Athletes and entertainers face unique wealth management opportunities, considerations and challenges. The athletes and entertainers we interviewed shared their personal stories and perspectives to highlight the need for more financial education in the sports and entertainment world. We thank them for being strong advocates of financial literacy.
Ben's advice
Ben's advice
“Set boundaries on who you help financially. Always take care of your parents and your immediate family—you don’t have to be responsible for anyone else. You might feel you’re invincible, but you don’t know how long you’ll play.
Take stock of how money is coming in and going out. You need to ask yourself ‘How will I support my own family 30 years down the road’?”
Full house
Full house
Ben and his seven siblings grew up in Greenwood, a rural town in western South Carolina. His parents worked hard at the local cotton mill, but “when there are eight kids, there’s not a lot of money.” The family of 10 lived in a modest three-bedroom home. “My parents did the best they could.” While finances were tight, money was never openly discussed.
Although Ben didn’t start playing football until his senior year at Greenwood High School, his talent on the field won him a scholarship to Livingstone College. He was the first person in his family to attend college and earned the school’s football MVP award three years running. Despite his standout performance, he was overlooked by recruiters given Livingstone’s small size and lack of big-name competitors. In 1991, Ben was drafted in the fifth round of the NFL Draft, 124th overall, by the New England Patriots. It was an unlikely start for one of the most celebrated and highest-paid tight ends in NFL history.
You start receiving checks in amounts that your parents didn’t make in an entire year. It makes you feel guilty.
The breakout years
The breakout years
During his third season with the Patriots, the arrival of new head coach Bill Parcells and quarterback Drew Bledsoe, the first overall 1993 NFL Draft pick, set Ben’s career on a new trajectory. Known for his reliance on tight ends, Coach Parcells saw Ben’s potential. Drew counted on Ben as his go-to receiver. In 1994, Ben caught 96 passes, an NFL record for tight ends that held for 20 years. The explosive Bledsoe-Coates pairing is heralded as one of the greatest quarterback and tight end combinations in NFL history.
Oversharing the bounty
Ben’s humble background left him unprepared for the financial responsibilities that come with significant wealth. “When I got drafted to the NFL, I didn’t know anything about money. You start receiving checks in amounts that your parents didn’t make in an entire year. It makes you feel guilty.” In hindsight, Ben was providing financial help to too many people, from college friends to family members. He was freely writing checks in amounts of five to ten thousand dollars. “When you’re young, you don’t think about money.”
When you get more money, you also get more people asking you for money.
More money, more asks
The Patriots continued their success, making an appearance at Super Bowl XXXI in 1997 against the Green Bay Packers. Ben was at the top of his game, earning upwards of $3 million per year. “Each year came with a better contract. When you get more money, you also get more people asking you for money.” Ben worked with a financial advisor who advised him to cut back on his spending. Unfortunately, he ignored the advice. “As a young player, you believe you can play as long as you want to.”
Ben’s circle of friends and family who relied on him for financial support continued to grow. Married with young children, he was also taking care of members of his wife’s family. “You don’t see it while you’re still playing ball. How much will I have when I retire, when there’s very little money coming in and a lot going out?” While Ben believes it’s important for athletes to help their parents and their immediate family, he cautions against being overly generous and making unnecessary purchases. “You don’t need to always pick up the entire bill. You don’t know how long you’ll play. Ask yourself ‘Do I really need this car or house? How long will I play with this new toy?’”
Late in the game
During the seventh year of his football career, Ben started to focus more on life after football. “The beginning of my career was all about football. I didn’t start to think about what I would do after my football career until later on.” He regrets not prioritizing wealth management earlier on and planning for the long term. The average NFL career lasts less than four years, so Ben was already playing on borrowed time. “When you’re at the height of your career, you’re living a certain lifestyle. You know you can’t play forever, but you also can’t cut back. The bills keep coming. A close family member was lending money to people without my knowledge.”
Advice would go in one ear and out the other. I wish I would have listened. You’re making all this money and you believe you’re untouchable.
Ego and pride
Ben’s financial advisor continued to encourage him to rein in his expenses. “When you’re young, you don’t listen. You’re making all this money and you believe you’re untouchable. Advice would go in one ear and out the other. You’re not really listening. I wish I would have listened. Ego and pride were my downfall.” Other NFL players told Ben that he didn’t need three Mercedes and a 10,000 square foot house. “You can only drive one car at a time, but you see what your teammates are driving. You’re in the top echelon and not thinking about life 20 years from now.”
A Super Bowl finale
Ben played for nine seasons with the Patriots before joining the Baltimore Ravens in 2000. His career ended on a high note with a Super Bowl win in 2001, when the Ravens defeated the New York Giants. Recognized as one of the best tight ends of the 1990s, Ben played in five Pro Bowls and was inducted into the Patriots Hall of Fame in 2008.
Basement pay
From 1994 to 1999, Ben was in the upper rung of NFL salaries. He was unprepared for the sharp drop in pay during the last year of his career. “I didn’t anticipate the dramatic dip. Your skills diminish and your actions get slower. You have to take a pay cut to keep playing. You get paid a basement rate.” Although he wanted to play longer, his body couldn’t. He retired from playing after the 2000 season.
Going from making a lot in professional football to a college coach’s salary was a culture shock. Money was flying out the window. I went through some rough times.
Culture shock
Ben returned to his alma mater, Livingstone College, to coach football. “I expected to have the same lifestyle when I stopped playing. Going from making a lot in professional football to a college coach’s salary was a culture shock. Money was flying out the window. I went through some rough times.” After a few more coaching stints, the long practice sessions and constant travel took their physical toll. “I bent down during practice and my back went out. I couldn’t get up.” A hip replacement and old football injuries forced Ben to retire from coaching. NFL disability benefits help supplement his income.
What I would tell my younger self
“The younger players now are getting paid so much. I hope they don’t make the same mistakes I made. There’s no reason they shouldn’t be set for life after football.” Ben appreciates that the NFL now has programs focused on financial literacy. He encourages players to develop a financial plan when they receive their first contract, before poor money habits set in. Fortunately, despite missteps with his money, Ben has been able to set aside funds for his children’s education. “Both my parents didn’t graduate from high school. Education is very important to me.”
Ben likens getting drafted in the NFL to winning the lottery. Most athletes have never been taught how to manage money and finances when they come into sudden wealth. The onus is on players to educate themselves and work with reputable advisors. “Ask yourself if you’ll have money 30 years down the road. How do you want to live? I didn’t lose everything, but I lost a lot. If one person hears my story and changes how they approach managing their wealth, it makes it all worthwhile.”
Start here
Start here
Together, we can build your legacy.
Start here
Start here
Together, we can help establish the legacy you want to leave.
