Your First 90 Days After Signing

The first three months after a deal are when the most money is lost, not because players are careless, but because everything happens at once: a new city, new teammates, a signing bonus, and a line of people who suddenly want to help. Decisions made in these 90 days set the pattern for the whole career. Here are ten moves, in order.

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   1. Park the money and slow down

   Put the signing bonus in an FDIC-insured bank account or a Treasury money market fund in your name. Make no big decisions for 30 days. Nothing good requires a decision this week.

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   2. Set aside the taxes on your bonus

   Bonus withholding is often 22% on the first $1 million, while high earners really owe about 37% federal plus state. Move an estimate of the gap into a separate account right away and let your CPA confirm the number. This one move prevents the most common April disaster.

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   3. Build an emergency fund bigger than normal

   Most people are told three to six months of expenses. Athletes should hold 12 months or more, because a release, an injury, or a lockout can stop paychecks overnight.

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   4. Pick a fiduciary and a separate CPA

   Choose an advisor who will put in writing that they act as a fiduciary on all your accounts. Check them on FINRA BrokerCheck and the SEC adviser site. Hire your own CPA who works with athletes, and do not let the advisor pick them.

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   5. Avoid big buys in year one

   No house, no second car, no business investment in the first year. Rent in your team city. You do not know yet if you will be there next season, and a house you cannot sell quickly is a trap if you get traded or cut.

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   6. Get the right insurance

   Ask about disability coverage, including 'loss of value' coverage for players expecting a bigger second contract. Buy term life insurance if anyone depends on your income. Carry an umbrella liability policy once you own anything, because a rich person with a car accident is a big target.

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   7. Do the estate basics

   A will, a durable power of attorney for finances, a health care directive, and guardians named for any children. Check the beneficiary on every account and league plan: beneficiary forms override a will. If you have a child with someone you are not married to, this step matters even more.

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   8. Build a budget that lives on the smallest check

   Take only your guaranteed money, after taxes and fees, divided over the years you are sure to play. Live on that. Every bonus, incentive, and non-guaranteed dollar goes straight to savings. If your career runs long, you will be rich. If it ends early, you will be fine.

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   9. Sign up for every league savings plan and match

   The NFL's Second Career Savings Plan is a 401(k) where, for plan years 2024 through 2030, the club contributes $2 for every $1 you put in once you have the required credited seasons (generally two). The NBA's 401(k) has been widely reported to include a 140% team match. In 2026 you can defer up to $24,500 of your own pay into a 401(k). Turning down a match is turning down free money. Ask your union's benefits office on day one.

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    10. Keep a paper trail

    Save every contract, pay stub, bonus notice, and statement. Keep a simple log of who you paid and why. Freeze your credit with all three bureaus so nobody can open accounts in your name. Paper protects you in tax audits, family disagreements, and disputes with anyone who handled your money.

Who belongs on your team, and who checks whom

• Agent: negotiates your playing contract. Does not touch your money.
• Fiduciary financial advisor: invests your savings at an independent custodian, in accounts in your name.
• CPA: files your returns in every state, estimates taxes on bonuses, and reviews what the advisor is doing. Hired by you.
• Estate attorney: drafts your will, powers of attorney, and any trusts. A one-time cost that protects everyone you love.
• Insurance specialist: ideally fee-based, or at least someone who shows you the commission in writing.
• You: the only person who approves money leaving your accounts. Meet with the whole group at least twice a year.