NFL rookies learn the realities of financial planning before 2019 draft
Former San Francisco 49ers running back Marcus Lattimore is helping other football players manage their wealth through all stages of their playing career.
He said financial savvy is especially needed on the NFL Draft Day, when unpaid college players are given million-dollar contracts.
“You step into a business, and you have to have a clear understanding that it is a business," Lattimore told FOX Business' Stuart Varney on Thursday. “But the unique thing about the NFL is that your career could end at any moment.”
Lattimore suffered multiple knee injuries as a college and professional football player, leading to his retirement from the sport in 2014. He's since joined the University of South Carolina's coaching staff as its Director of Player Development.
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The former running back said that saving money is easier said than done, and many NFL Draft prospects make poor financial decisions after receiving lots of money in a short amount of time.
“This is an amount of money that these guys have never seen before,” Lattimore explained. “Our brains are wired for short-term thinking and - quite frankly - immediate gratification.”