NFL Hall of Famer Mike Haynes realized his playing days wouldn't last forever, and started early planning for his financial future.
Let his experience be a lesson to those players currently bringing in the big paychecks and blowing it all on fancy cars, extraordinary homes and gifts for friends. Haynes set a plan in motion early to know the world of finance and stayed the course after he retired in 1989. For example, in the off-season Haynes said he worked at money management firm State Street and enjoyed reading the annual reports of companies.
TheStreet talked with the Super Bowl champion (Raiders, 1984) about his career, financial lessons learned along the way and outlook for the NFL on the latest "Jolt" podcast below.
TheStreet: What business lessons would you give the current crop of NFL draftees?
TheStreet: Be conservative. Don't just do what your financial adviser tells you to do, learn why it's important. Make sure you are trying to get educated so you are learning about this stuff. If you are fortunate to be in the league a long time, good change you will make a lot of money and you want to make sure you are doing the right things with your money.