Mike Golic Talks About Some Personal Finance Decisions
ESPN’s (DIS) long-running morning drive radio show Mike & Mike, is coming to an end; with the last show scheduled for Friday. Beginning Monday November 27th, Mike Golic will be joined in studio by new co-Host Trey Wingo. Golic & Wingo will air weekdays from 6-10a EST, with simulcast on ESPN2 (moving to ESPNU in January). JohnWallStreet had the opportunity to catch up with the guys to discuss finance, the NFL and their new show. In part 1 of a 3-part series, Mike Golic talks about some of the personal finance decisions he’s made.
JWS: Who handled your finances during your time in the NFL?
Golic: When I got into the league at 21 years old, my brother (Bob) was with IMG out of Cleveland; so, I went with them as well. I made the decision without even thinking about it. I hired them as my agent and they did everything. All my bills went to them. I was a business major, so it wasn’t like I was inept; but I said this is what you guys do, you offer this, I’m going to take it. You guys take care of my money to the point of paying my rent and bills.
JWS: Did you think that you would make enough money playing football to carry you through the balance of your life?
Golic: No, I was in the league for 3 years before I made $100,000. This was before free agency, so even if I had been an all-pro player, the monster deals weren’t out there. I knew I could make some money. In my 9 years, my salaries equaled up to a little more than $2 million. Certainly, nice money, but it wasn’t going to take care of me for the rest of my life.
JWS: Did you overspend during your playing career?
Golic: I got drafted by the Houston Oilers and broke my ankle in training camp, so I was on injured reserve my whole rookie season. I went out a lot and when I went out a lot, I would buy drinks a lot; for a lot of people. 3 months in to the season, my agent and financial advisor called; he said, just because your credit card has a limit every month, does not mean you hit it. That was my ding-ding moment. I’m not seeing anything because everything was going to them. I was only making $62,000 and I was just kind of spending it. I learned the lesson of man, know what is going on.
JWS: When did you decide to be more pro-active with paying your own bills?
Golic: When I got married and Chris (wife), who has an accounting degree, said we’re not doing this anymore. I’m going take care of the bills. The money is now going to run through us and I’m going to keep an eye on it.
Howie Long-Short: Mike earned $62,000 as an NFL rookie. Today’s NFL rookie minimum is $465,000. Had Mike played in today’s era, simply earning the league minimum in each of his 9 seasons, he would have made over $8.335 million in his playing career; more than 4x his actual on-field career earnings total.
Fan Marino: Fun Fact: One of the first investments made on Mike’s behalf was the purchase of shares in the Boston Celtics. The NBA franchise was traded on the NYSE until its 2002 sale. Currently the Knicks (MSG) and Raptors (RCI) are the only publicly traded NBA franchises. Howie seems to think MSG is undervalued.
For the balance of today’s newsletter, sign-up here!