LIFESTYLE

NFL star Arian Foster talks pitfalls of a big paycheck for players

January 9, 2014

Rebroadcasting Saturday 1/11 at 7 pm ET on Stars, Ch. 106

Did you know that 61% of the country is living paycheck to paycheck, including 30% of high-earning individuals making over $100,000? Even NFL players struggle with managing their money after they make it big. That’s what inspired NFL star Arian Foster to invest in and partner up with Learnvest: To help educate and inspire everyone to take control of their financial life.

Foster appeared on a special episode of Learnvest founder and CEO Alexa von Tobel’s SiriusXM radio show to talk about finances among NFL players, and the surprising challenges of suddenly making millions.

“Just because you have a lot of money, doesn’t mean you have the education and the wherewithal to go get the information about it,” he said. “It’s dropping your ego and saying ‘I was very fortunate to come into this amount of money but I don’t know how to manage it and I need help.’ But if you make $12,000 a year or $12 million a year you need to understand how your money works.”

One tip that anyone can apply to their live? The “Summer/Winter” theory. In our lives there are periods of financial abundance with little responsibility, and periods where we have a lot of financial obligations. So what do von Tobel and Foster suggest? Save, save, save during the summer periods!

“Financially Fearless with Alexa von Tobel” airs Thursdays at 11am ET on SiriusXM Stars, channel 106. For more information and a free trial please visit www.siriusxm.com/stars.

For a free 30-day trial, click here http://bit.ly/1hLC8LU