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NFL Players for Hire During Lockout

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    NEWSLETTERS

    Money manager says the lockout should be a wakeup call for players and how they manage their money. (Published Friday, Mar 18, 2011)

    As the NFL lockout stretches on, don't be surprised to see some big name players with new jobs.

    Six days into the NFL lockout, some players are making alternate plans.

    Cincinnati Bengal Chad Ochocinco said he'll try out for Major League Soccer, and Cowboys receiver Troy Bergeron has signed on to play for football for the Arena Football League.

    "More than any other sport, professional football players cannot afford a lockout," said Ed Butowsky co-founder of Chapwood Investments and a wealth manager for a number of professional athletes.

    "You're going to see their expenses continue. Their income will be zero if there is this lockout, which we're seeing right now," he said. "And this is something they won't recover from."

    The average NFL career is only three to four years, so the money players make now has to last them for the next 40 or 50 years, Butowsky said.

    He said the lockout should be a wakeup call for players and how they manage their money.

    "I think what you're going to see is that this thing is going to come to an end relatively soon, but the scar is going to remain," Butowsky said. "And the scar is, 'What am I going to do for the rest of my life when football is over?' That's what people need to be asking themselves."

    Butowsky said Bergeron's move makes sense.

    "That's what they do for a living," he said. "They can make some money there, but a lot of people realize very easily that they don't make as much money in the Arena Football League as they do in the National Football League."

    Players who play for the AFL will only make about 5 percent of the NFL's average pay of about $1.6 million per year.