Pro-Bowl QB Facing Financial Ruin

Pro-Bowl QB Facing Financial Ruin

Mark Brunell’s Career Earnings of $50 Million . . . Gone!

March 9, 2012 – With the NFL Scouting Combine recently concluded and Draft Day fast approaching, many college football players, no doubt giddy with anticipation, will soon be eagerly awaiting that life-changing phone call from an NFL team which will hopefully set them on the path to stardom and financial independence.

A select few will sign contracts worth millions upon millions of dollars they could only dream about only a few years earlier.

Many more will sign less bountiful, but still very lucrative, contracts commensurate with their talent and market value.

The lucky ones who remain healthy will parlay their talent into long NFL careers that will pay them an accumulated sum of money designed to ensure a lifetime of prosperity.

But for one such player who has “been there, done that,” the end result is shaping up to be far different than planned.

According to “Jets Quarterback Mark Brunell’s Catastrophic Financial Path,” the three-time Pro Bowler “blew all his money with lousy investments into nine businesses.”  Bankruptcy court filings reveal his plans to begin a $60,000 per year job as a medical sales rep once his playing days come to an end.

By all accounts, Mark Brunell is a great guy with a heart of gold and tremendous work ethic.  But his tale of woe is proof that neither these qualities nor athletic prowess on the gridiron assures anyone success with money matters.

Problem Not Isolated to NFL Players

Even though a disproportionately high percentage of former NFL players end up “bankrupt, divorced or unemployed” according to ex-Green Bay Packer Ken Ruettgers who helps retired players who are down and out, the problem is not unique to this demographic.

A comprehensive study of personal injury plaintiffs who reject structured settlement offers and accept cash settlements instead does not exist; however, stories about people who spend their settlements faster than anticipated abound.

Mark Brunell’s story is certainly not a happy one.  But at least he is young and can yet recover from his misfortune.  When plaintiffs are anticipating large personal injury settlements, it’s usually because their ability to support themselves in the future has been seriously compromised.

They cannot afford to take risks!

For this reason, a structured settlement should serve as the foundation of any individual’s post-settlement financial planning strategy.  It affords them the BEST opportunity to cost-effectively guarantee they will not outlive their money and end up penniless.

In its pamphlet, “Structured Settlements: Your Future. Guaranteed,” the National Structured Settlements Trade Association highlights several of the unique advantages structured settlements offer.

Retirees, Too, Benefit From Lifetime Income

In addition to personal injury plaintiffs, soon-to-be retirees looking to convert their life savings into guaranteed, secure cash flows should look to lifetime annuities which are the most cost-effective and least risky asset class for generating guaranteed retirement income for life, according to the scholarly work of two Fellows of the Wharton Financial Institutions Center in their article Rational Decumulation.

Let Us Help

Whether you’re in need of structured settlement expertise or seeking to roll-over your 401(k) or IRA, we can help.  As specialists in offering financial solutions with your long-term financial security in mind, we’re here to help.

Thank you for the opportunity to be of service!

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