Taking Nothing for Granted
“I was kind of surprised,” says Drew, who a few years ago built a division within Wealth Management that caters to the unique needs of athletes and entertainers. He was also gratified that his message struck a chord with Andrew. Many professional athletes land in financial hardship, not because they don’t earn enough—according to National Bureau of Economic Research study, 1-in-6 NFL players will file for bankruptcy within 12 years of leaving the league, despite averaging $3.2 million in earnings over their career—but because they don’t plan ahead and often end up making poor investment choices.
For Andrew, a 5-foot-6 receiver who had grown used to hearing others tell him how he would never make it as a pro, the importance of planning would be critical because he knew his path to the NFL wouldn’t be a traditional one.
Instead of ingesting that negativity, Andrew focused on creating opportunities. He coached, became a contestant on the football reality show 4th and Long, and played in the Canadian league. All the while, he kept trying out for NFL teams. In 2011, his persistence paid off when he landed a spot on the roster of the St. Louis Rams.
What’s Your Post-Game Plan?
He would go on to play six seasons with a number of other teams including the Cincinnati Bengals and Cleveland Browns. Even so, he never took a pro career for granted, Andrew says. “Don’t wait to prepare. Prepare now, because the future is coming whether you like it or not.”
It’s the kind of lesson that many professional athletes and entertainers learn too late, as Morgan Stanley’s Drew Hawkins knows all too well. One of his key initiatives is a financial literacy program for sports and entertainment veterans and emerging talent, including collegiate athletes. The goal: Help players in all leagues avoid common financial pitfalls that can come with the sudden wealth that many of them acquire.
As for the next phase of Andrew’s career: “I put myself in a good situation and, like anything else, it’s time to capitalize,” he says.