Wednesday, March 2
Preparing High-Earning Athletes For Their Post-Play Lives
The average NFL player makes upwards of a million dollars a year. Even rookies are guaranteed a minimum of $325,000, which is seven times the average starting salary of a college grad. It’s a lot of money, but with the career of an NFL player averaging just three-to-four years, the window for such earnings is small. When their career is over, many pros who’ve spent the better part of their lives focusing on the game, are left a little lost. With this in mind, a few years ago the NFL and the NFL Players Association reached out to a handful America’s top business schools to launch a program that would help prepare players for life after football. Since it’s inception in 2005, more than 500 players have participated in the one-week intensive program, learning from case studies about financial analysis, investing, real estate, corporate and legal aspects of business ventures, and much more. Harvard Business School professor Carl Kester, helped design Harvard’s version of the program and is now the program director of the NFL Business Management and Entrepreneurial Program. He joins us, along with Steve Hauschka, a kicker for the Denver Broncos who lives in Boston in the off season – and participated in Harvard’s program a few years ago.