Every football player is waiting for that major pay-day. Let’s face it, the NFL is a dream of many kids, and to have that huge pay day would be great, but not everyone is paid the same. Crawford Ker a former third round pick by the Dallas Cowboys talked to Fox Business about how he would diversify his portfolio.
“What I would tell them is I wouldn’t do that,” Ker told FOX Business in a recent interview when asked whether he would advise players to get into the crypto world. “What I would do is — if they want to dabble a little bit in it or, in other words, if they want to take 5% and put it into cryptocurrency, that’s fine – or 10%. The major thing with investing is to be very diversified. And that’s a very volatile currency. It’s almost like 10 times more volatile than the Nasdaq or something like that. If you want to build wealth, it has to be very diversified.
“For a lot of these athletes, I’d tell them to be very conservative because, at the end of the day, when the football season is over, a lot of the time the money trail stops. If they’re making $10-20 million a year, as soon as you get out of that league, it’s not a lot of jobs out there that are paying $10-20 million. For every superstar athlete, I think the general public sees these guys as multimillionaires, but it’s a 5%, 2%, 1% gain. It’s the 1% actually making the big money to retire. It’s the 1% that have a future outside that in broadcasting or what have you. It’s a limited time.”
Ker talks to kids about what to do after the NFL. Ker has been pretty successful, he sold the Florida-based Ker’s WingHouse to Third Lake Capital in 2014. The year before the transaction, the Tampa Bay Times reported the company was doing $60 million in sales. Ker opened the first WingHouse in 1994.
Some NFL players are great with their money, but being conservative with your money is probably great advice for a rookie.