Thursday, March 10, 2011
Report says some NFL players living paycheck to paycheck
Winning the lottery. It's the dream of many, and for most of us, daydreaming about this windfall is the closest we'll ever get.
How much better off would you really be if you had more money? Well, roughly 380 of the NFL's near 1,700 players live paycheck to paycheck (msnbc.com). Hmm. Their average player salary for the 2009-10 season is $1.8 million. (In fairness, rookie players and those second- and third-stringers make less than this average, which is skewed by the superstars' salaries.)
If you can't manage the money you have now, you'd likely do no better if you had a lot more money. So maybe the best way to prepare for a windfall is to do a better job today managing what money you do have. If you need help honing your money management skills, you might turn to the trusted financial experts at your credit union for budgeting, saving and investing help.
And if you come into money, whether it be through inheritance, income tax refund, or even the unlikely jackpot win, perhaps your priorities would be to save some cash instead of trying to keep up with the Jones', and to make it grow with sensible investing and the power of compound interest on your side.
Portions of this article were derived from the Home & Family Finance(R) Resource Center.