Becoming a sports star can be a dream-come-true. However, for many athletes, that dream quickly turns into a financial nightmare. About 78% of NFL players go bankrupt or experience major financial difficulty two years after the conclusion of their careers, according to research by Sports Illustrated. Furthermore, 60% of NBA players face the same results within five years of retirement.
As a former professional quarterback, Michael Jackson is fully aware of the financial fate of many well-known athletes. Jackson didn’t want to be part of that statistic. “I think the more you have, the less careful you tend to be,” Jackson says.
During his career with the Arena Football League’s New Jersey Red Dogs in 2000 and 2001, Jackson kept debt at a minimum and lived within his means, making sure to only use credit cards in an emergency. Jackson has taken a three-pronged approach to wealth building: saving…
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