Former Jets Player Coaches Athletes on Finance and Branding
Former Jets NFL player, Bart Scott, talks to Steve Adubato about how he's helping aspiring young athletes manage their finances and how he's using his own experience to warn them about the pitfalls of fame and fortune and the importance of protecting their brand long after the last touchdown.
"Steve Adubato, it is my honor my pleasure to be here at NJIT. It is also our honor to introduce Bart Scott. Yeah. Who is a former NFL player, CBS sports analyst and also a consultant with Morgan Stanley, global sports and entertainment division that's focused on helping athletes do what? Preserve their income, their wealth, grow it you know and we've been at it for about a year and a half and it's going well, we have an opportunity to try and change the narrative. Yeah, you played in the NFL for ten years? Eleven. Eleven. Made 61 million dollars? Oh man, you did your research. Yeah it's not... you got the thorough running. Google's a good thing, right? But here's the thing. Yup. We had you on, not just because you had a great NFL career, and those of us in the New York, New Jersey area know you for the great work you did with the Jets problem, describe how serious the problem of professional athletes many of whom, and by the way a study that was done by the folks over at sports illustrated, 60 percent of pro basketball players are broke after five years after they retire, right? Five years after , they're broke? Absolutely. How serious is the situation? Well it's very serious because we're trying to change the narrative, and to do that we have to educate the athletes so that they can make more informed decisions. If you know better, you do better you know, we're on a college campus here, and you go to college so you can get educated so you can make high percentage decisions. And you know athletes are really challenged with things that, you know people, other people in society aren't. You know you can and it's global sports entertainment, because it's not just athletes, it's anybody that comes into wealth at a young age, there's no book on how to invest your money, who to trust, everybody's risk, hmm, is different from, my risk may be different from yours you know, and so we have to really focus on educating and getting a playbook, and the great thing about athletes everybody are coach-able all athletes are coach able, they want to be coached, they want to learn and stuff but they, it's tough because you don't know who to trust. Someone says, "alright, we're giving you a million dollars singing bonus" that athlete thinks it's a million dollars. Right, wrong. What is it really? Exactly, it's about probably 60 percent of that, so you might actually see six million of it, but also you have to pay, six hundred grand..."