He said he made poor investments early in his career, and that but for his longevity he may not have recovered from the moves he made. “You hear invest, invest, invest, but you really don’t know what that means,” Saints safety Malcolm Jenkins recently told CNBC.
“The harsh reality I had is that I would be broke probably in five or 10 years,” Jenkins said as to the conclusion he drew near the end of his rookie contract. “So for me, it’s been a journey to learn how to not only save your money, how to plan, how to budget but also how to grow your money. . . . Lucky for me. I’ve been in this league long enough where I’ve been able to make enough money to withstand the mistakes that I’ve made.” Sometimes it is, sometimes it isn’t. But that nagging sense of “where’s the catch?” becomes very useful when deciding where and how to put money at risk.
Anyone can be conned. The word “con” is shorthand for confidence. The bunco artist inspires confidence in the mark, getting him or her to go all in. The only way to avoid being conned is to be constantly suspicious, and to always have a little voice that will whisper from within, “It sounds too good to be true.” Ultimately, it’s about understanding all risks and returns and about appreciating how those risks could come to fruition. Jenkins clearly pivoted to a plan that included better understanding of risks and returns, and it worked for him.
The problem is hardly unique to players. Former Eagles owner Norman Braman became one of the many supposedly sophisticated victims of high-end flim-flam man Bernie Madoff, who died in prison this week at 82. It’s a challenge for players to know where to put their money and whom to trust with it. Young men experiencing a major influx of cash become magnets for used car dealers and door to door charlatans.
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- Malcolm Jenkins talks about the “journey” of learning how to save and grow NFL money
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