The process has changed dramatically since NFL Hall of Famer Herb Adderley, a first-round pick, found out he had been drafted in 1961. The 21-year-old cornerback negotiated his contract alone and signed it on the hood of a car in an unfamiliar parking lot. “I was talking with (Packer assistant coach) Bill Austin and, when we agreed on a bonus, along with a one-year, no cut contract, he reached in his pocket and pulled out a blank contract, filled in the info, including my name and amount of money,” Adderley said in a 2018 interview. “I signed the contract on the hood of a car.” In the 64 years since Adderley signed that rookie contract, the NFL has grown exponentially, and the draft has become a three-day extravaganza. Next week, hordes of NFL fans will descend on Green Bay to witness the drama. It takes thousands of dollars and whole teams of people to prepare athletes for the draft these days. What hasn’t changed, though, and never will, is the steps those athletes need to take to protect themselves financially in an incredibly fleeting career. The following five tips apply to NFL superstars, and to anyone else hoping to make the money they earn during their working years last their whole lives. Create a budget. Track your spending, analyze it and make sure you understand exactly where your money goes each month. This is critical no matter what your income level is. Create an emergency fund and direct money into it. It’s also a good idea to set up separate accounts for living expenses, savings and investments. Maximize your contributions to a retirement account. This helps with taxes in the short-term, and expenses down the road. The interest you earn on that money compounds, so the earlier you start contributing to a retirement account, the faster that money will accrue. Understand how taxes will impact you currently and in retirement…. | Read More »