Athletes and entertainers face unique wealth management opportunities, considerations and challenges. The athletes and entertainers we interviewed shared their personal stories and perspectives to highlight the need for more financial education in the sports and entertainment world. We thank them for being strong advocates of financial literacy.
Ben's advice
Ben's advice
鈥淪et boundaries on who you help financially. Always take care of your parents and your immediate family鈥攜ou don鈥檛 have to be responsible for anyone else. You might feel you鈥檙e invincible, but you don鈥檛 know how long you鈥檒l play.
Take stock of how money is coming in and going out. You need to ask yourself 鈥楬ow will I support my own family 30 years down the road鈥?鈥
Full house聽
Full house聽
Ben and his seven siblings grew up in Greenwood, a rural town in western South Carolina. His parents worked hard at the local cotton mill, but 鈥渨hen there are eight kids, there鈥檚 not a lot of money.鈥 The family of 10 lived in a modest three-bedroom home. 鈥淢y parents did the best they could.鈥 While finances were tight, money was never openly discussed.
Although Ben didn鈥檛 start playing football until his senior year at Greenwood High School, his talent on the field won him a scholarship to Livingstone College. He was the first person in his family to attend college and earned the school鈥檚 football MVP award three years running. Despite his standout performance, he was overlooked by recruiters given Livingstone鈥檚 small size and lack of big-name competitors. In 1991, Ben was drafted in the fifth round of the NFL Draft, 124th overall, by the New England Patriots. It was an unlikely start for one of the most celebrated and highest-paid tight ends in NFL history.
You start receiving checks in amounts that your parents didn鈥檛 make in an entire year. It makes you feel guilty.
The breakout years
The breakout years
During his third season with the Patriots, the arrival of new head coach Bill Parcells and quarterback Drew Bledsoe, the first overall 1993 NFL Draft pick, set Ben鈥檚 career on a new trajectory. Known for his reliance on tight ends, Coach Parcells saw Ben鈥檚 potential. Drew counted on Ben as his go-to receiver. In 1994, Ben caught 96 passes, an NFL record for tight ends that held for 20 years. The explosive Bledsoe-Coates pairing is heralded as one of the greatest quarterback and tight end combinations in NFL history.
Oversharing the bounty
Ben鈥檚 humble background left him unprepared for the financial responsibilities that come with significant wealth. 鈥淲hen I got drafted to the NFL, I didn鈥檛 know anything about money. You start receiving checks in amounts that your parents didn鈥檛 make in an entire year. It makes you feel guilty.鈥 In hindsight, Ben was providing financial help to too many people, from college friends to family members. He was freely writing checks in amounts of five to ten thousand dollars. 鈥淲hen you鈥檙e young, you don鈥檛 think about money.鈥
Start here
Start here
Together, we can build your legacy.
Start here
Start here
Together, we can help establish the legacy you want to leave.