NFL Players Looking For Jobs
The lockout has some players looking for work outside the NFL.
As the NFL lockout stretches on, don't be surprised if you see some big name players with new jobs. The Bengals' Chad Ocho-Cinco says he'll tryout for Major League Soccer.
Troy Bergeron of the Cowboys is one of two players who signed with Arena League football teams this week.
Six days into the NFL lockout and its evident players are growing concerned.
Ed Butowsky says "more than any other sport, professional football players can not afford a lockout."
Ed Butowsky knows better than anyone, he's a wealth manager for a number of professional athletes including NFL players.
Ed says "you're going to see their expenses continue, their income will be zero if there is this lockout, which we're seeing right now, and this is something they won't recover from. These guys are living off of 50, 60, 70% of what they're making today."
It's why you're seeing some NFL players like Dallas Cowboys receiver Troy Bergeron flocking to alternative jobs like playing for the Arena Football league.
Ed says "going to the Arena Football League makes some sense. That's what they do for a living. They can make some money there, but a lot of people realize very easily that they don't make as much money in the Arena Football League as they do in the National Football League."
In fact, Butosky says players will only make about 5% of the NFL average of $1.6 million If they play for the AFL.
But at this point with the lockout still lingering and no promise of a paycheck something is better than nothing.
Ed says "I think what you're going to see is that this thing is going to come to an end relatively soon, but the scar is going to remain and the scar is, what am I going to do for the rest of my life when football is over that's what people need to be asking themselves."
Butowsky tells us the lockout should really be a wake up call for NFL players and how they manage and save their money.
He says considering the average NFL career is only 3 to 4 years, the money they make now really has to last them for the next 40 or 50 years.