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Chris Coy explains how he was able to take his sports background to become a successful entrepreneur
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-- OK so it was very interesting I found out that the average career of a pro athlete particularly pro football players three and a half years now long time.
In making a lot of money usually -- saying that years -- have a whole long like the -- you and that whole long life has to be filled -- all sorts of things and as a way to get back on your feet and to say your life up writing Chris Floyd the president does play it clay a certified sports -- as well as -- on.
-- for nor is joining us top -- all of these things Chris thank you and congratulations to you thank you New York City.
Because Chris I just became a certified sports agent what did that -- And so it's a -- and hours of the -- and after the post secondary degree.
And you have taken -- exam which is on the collective bargaining agreement that the distinguishes passion.
-- you have to negotiate it absolutely nothing negotiate the contracts -- usually critic.
To certain things they can be but that's the misconception that everyone's making as much -- Tom Brady realignment but anyway is making definitely -- -- -- any moment.
-- can you give us some tips on how.
Athletes or football players.
Can kind of -- their lives financially OK so -- on the -- he has had a long life that I actually let anything happen.
I'm so basically the average career is -- -- -- half years.
And there's is that the content -- initiative while ago Fifth Avenue percent of what happens there is that they need legal broke an important -- So did you know that.
78%.
They are broke and sewer line were unemployed three years after they.
Absolutely so as you -- -- the numbers are alarming so even if they're kind skewed higher than they really are so even if it's 50%.
-- -- -- -- Obsolete but the thing is that these kids make this money but they make money between their name twenty -- There after the data so they are there they're -- -- but they're still children and its effect.
-- so from between 238 is when -- make -- peaking income earnings.
A post you worked for me myself we're gonna make my peaking come from 35 to 45 brands -- and the twenties to realize how to deal with -- how to.
How to -- and bank account how to protect.
Checkbook and things -- -- -- what do you tell.
What I did athletes today and so I would do is try to help them find out.
Where there -- trying to help them to manage it -- that's not as much so for example.
They are in a 40% tax bracket so when they go spend 101000 dollars and a club in one night realistically that just cost than 181000 dollars so we try to put things on paper and try to make them.
That's a great way to explain 22 year old what their tax rate is you're gonna -- those bottles yeah.
-- -- club -- and just basically double yet.
Her she's -- -- for that one night and then you know that's -- -- that they're trying to impress the women.
Should thing but it's realistically it's not mentioning it doesn't make much sense -- -- can't -- from a do you -- extent that you know well I.
I've done a lot of things I -- we -- I don't think -- of athletes all of the time and I explained to and I have great relationship when my diploma which of course signed within -- -- -- her I said you know.
Europe the united Mexican guy she's lucky for you should look for where your money excellent addition -- so -- the whole idea that we're trying to help these athletes.
Determine what they want you once occurred in the city -- -- -- a sense -- things.
-- -- -- -- -- Okay we won't get into that.
I what are some other other tips that you make it.
This to -- Cadillac and -- -- manager that and yes.
To try to figure out what they wanted to what's the careers are over because the thing is that they can make this month -- and -- mean to make the NFL.
It is -- gift and it's -- as a gift because of the nominates to make its -- -- the case that you make -- can be a head start in life and but he can something that won't be won't last forever.
So yet to figure out what they wanna do once the careers are over in China helped them -- -- capitalize on the network and so for example if you had a giant wants to be -- Why when he came up with the top -- -- see it because our top chef in New York City.
If it's it's great PR for the -- the -- PR for -- -- is excellent for absolutely afternoons are getting their brand mimics some but it's hard to tell the kid is twenty year old son now preliminary hearing.
Absolutely to them to talk about life insurance and buying things like basis this doesn't conceptualize with the.
In your experience -- Other people you know things they've told you.
Experts in the field.
What is the percentage of athletes that listen to this advice would be success stories out there on the it'd probably -- names that I that I absolutely.
-- common household -- -- -- the success stories a lot of the success stories are people that come from backgrounds where their parents and they're very grounded.
They don't let them when he gets there hand they don't that there's celebrity gets that head and that's not.
But I think dozen -- got on the field but.
That's meal that's the thing but it say -- -- -- move that moment -- -- -- -- confident that thank you that I top level yes kind of helps you.
What kind of plant -- out.
On the have to have a and pulp and all the time just plain and general Mike and I like cheesy example analogy think you -- the grocery store with the list of things to -- like milk butter bread you get -- right.
Given them out of lets you forget -- paper towels should forget that -- to -- -- if you don't have to think that's a thing like.
If you don't have a plan five years -- -- -- -- like what did I accomplish the last five years so that's whole idea that.
To have them develop a plan but the thing is that we -- my generation like fifteenth and gratification so we like to do plans -- we -- -- two weeks three weeks four weeks.
Five years too much all types of different things like that so we can build up to a critical.
Mr.
wise beyond your years.
I don't know years.
-- -- -- -- -- -- Young successful couldn't financial -- I want to represent me any day becoming a little bit about the company and -- uniqueness married about six months ago.
Almost companies and he's also an -- you know are we actually the company that I just formed last this past year.
-- -- is an agency that focuses on life after sports our main goal is still.
Help athletes with their life after sports and that that -- that we knew activity -- 70%.
When are -- kind of struck -- like.
Oh my gosh that's the problem and the idea that I wanted to plane and -- But I wasn't blessed with those abilities and fortunately so I realize that you know there's going to be some kids that you know you playing -- -- and I don't want them fall victim to that.
-- -- So -- -- the -- a desire tent pianist for an incentive.
Way shape or form and a few -- here on an activity absolutely and we see you -- business a couple of years tiniest alliger well.
I hope to gain as many clients.
And that I can manage and then hope to grow until the sports because it sounds so 170% of that same -- to establish that.
60%.
Basketball players behind -- I think they suffer from that same financial distress spice source for a -- Because football players contracts are I'm Garrett and I guarantee and they don't get paid as much when -- back -- -- players basketball players are on.
Fully guarantee conscious -- this kind of big deals.
They usually get that amount of money and -- live NFL contract when the EC 150 made us get out Calvin Johnson -- to look in what portions guarantee.
So there are -- certain portion -- you know.
This processing every morning and return to the charity now that's remarkable -- big -- You have to he had to -- -- planet what you can mine yet Adams.
Lady right then.
Since they make it much in a few years -- -- during my entire lifetime I do not feel sorry for them happened why I'm.
-- -- that that's the idea the idea that they're gonna make a whole lot they're gonna make much is cumbersome she was twenty million dollars that Tom Brady gets.
Everybody location is that but to make the minimum salary issues for five.
Why can't let us not yes upcoming this year and -- a tax bracket that there.
All right we edit out thank you so much.
