EL SEGUNDO, Calif. – Carl Nassib, a Tampa Bay Buccaneers defensive end and outspoken Financial Wellness advocate, just wrapped his NFL Players Association Externship experience with Financial Finesse – the inventors of Financial Wellness and the firm behind the NFLPA’s award-winning financial coaching program.
Nassib, whose informal economic tutorial with teammates was featured on HBO’s “Hard Knocks” last season, invested two weeks of his offseason in a financial training camp designed by Financial Finesse to cultivate his interest in Financial Wellness. After working with a CFP® professional coach to hone his skills, Nassib designed and delivered a candid, “Hard Knocks” inspired workshop intended for an audience of fellow athleteswhere he addressed topics like:
-NFL players are not part of the 1% and need to start acting accordingly
-How players can make more money off the field than on it
-How to make money in the wake of a market crash
-The number one question you should ask Financial Advisors
-Why the NFL is a stepping stone to create wealth over time, not the end game to get rich quick
Financial Finesse Founder and CEO Liz Davidson is Nassib’s newest fan.
“We’ve worked with the NFLPA for ten-years, and we could not have envisioned a more perfect PSA for players,” Davidson said. “You can teach facts and strategy. You can’t teach the passion and curiosity Carl has. When he talks, people listen. So, it’s our job to make sure Carl’s message is on point in hopes of helping him inspire an entire league of financially savvy athletes.”
Equipped with the right tools from the NFLPA, Nassib and the growing number of players who share his thrifty philosophy are part of a movement to ensure that athletes not only manage their money wisely, but actually position themselves to leverage their football earnings as a catalyst in growing their wealth and, ultimately, their influence in business, philanthropy and advocacy.
“The majority of NFL players are considerably more responsible with their finances than the media would have you believe,” said Dana Shuler, Senior Director of Player Affairsat the NFLPA. “We still hear the decade-old soundbite about 78% of players going broke in retirement, when in reality, it is actually the complete opposite.”
The National Bureau of Economic Research found that “the percentage of NFL players who file for bankruptcy protection after two years is a much smaller 1.9%, climbing to 15.7% after 12 years.”
“Thanks to initiatives like the NFLPA Externship and the Financial Wellness programs made available to players, we are seeing an exciting shift in how players leverage the platform provided by playing professional football,” Shuler added. “We are seeing a league that produces entrepreneurs, philanthropists, real estate moguls, actors and even social activists. The goal is to empower players so that one day they can be in the financial position to own the team they played for, if they so choose.”
There is increasing evidence that players like Nassib are becoming the rule, not the exception. As it stands, the average score of NFL players who took Financial Finesse’s patent-pending Financial Wellness Assessment (5.27) is higher than the national average (5.0).
The Financial Wellness Assessment gauges financial habits and behaviors that predict future financial success— living below your means, saving sufficiently for the future, controlling debt, investing wisely and ensuring your wealth is protected. Even more impressive, 48% of players that completed a separate savings survey indicated they are saving 20% or more of their earnings — well above the national average savings rate, which typically hovers around 5%.
As of the 2018 season, 10 NFL teams (Browns, Colts, Bears, Ravens, Chargers, Texans, Bengals, Broncos, Jets and Packers) have invited Financial Finesse into their locker rooms to help players reduce financial stress, enhance their financial acumen and build a long-term financial plan.
“This is a great performance enhancement benefit that the NFLPA offers,” Nassib said. “I’ve had coaches pay for specialists to come in and try different breathing and sleeping techniques. Anything to gain an edge. Financial stress is real and can be an X-factor on gameday, just like anything else. What Financial Finesse does is proven towork, and it’s free, so why wouldn’t you use it?”
Of the NFL players who participated in a series of 2018 post-workshop surveys, 95% of players reported being better prepared to make a financial decision as a result of the information provided, while 98% considered the financial education services provided by Financial Finesse to be an important part of their total benefits package.
Perhaps the most surprising statistic— and something that actually mirrors the larger trend Financial Finesse reports seeing across all end-users — is the method in which people prefer to engage. In a world where technology is king, 70% of players said they prefer in-person sessions with a financial coach versus the 24% who said they prefer online resources.
The hope is that having an ambassador like Nassib to help shape the trajectory of the NFLPA program will only enhance the award-winning user-experience for athletes and everyday users alike, ultimately empowering Financial Finesse to change more lives.
“The more people we reach, the more lives we change. And with an ambassador like Carl, our mission reaches a brand-new audience,” Davidson said.