WORK STOPPAGE READY: AS EASY AS ABC With a work stoppage on the horizon, players should be prepared for: Loss of Loss of Health Increased Loss of Camaraderie Income Insurance Training Costs and Structure With a proper game strategy we can get ahead and ease the impact. It’s as easy as: A ADJUST B BUDGET C CUT DO THIS NOW ● Adjust short-term focus and keep ● SAVE! Set aside half of each ● Cut all non-mortgage debt by savings accessible paycheck. the end of the 2020 season ● Review investments to make sure ● Hold off starting new business ● Find ways to reward yourself they match your risk tolerance ventures that don’t involve spending ● Tell friends and family that your ● Work with your financial advisor money help and support may be put on or coach on these budget ● Postpone any new major hold changes purchases ● Connect with a financial advisor or coach for help AS YOU APPROACH 2020 ● Find health care options; use your ● Find ways to trim spending ● Create a fund to cover any loans spouse’s or parent’s if under 26 you are committed to ● Build your resume for life after ● Get creative with housing costs: If football: Consider completing your ● Build connections in industries you have extra space, rent through degree or an internship you would like to work with Airbnb or to other players ● Work out with other teammates ● Cut ties with business ideas that and negotiate cheaper gym rates are draining your funds RESOURCES Take your Risk tolerance Use your Pocket Playbook Use your debt blaster assessment: calculator: calculator: goff.im/2RYx5Ab goff.im/2G7WGQg goff.im/2RjEXXW CALL YOUR FINANCIAL ADVISOR And most importantly, if you have any OR FINANCIAL COACH questions or need help adjusting spending, budgeting for a work stoppage, or cutting 877-258-2129 debt: Monday - Friday • 9 am - 8 pm ET WORK STOPPAGEguide #EXPIRATIONISCOMING #STAYREADY “As president, I’m charged with getting “It’s important for the veterans to step our men ready. That means educating up and tell those guys who weren’t in all of us on what a work stoppage the NFL back in 2011 that the business looks like and showing the league that of football is serious, a work stoppage we as players are ready for whatever is serious and the best thing that any comes our way.” of us can do is stay ready.” Eric Winston, NFLPA President Michael Thomas, NFLPA Vice President/New York Giants “Our players union is at its strongest “Why do we need to prepare for a work when we are prepared as a unit. stoppage? Because it happened before Don’t rely on your agent, your team in 2011, the same year I was drafted. or anyone else. Get informed and get I realized then and I especially know ready. Solidarity is our best weapon now the importance of being ready for in fighting for what we deserve as anything in this league.” players at the bargaining table.” Richard Sherman, NFLPA Vice President/San Francisco 49ers Thomas Morstead, NFLPA Vice President/ New Orleans Saints preamble TO THE NFLPA CONSTITUTION We, The National Football League Players Association... Pay homage to our predecessors for their courage, sacrifice, and vision; Pledge to preserve and enhance the democratic involvement of our members; Confirm Our Willingness to do whatever is necessary for the betterment of our membership - to preserve our gains and achieve those goals not yet attained. 01 Your Money 02 Your Benefits 03 Contract Negotiations 04 Player Programs 05 Drug Policies 06 Media 07 Off-Field Revenue Opportunities 08 Public Policy 09 Work Stoppage Fund FAQ 01 your money 01 your money YOUR MONEY The only economic certainty we have is there will always be economic uncertainty. Whether you are preparing for a work stoppage or your second career, you should have a plan in place to manage the financial transition. One good rule of thumb is to follow the ABCs: • Adjust • Budget adjust• Cut • Make changes to your finances that are focused on the short term and will help build your savings. • Modify your lifestyle. • Don’t go out to eat as much. Instead, try cooking at home. • Cancel unused subscriptions, like music and video streaming services, gym memberships and shopping apps. • Implement a “no spending day” once a week. • Use our Pocket Playbook to cut unnecessary expenses from your budget (nflpa.com/calc). • Review your investments. Your investments should match your risk tolerance. If you are concerned about losing money, be sure that your advisor does not have you invested in risky stocks. • Manage the expectations of friends and family members. • Make a “friends and family policy” statement to govern when/ how much you will give when someone asks you for money. • JUST SAY “NO” - or if you have trouble saying no, then