60% the NBA players go damaged or bankrupt within five years that retirement.
So will certainly this brand-new pay structure advantage athletes financially?
Sean Packard, a CPA for OFS riches in McLean, Va., that works with skilled athletes including NFL players, claims some will have to problem less about budgeting your money.
“My immediate thought was: an excellent for the players,” Packard told keolistravelservices.com. “With lock being minimal to pay in the season, you finish up having actually to spending plan all that money.”
Carlos Dias Jr., the founder the MVP wealth in Orlando, Fla., agrees. “It’s a confident for those who room unable to pace themselves, due to the fact that they won’t run out the money.”
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But Dias, who offers financial planning solutions for expert athletes, adds, “I see it together both a positive and also a negative.” He claims for part athletes, getting much more money sooner means having accessibility to capital sooner that they deserve to use to “invest and also tackle debt” — things that can potentially it is in more an overwhelming if the payment are an ext spread out.
Packard agrees v this once it pertains to the league’s higher-paid players, but points the end that paychecks spread out out over more time should especially advantage NFL players that make close come the organization minimum.
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“You look at time, value and also money — you will do rather have money appropriate now. However when you’re looking in ~ the bottom of the pay scale, those space the people who space going to advantage the most,” Packard says. “Sometimes you’ll view at the finish of the season they’ll have actually blown v a most their money and also not budgeted for everything else.”
In the end, those most crucial is teaching high-earning athletes the prominence of budgeting and saving, Dias says.
“If you desire to readjust that psychological mindset, that doesn’t matter whether you get paid 17 weeks out of the year, 36 weeks the end of the year — or 52,” that says.