Many NFL players have gone bankrupt over the years. Even names like Terrell Owens and Michael Vick had to file for bankruptcy after some poor financial decisions. Many splurge on plush cars they rarely drive and buy multiple properties they do not live in–as a result they go broke sooner than they expect.
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To save the players from making such blunders, NFL legend Peyton Manning has consistently shared financial advice with younger players, which he often wished he had received during his early years in the league.
Derek Wolfe, who won the Super Bowl with Manning, was among the ones who listened to Manning’s advice to “max out” his 401(k) and greatly benefitted from it. In an appearance on his Wolfe Untamed podcast, the former WR called it a turning point in his financial stability and revealed how it helped him save more and build his financial corpus.
One of Manning’s top-notch pieces of advice was to maximize contributions to a 401(k) so that players can save a portion of their paycheck before taxes and reduce taxable income to plan for retirement.
Since employers often match the monetary contributions, it does wonders for long-term financial growth.
Manning, who joined Wolfe as a guest on the podcast, went on to address how today’s NFL players struggle even more when it comes to finances–especially with NIL (Name, Image, Likeness) deals helping NCAA football players earn money in college itself.
The two-time Super Bowl champion said:
“You get drafted, and all you wanted was to figure out how to fit into the defense and earn your spot. You got the football part of it, but now you’ve got money in your pocket for the first time, and people are pulling on you.”
Wolfe, who decided to consistently maximize his contributions to 401(k) and currently has a net worth of $4 million, makes sure to share Manning’s advice with the next-gen players from both NFL and NCAA Football.
Truly, Manning’s leadership exits beyond the gridiron. Another of Manning’s most valuable pieces of advice for rookie QBs was to move out of their comfort zones and create a rapport across the roster.
Manning’s tip for building team chemistry
Instead of only connecting with fellow QBs and offensive players, the Hall of Famer wants young quarterbacks to build good camaraderie with everyone, including defensive ends. However, according to Manning, the connection needs to be genuine and not superficial.
Manning believes in starting with simple, personal interactions, such as having breakfast with a defensive tackle or breaking the ice with a rookie linebacker. These small gestures build respect and rapport, which can translate into on-field success.
When defensive players feel respected by their quarterback, they are more likely to give their best effort, ultimately contributing to the team’s success, per the former QB.
Perhaps, Manning’s success as a legendary QB could be partly related to this similar approach where he led his teams(Colts and Broncos) to multiple playoff appearances and Super Bowl glories.
