1.9%
of NFL players in one study had filed for bankruptcy within 2 years of retiring. The filings start fast.
Source: Carlson, Kim, Lusardi & Camerer, NBER Working Paper 21085 (2015). NFL players drafted 1996 to 2003.
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15.7%
had filed for bankruptcy by year 12 of retirement. The rate kept climbing the whole time.
Source: Carlson, Kim, Lusardi & Camerer, NBER Working Paper 21085 (2015). NFL players drafted 1996 to 2003.
About 3x
Retired NFL players filed for bankruptcy at about 3 times the yearly rate of men their age in a national survey (1.19% vs 0.38%).
Source: Carlson, Kim, Lusardi & Camerer, NBER Working Paper 21085 (2015). NFL players drafted 1996 to 2003.
6
years was the median NFL career in the study. A longer career and bigger paychecks did not lower the bankruptcy rate.
Source: Carlson, Kim, Lusardi & Camerer, NBER Working Paper 21085 (2015). NFL players drafted 1996 to 2003.
1.4%
of draft-eligible NCAA football players get drafted into the NFL. That's 257 drafted out of about 18,621 eligible.
1.0%
of draft-eligible NCAA men's basketball players get drafted into the NBA.
Would you bet on it?
Three quick calls. Tap your answer.
1 of 3
Out of 100 draft-eligible college football players, how many get drafted into the NFL?
About 1. The NCAA puts it at 1.4% of draft-eligible players.
2 of 3
True or false: the players who earned the most were the safest from bankruptcy.
False. The NBER study found no real link between career earnings or career length and the bankruptcy rate after retirement.
3 of 3
When did bankruptcy filings start for retired NFL players in the study?
Within the first couple of years, and they kept coming through at least year 12.
Your playbook
No luck needed. Just a few habits, done every month.
- 1
Pay yourself first
Move a set share of every check into savings before you spend a dollar of it.
- 2
Build a cushion
Keep a few months of living costs in cash, so one bad break doesn't turn into debt.
- 3
Know your number
Write down what comes in and what goes out each month. Then live under it.
- 4
Slow down on the big asks
Friends, deals, and "can't miss" investments can wait a week. Ask someone you trust first.
- 5
Plan for the last game
Every career ends. Start building the next thing while you're still playing.
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Read the book
From our Education & Curriculum Lead, Elijah Mason
His book, The L.Y.T. Framework: A Christian Guide to Financial Stewardship, teaches budgeting, saving, investing, credit, banking, and giving, rooted in Scripture.
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Numbers come from the studies linked on each card. They describe groups of players, not any one person, and they are not financial advice.