Be Like Tiki Barber -- Invest Smartly

Are you ready for some finance?

Leland Faust, chairman of CSI Capital Management and financial adviser to many pro athletes, says even the rookies need to put serious thought into securing their financial futures.

That's not a challenge to be taken lightly, warns Faust, who oversees more than $1 billion in assets. Fortunes can be built or destroyed by a poor financial decision.

Faust spoke with TheStreet.com about the challenges facing the NFL's newest competitors and the pitfalls they need to avoid.

Q: What financial advice do you have for those entering the ranks of pro athletes?

A: The player should realize the great opportunity that he has for long-term financial security. Nevertheless, to take advantage of that opportunity requires responsible use of his money. A player has to be realistic. Even though the sums paid to high draft picks are substantial, this money must last a lifetime.

The athlete needs to set realistic goals and assume that the first contract will be the only contract he will ever have. If there is a second or third contract, then this will add to an already positive situation if the player plans properly.

We advise patience and long-term thinking, careful tax planning, avoidance of debt -- except for purchases of homes -- and conservative investments.

Q: How should they choose a financial adviser and agent because they will be handed a lot of business cards?

A: Retain an adviser who is both competent and honest.

Does the agent or financial adviser have the proper background? Has he done this successfully before? Does he have the proper education? Does he have the required business registrations and licenses? Has he encountered disciplinary problems before? Have any prior disputes with clients been based on legitimate claims and not just spurious claims raised by a disgruntled former client? Is he demonstrably honest?