Financial Fumbles in the NFL: Football Players are just as Susceptible to Financial Infidelity
May 13, 2012 in Black Dating Sites
(PRWEB) May 13, 2012
Football players are just as susceptible to financial infidelity – if not more so – as the rest of us.
Financial fumbles made by football players has become an object of speculation, and confusion for some as recently discussed in USA Today (http://usat.ly/Ixvjq3). People may wonder how someone who makes so much money can struggle financially but money and relationship expert, Dr. Bonnie Eaker Weil says this is similar to the “lottery syndrome,” when people who win the lottery make poor financial choices because they’re not used to managing so much money. It’s not just about managing their money, people in this situation are overwhelmed by not having to struggle when it comes to money. They turn to a form of magical thinking, says Dr. Bonnie, and think everything will be fine.
It’s especially unfortunate, she says, because money is the number one relationship wrecker and often leads to financial infidelity. In the book of the same name, Dr. Bonnie – who also wrote the book Adultery the Forgivable Sin – explains that financial infidelity happens whenever decisions about money are made without the input of the other person. “These ‘football financial fumbles’ (financial infidelities) are forms of cheating so subtle we don’t even realize we’re doing it. These fumbles are very common among football players and other people who come into wealth unexpectedly, because of the lifestyle they’re thrust into.”
It can also lead to another form of infidelity: adultery. Sexual infidelity is very high for football players, and unfortunately the wives of football players are privy to. This can all be connected together. Additionally, sleep becomes an issue when people are worried about money. With football players this can be particularly detrimental as they are more susceptible to injury when they’re tired.
Many people coming into wealth when previously they haven’t made a lot of money don’t have the education to know what to do about their increased finances. Not only do football players in this situation have to be careful of their own behavior and over-spending, they also have to watch out for people that will prey on their new-found, but ill-managed money. “Additionally,” says Dr. Bonnie, “they do have added expenses and may not know how to handle them.” Football players often faced increased medical bills due to their risky profession – treatment for injuries, concussions and so forth.
This is why it’s so important for the teams, players, and their families to learn how to plan properly. “It’s encouraging to see teams bring wives and families in to the training process,” points out Dr. Bonnie. Then not only can the team management see how the players interact with their significant others, they can help train the couple and better equip them for the life change they’re facing.
They’re encouraging the wives to also meet with the football players and financial planners to help stop the high incidence of bankruptcy and poor retirement planning that is commonly seen among this demographic. An issue specific to athletes involves having to also plan for medical care after retirement, when injuries previously sustained can need further treatment. It’s easy for football players to live in the moment, for the play, and to neglect future planning due to their “magical thinking,” it’s astute to have the NFL step in as a “check and balance.”
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