The average NFL career lasts only three years, according to ESPN, and while professional athletes get a reputation for living luxurious lifestyles, many actually struggle with their finances. NFL player Chris Hogan told Bold TV’s David Grasso at Anthony Scaramucci’s SALT Conference that athletes need to go into the professional sports world “knowing that it’s not going to last forever.”
Hogan is a two-time Super Bowl champion who was a wide receiver for the New England Patriots and recently signed to the Carolina Panthers. The Patriots signed Hogan to a three-year, $12 million contract in 2016; in April, Hogan was signed to the Panthers to a one-year, $1.45 million contract, according to Spotrac.
While there have been ups and downs, Hogan said he has been fortunate to have an uncommonly-long, 9-year career and has created a net-worth that he’s very proud of.
He said his financial success has been helped by informed money management, which can make or break your financial future. “Guys get in trouble when they start letting people manage their money that they don’t necessarily trust or don’t really know much about…that’s a huge issue in the NFL,” he said.
Hogan said trust is “a big factor” and he has been successful because there is always “a constant flow of communication” between him and his financial team. He recommended athletes talk with their financial advisors “a couple times a week” to make sure they know where their money is going.
Hogan also spoke on the preparation — both mental and physical — required by his profession. “It’s not just playing on Sundays; it’s Monday through Saturday.” He emphasized studying the footage of your past plays and to never stop competing with yourself.
“If you just decide to go out and go throughout the week and not study any film and not train and just kind of roll it out there and go play on a Sunday, it’s not gonna go very well for you. Because probably the other team has prepared, has studied you, know[s] how you play and are gonna be prepared for you,” Hogan told Bold TV’s Julia Sun.
Whether it’s athletics or finances, Hogan said, “You want to be as prepared as possible.”
Editor’s Note: SALT is a Bold publicity partner.
Photo Credit: Chris Hogan & SALT