Your time as a professional athlete may be behind you, but a crucial financial journey is just beginning. Whether you played for a few seasons or had a long career, planning for your financial future is important. It helps you keep your lifestyle, support your family, and build long-term financial security.
As a former NFL player, I understand that moving from sports to the next part of life is important. It is also one of the most overlooked challenges an athlete will face. Think of post-sport planning the same way you approached your training and competition: with intention, discipline, and the right coaching.
Taking control of your money after your athletic career ends
1. Understand your new financial reality
When the paychecks stop, your financial situation changes. You may no longer have team contracts or endorsement deals, but your expenses don’t go away.
| WNBA star Sheryl Swoopes was drafted in 1997 and officially retired from playing in 2011. In 2004, while employed by the Houston Comets, Sheryl filed for bankruptcy.1 She later coached college basketball. Her current net worth is estimated at $300,000. |
What to do:
- Review your current income sources (investments, savings, pensions).
- Get a grip on your cash flow to manage your new lifestyle and continue building wealth.
- Avoid overspending or trying to maintain a “peak career” lifestyle without the income to support it.
2. Preserve and grow your wealth
You’ve earned the money and now it’s time to protect it. Without a plan, even high earners can face financial strain.
Key strategies:
- Collaborate with a fiduciary financial advisor to athletes: They are legally required to act in your best interest. Ideally, you hire one who understands athletes and their distinct situation.
- Diversify your investments: Real estate, stocks, bonds, and other income-generating assets can help you build passive income. Ensure your investment portfolio is also well diversified to help weather volatile market conditions.
- Avoid risky ventures: Be cautious about business deals or investments that sound too good to be true.
3. Plan for taxes and legal protection
Athlete wealth management can help you manage complex tax issues. This is especially true if you earned money in different states or countries. You also need to think about protecting your assets and planning for your legacy.
What to do:
- Get help from a tax professional familiar with multi-state and international income. The “jock tax” makes you pay taxes in each U.S. state and city where you earn money, even playing one game.
- Set up or update estate planning documents: wills, trusts, and powers of attorney.
- Consider changes to insurance coverage to protect against unexpected health or legal issues.
4. Create income streams beyond sports
Your playing career may be over, but your earning potential isn’t. Many retired athletes build successful second careers. I began my second career as a financial advisor after I stopped playing.
| Bernie Kosar was an NFL quarterback from1985 to 1996. He retired with almost $20 million and invested in multiple business ventures after he stopped playing.2 Bernie filed for bankruptcy in 2009, with only $44 in his checking account. |
Ideas to explore:
- Start a business in an area you’re enthusiastic about, such as restaurants, coaching, or fitness training. You might explore corporate speaking or starting a foundation.
- Invest in real estate or other ventures that generate steady income. Consult a professional who understands investment management for pro athletes.
- Use your brand for media appearances, endorsements, or speaking engagements to bring in revenue.
5. Support your family and future generations
Many athletes want to take care of their families and leave a legacy. That takes planning.
Steps to take:
- Set up education savings plans for your children. 529 plans can cover qualified expenses for college as well as vocational and apprenticeship programs. Some states allow funds to pay for qualified K-12 expenses.
- Use trusts to manage how money is passed down, taxed, and protected. Multiple types of trusts are available to choose from, depending on your financial goals.
- Talk to your advisor about generational wealth strategies that go beyond your lifetime.
| NBA star Earvin “Magic” Johnson built a business Empire that includes investments in movie theaters, Starbucks franchises, and ownership stakes in multiple sports teams. He also holds controlling interests in a $20 billion financial services company and a food service firm.3 |
6. Build your financial support team
You didn’t succeed in sports alone — and you shouldn’t manage your finances alone either.
Your team needs several key people. You should have a financial advisor, a tax strategist, and an estate planning specialist. A transition coach can help too. Finally, include trusted mentors or business partners.
At Mercer Advisors, I collaborate with our team of specialists. They specialize in financial planning, tax planning, estate planning, insurance, and investment management. We provide a family office for your family. If you have outside counsel or work with other experts, we’re happy to consult with them.
Your next chapter starts now
Retirement from sports isn’t the end, it’s a new beginning. With a solid, long term financial plan, and the right team, you can live comfortably, pursue new passions, and build a legacy that lasts.
You can start today. Let’s talk.
- “Sheryl Swoopes Net Worth.” Celebrity Net Worth, Aug. 22, 2025.
- “Browns Legend Bernie Kosar Went From Making Millions to Only Having $44 in His Bank Account.” Sportscasting.com, Aug. 22, 2025.
- “Athletes Who Succeeded as Entrepreneurs.” The Sports Financial Literacy Academy, Aug. 3, 2022.
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