For the last couple of years NFL players have been told by the NFLPA to save their money as much as possible in order to prepare for the possibility of an NFL lockout. Now that the lockout has hit we've been wondering if various players around the league are hurting for money since they haven't been able to get those free agency or offseason bonus checks.
If the player Matt Bowen of National Football Post talks about is still in the league then....well, we may have a problem.
I played with a guy who would cash his game checks. That's right, get the check on Tuesday, drive over to the bank and get thousands of dollars in straight cash.
What did he do with it? Put in a briefcase-under his bed.
So let's say someone is getting paid a million bucks per year. Players are paid via 17 weekly checks during the season so that would be just under $60,000 per check with, let's say, about half taken away by taxes. That would mean this particular player goes to the bank, walks away with about $29,000 or so -- in cash -- and proceeds to place it in a brief case...under his bed.
The player explained to Bowen that he "didn't trust banks" so the next logical step was obviously to put it...in a briefcase under his bed.
This doesn't necessarily mean that this player doesn't have any money right now but I think in general people who keep their money under their bed aren't very financially educated.