M.L. on the N.F.L. What the Big Boys are reading

Author: Mary Lane

Professional sports enthusiasts read ESPN Magazine, Sports Illustrated and, obviously, this column. Pro athletes read Overtime, a magazine published by the Professional Business & Financial Network, founded and run by retired San Diego Chargers cornerback Ryan McNeil. I was fortunate enough to conduct an e-interview with McNeil to discuss the evolution of his magazine.

Overtime, marketed as "the business and lifestyle guide for professional athletes," addresses one of the hidden yet prevalent problems in the NFL-the cut or retired player who is stuck in the tricky quagmire of new, undirected wealth at the average age of 27, where time is of the essence in determining a new career path.

These men have enough money to live comfortably, but little information on how to manage money properly, set career goals and network or live a life outside of the umbrella of an NFL franchise.

When McNeil looked for advice on how to manage his income and assets in 2001, he discovered that there really weren't any good financial resources out there for pro-athletes.

"My first thought was to try to connect with older, more business-savvy athletes so I could learn from them," wrote McNeil. "But what I found was very little information and few resources to help in the process. I figured if I was having trouble finding this, then others like me were having the same issues." As a solution, McNeil began publishing Overtime, which now has a circulation of over 50,000 readers. "We pride ourselves on exposing new and different opportunities and information [for our readers]."

Of course, financial advising firms are all too eager to manage players' assets, but PBFN and Overtime help players learn ways in which to manage their money and market themselves. Such a skill is crucial and often foreign to players who grew up never thinking they would earn six or seven-figure salaries.

The average NFL career lasts only 3.8 years, and while most salaries are not at the Tom Brady level, "most are in the highest tax bracket, so taxes take a considerable portion of earnings in a short period of time," wrote McNeil. "Many athletes don't make what some consider 'big' money until their second or third contract or when they become unrestricted free agents."

What's more, there is the presence of the dreaded "jock tax," a phenomenon unheard of outside the pro-athlete world. Players who live in one state and play in another have the potential to be taxed twice. The IRS is vigilant about cracking down on the high-profile athlete, a subject covered further by Overtime's financial writers.

Thirty percent of players surveyed by the NFL Players Association who were cut or retired between 1996 and 2001 needed a year or more to find a job. "Many athletes are talented in things beyond sports, but they are passionate about only a few of those things," wrote McNeil.

Programs such as PBFN's Career Access provide support for athletes and a network of contacts in fields into which these men can transition. Ultimately, McNeil hopes that PBFN and Overtime Magazine can provide retiring NFL players with the tools they need to live productive lives.

"A lot of the responsibility should fall on the athlete to be proactive to learn asset preservation techniques," wrote McNeil. "We as citizens should be accountable for both the things we do and the things we don't. I always thought that way."