From diamond studded chains and private jets to fast cars, even bat mobiles… NFL players, superstars as they are, are not shy about flashing their wealth. Then again, Shannon Sharpe and Chad Johnson, who have successfully reinvented themselves after their career on the gridiron, feel that young players should check on their splurging to ensure they do not go broke “when the cheques stop rolling in”.
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Evidently, Sharpe and Johnson know a thing or two about not just staying relevant in football, but also keeping their finances in order. On an episode of Night Cap, the two NFL alumni discussed money and how young NFL players should deal with the massive influx of cash while entering the league — or even the NCAA now with the NIL in effect.
There has been a problem for decades with rich athletes going broke shortly after they stop playing. Stars like Sharpe and Ochocinco want to help the next generation avoid making those mistakes.
“You want some nice things? Reward yourself for the hard work. But at what point in time do I need to have like 10 cars? I don’t. I don’t. And that’s the mistake that some of us make. Do we really need all that?” Sharpe asked.
Ochocinco added: “When you’re young, you wanna live like the rappers, even though you make 10 times more than the rappers. And you see them with all the chains and the cars.”
Social media has exacerbated the culture of faking it in front of others, with success measured in a show of material possessions. Rappers are notorious for this, and their displays of material wealth can still influence athletes who look up to them.
Even though athletes often make much more money than entertainers, Shannon believes that the show of ‘fake wealth’ online should not mislead youngsters.
“On IG, sometimes IG has me questioning myself like, well damn! I be calling my people like ey, ya’ll ain’t paying me enough. How every rapper fly private?” Wondered Sharpe.
Ochocinco chimed in, advising, “Don’t fall for that.”
Sharpe added: “I know they not, because I see a lot of rappers on my flight. I’m talking big names.”
Ochocinco, the eccentric Cincinnati Bengals All-Pro, was someone who made many a splashy purchase during and after his playing career. And he has clearly learned from his mistakes.
Johnson is now a respected pundit on The CW’s Inside the NFL while also holding down his role on Sharpe’s show. He broke down how difficult it is for guys to change their lifestyles after their income slows down.
“We go broke because of that identity, that image we try to portray, not only while we’re playing, but once we stop playing, when the cheques stop rolling in. It’s impossible to keep up with that lifestyle. Impossible!
“Imagine, there was a time every goddamn Monday, I’m making $350,000 a week? Six months out of the year? And I’m looking at dudes now, and they’re living their life,” said Johnson.
The latest instance of this is former Steelers WR Antonio Brown, who filed for Chapter 11 bankruptcy in May 2024. A shocking situation given that Brown earned over $80 million during his NFL career.
Meanwhile, his bankruptcy case is at risk of dismissal after allegations that he concealed assets and financial information.
Ochocinco and Shannon also discussed another big reason players go broke — the hangers-on, friends, family, and everything in between coming to them for money. This is not often talked about as much as the displays of flashy wealth.
Oftentimes people who come asking for money and loans were former NFL teammates. And, sadly, Sharpe says many of them “made more money” than he had in the league, but blew it all during or shortly after their careers in the league.
“They say if you give me more money, then I’ll be alright. But if you don’t have no financial discipline, it doesn’t matter how much they give you, you’re gonna overspend,” said Sharpe.
“Think about wherever you from, think about people that you know, personally, that had money at one time. They were on top of the world. Where they at now?
“You don’t need to say names, you can just think about the stories… Me giving you five grand, me giving you 10 grand, ain’t go do nothing, because you’re going to be right back in the same position again anyway,” he added.
Player salaries will continue to grow, so they need to attain financial literacy early and stick with it. They should learn from the examples set by former players like Sharpe and Ochocinco to make the right decisions after their playing careers.
Of course, it’s always going to be expensive to take care of themselves and their families maintaining a certain lifestyle. But, as Chad and Shannon reiterated, it’s the excessive spending that, if curbed, could make a huge difference for them and their family’s future.
