Hey Rookie: Welcome To The NFL

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Friends,

With the 2021 NFL Draft kicking off tonight, I asked NFL veteran Wale Ogunleye to write a guest post today.

Through his role as head of sports and entertainment at UBS Global Wealth Management, Wale draws on his background as a college and professional football player to address the needs of athletes and entertainers.

The best part?

As an 11-year NFL veteran that went back to school to receive his MBA from George Washington University, Wale Ogunleye has the experience to back it up.

Make sure to follow him on Twitter, and I hope you enjoy his write-up below.

The moment so many young men have dreamed of their entire lives is finally here. Whether they hear their names called during the draft over the next few days or get signed as a free agent, there are about to be hundreds of new professional NFL players.

Each of them has put in countless hours of hard work and dedication on and off the field. They deserve to enjoy this moment with their family, friends, and former/future teammates. Relish it, take it in, know that it was all worth it.

But as they sign their rookie deals, they need to be prepared for a culture shock. They must understand the responsibilities that come with the benefits of getting paid as a professional athlete. The transition that one goes through from having little or no money to signing a deal worth millions is overwhelming. I remember it myself. The thoughts, emotions, the guilt all come with it. The average NFL career lasts only 3.5 years, so it is critical to be smart with the newfound money from the beginning, which ultimately will serve them well long after the playing days are over.

Let’s be real here – there’s no denying that football players think of themselves as alpha dogs. The upcoming draft class is filled with the top amateur players in the country, and they are used to getting the admiration of teammates, fans, opponents, and coaches. Yet, the very traits that led them to the NFL have the potential to harm them as they plan their financial futures. Many will bring their confidence to areas where they’re not well-versed, including how to handle money.

Speaking from experience, I want to tell all the incoming players that it is okay to be vulnerable. Ask questions if you don’t understand something. When I was in the league, I would listen to a financial advisor and nod my head as they spoke, yet I didn’t understand the basic fundamentals of money. You couldn’t tell me I wasn’t smart. I graduated from Indiana University and mastered playbooks throughout high school, college, and my 11-year NFL career. But I was making millions of dollars a year and didn’t understand what a basis point was.

Yet it’s not all on the players…

The responsibility falls back on financial advisors and wealth management firms who have not done an adequate job of meeting their athlete clients at their level of understanding. That’s why I went back to get my MBA at George Washington University and now lead the Athletes and Entertainers Strategic Client Segment at UBS. We want to educate and speak to our clients in an authentic and relatable manner, acting as a catalyst to change the narrative that highly visible individuals are making poorly guided financial decisions.

Another potential challenge that lies ahead for some of these players is guilt – the feeling that you’re indebted to the people who helped you achieve your dream of making it to the NFL. Yet, family and friends leaning on you for support can present a significant financial drain. I came from the projects of Staten Island, NY, and it was hard for me to say no to the people I cared about when they asked me for money, whether that was lending some cash or investing in something with them. But looking back, I recognize the importance of learning to set boundaries. It’s important the incoming rookies do the same.

Young players need to avoid the desire to keep up with the “Joneses.” The pressure to live a lavish lifestyle can lead to financial ruin. We’ve all seen the headlines of a current or former athlete going broke.

The best thing a young player – and young person in general – can do is educate themselves and only invest in things they understand with people they trust.

My last piece of advice to the 2021 NFL Draft class: plan for unpredictability. This past year has been full of unpredictable moments and illustrates that nothing in life is guaranteed, even if a contract says that. Players need to be nimble and well-situated should they find themselves in an unpredictable and unforeseen situation that could change the trajectory of their career.

By no means should these players be ashamed of their success, and it’s important they celebrate their achievements with those around them. They’ve earned it. But it is critical that they recognize the next chapter of their lives comes with various complexities and unique financial components that are part of the modern-day athlete’s journey.

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