say “not now.” Don’t let outside requests wreck your budget. • Do not co-sign any loans! • Make arrangements now for child support and/or alimony that will allow you to temporarily reduce payments should you lose income during a work stoppage. Consult a family attorney. Disclaimer: Material included is for informational purposes only and is not intended to substitute for obtaining professional advice. adjust(cont). • Continue to make child support and/or alimony payments. If you cannot afford the full child support or alimony (also called spousal support), politely explain your situation to the other person and hopefully you can agree on a partial payment plan. Document any agreement in writing (preferred) or through saved text messages. • Consider asking the court for a payment modification of alimony or child support. If you suffer an involuntary loss of employment and income (i.e., due to a work stoppage), the court may allow you to reduce your payments in the meantime. Be sure to review your state’s application for modification before spending thousands of dollars on an attorney. • Get creative with housing costs Finding renters for your unoccupied homes or bedrooms can generate extra income and offset the mortgage for that house. • Work with a financial advisor to check on your goals and investment strategies. • Make sure you know how much you are being charged and what services are being provided by your financial advisor. If you do not understand the terms of the agreement, then it’s unwise to do business with that financial advisor. If you feel your advisor’s service is too expensive, negotiate with him or her to reduce fees, at least for the duration of the work stoppage. • Obtain a clear explanation of your options. As a client, you are entitled to open, honest, and effective communication from your advisor about their philosophy and plans. Disclaimer: Material included is for informational purposes only and is not intended to substitute for obtaining professional advice. 01 your money BUDGET Renting gives you freedom and flexibility so that Get a grasp on how much you are spending, on average, per you don’t have to worry about selling a home due month; then save enough money so that you have one year’s to unemployment. In addition, home repair and salary in the bank by the end of 2020. maintenance costs are covered by the landlord or rental leasing company. MONEY • Save at least half of each check, if not more. If your • Avoid signing a long-term lease on any rental property current expenses are too high to save this much, you that you rarely use. should look at ways to change your spending habits and If you still feel the need to rent another property, reduce financial commitments. consider a month-to-month lease that allows you the flexibility to leave on your terms. • Focus on short-term financial goals and keep money in an account that is accessible. BUSINESS • Instead of starting a new business venture, consider • Talk to your financial advisor about ways to minimize taking courses to learn more about your potential how much you owe in taxes. business interests. HOME • Take care of essential repairs now. CARS If a major item in your home (i.e., heating system, A/C) is • Reduce your expenses and minimize costs. Delay purchasing or leasing a new car until after a new breaking down, act now. CBA is signed. Do not renew unnecessary current leases. • Purchase a homeowners’ warranty. A home warranty is a renewable service contract that • Consider selling a car you have not driven in the past covers the repair or replacement of most appliances and six months. Put money from the sale in a savings account you can home system components at a lower cost. Be sure to easily access in the future. read the warranty to see what it may (or may not) cover. • In the market for a new home? Consider renting CLOTHES instead. • Purchase only clothing and jewelry you need. Don’t purchase a new home until you have worked out a • Eliminate the personal shopping assistant, stylist, realistic plan for dealing with potential loss of income in and/or recurring clothing purchases. 2021. • Consider selling clothes you haven’t worn in over a year on Poshmark, Thred-up or Tradesy. Disclaimer: Material included is for informational purposes only and is not intended to substitute for obtaining professional advice. CUT Work to eliminate debt such as credit cards, personal loans and auto loans. Don’t have debt? Don’t take any on and don’t co-sign for loans! • Cut all non-mortgage debt, including credit cards, by • Prevent mortgage default. the end of 2020. Consider the Union Plus Mortgage Program, which Credit cards have very high interest rates.