In an interview on “Cavuto: Coast to Coast” on Wednesday, former Chicago Bears captain Wale Ogunleye gave some tough love advice to young NFL players about being with money!
He’s said that financial mistakes can be much more serious for athletes because their careers are short. Ogunleye further mentioned that because NFL careers only last a few years, any bad financial decisions can have a much bigger impact than for someone with a longer working life. Thus, he’s urging young players to be smart with their money and avoid making mistakes that could leave them broke after retirement.
“It becomes a problem with athletes because it’s a short period of time that they have to earn this money. They can’t make mistakes. And those mistakes are magnified tenfold when it comes to the short lifespans that they have,” Wale warned.
Aparently, with large salaries, athletes are susceptible to impulsive spending. Ogunleye could be advising them to avoid living paycheck to paycheck and focus on saving and investing for the future.
Wale Ogunleye now leads UBS’s Sports and Entertainment business in Wealth Management. Using his experience as a college and pro football player, he helps Financial Advisors support athletes and entertainers. Their aim is to give these famous people complete advice and planning. They also give Financial Advisors who work with them the tools to expand their business.
Wale Ogunleye, a defensive end, carved out a successful 11-year NFL career (2000-2010) despite going undrafted. He started with the Miami Dolphins, leading the AFC in sacks during the 2003 season and earning a Pro Bowl nod. Traded to the Chicago Bears in 2004, Ogunleye became a team captain and helped them reach Super Bowl XLI. He finished his career with the Houston Texans in 2010.
Estimates suggest Wale Ogunleye earned around $36 million during his 11-year NFL career. Spotrac, a website that tracks sports contracts, lists his total base salary and signing bonuses at over $20.9 million. This doesn’t include potential performance incentives that could bump his total earnings closer to the $36 million figure.
