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NFL players get financial advice from Morgan Stanley
Not everyone can be Tom Brady, in looks, skill, or paycheck.
For the less fortunate pro-football players, it pays (literally) to be financially savvy. A player on an NFL practice squad makes a minimum salary of $6,600 per week during the 17-week regular season, reports Markets Wired. An annual salary of $112,200 isn't bad, but NFL players can get cut during the season without guarantees. And being on a practice squad is no long term career path.
Morgan Stanley and former athletes Bart Scott and Antoine Walker have started a financial education program explicitly for pro-athletes looking for a little guidance. Financial education is important for anyone, but it's key for young athletes and prospects not ready for careers that typically last less than four years, says Drew Hawkins, managing director and head of Morgan Stanley's Global Sports & Entertainment division. A six-figure paycheck is huge for a young 20-something, until it's gone before he's 30. Teams agree. The Seattle Seahawks, Jackson Jaguars, and some NCAA programs are already partnered with the wealth management firm to guide their players.