Former NFL Quarterback Steve Bono on His Financial Life After Football

Monday, January 28, 2013

Steve Bono knows the importance of staying financially healthy after a successful career in professional sports. Bono spent roughly a decade and a half as a quarterback in the NFL, bouncing between teams, vying for playing time, and constantly worrying that he could lose his livelihood at a moment's notice. Being cut early in his career gave Bono "perspective that this does end. And it can end quickly, it can end any day."

And now Bono is working to ensure that a new generation of professional athletes have the guidance to stay financially viable after their professional sports careers end. "All of them can use and leverage what they've done on the field, because they are a brand," says Bono of post-sports life. But it isn't easy.

According to research conducted by Sports Illustrated in 2009: "By the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce."

The former quarterback is teaming up with New York University for a study entitled, "The Financially Healthy Athlete." They'll investigate what makes some post-career players successful and others not, in order to instruct current and future pros about life after sports. The findings are expected out this year.

Former NFL quarterback Steve Bono with Takeaway host John Hockenberry.

Guests:

Steve Bono

Produced by:

Jay Cowit and Joe Hernandez

Comments [1]

RUCB_Alum from Central New Jersey

The answer is simple...Not realizing that the money you earn while playing a game is not going to be there when you stop playing. The AVERAGE pro player has five to seven years to earn a lifetime's worth of money. They spend too fast and plan too little. How would the typical family do if they got all $2M of their lifetime earnings in their first 10 work years? What would they have to live on for the next 30 years?

Jan. 28 2013 04:06 PM

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