Podcast Summary: Success Story with Scott D. Clary

Episode: Lessons - Why Athletes Often Lose Their Wealth Too Soon | Marques Colston - NFL Veteran & Entrepreneur
Release Date: April 19, 2025
Host: Scott D. Clary, Success Story Media
Guest: Marques Colston, NFL Veteran & Entrepreneur

1. Introduction

In this episode of the Success Story Podcast, host Scott D. Clary engages in a deep and insightful conversation with Marques Colston, a former NFL player turned successful entrepreneur. The discussion centers on the financial challenges athletes face post-career, exploring why many squander their wealth despite earning substantial incomes during their sports careers.

2. The Financial Pitfalls for Athletes

Chris:
"I would assume if you're early in the draft, sometimes a little bit of ego creeps in...there are some wild stats out there about people that don't have post-professional sport careers and it's just kind of sad that they can take so much money and fumble it."
(03:02)

Chris initiates the conversation by highlighting the paradox where athletes, despite earning millions, often find themselves financially distressed after their sports careers end. He underscores the lack of financial management and preparedness as key factors contributing to this phenomenon.

3. Lack of Financial Literacy and Vulnerable Ecosystem

Unknown Athlete (Marques Colston):
"It's not too dissimilar from a lottery winner... your life is not set up to receive that kind of notoriety and income."
(04:12)

Marques compares sudden wealth from sports to winning a lottery, emphasizing that athletes typically lack the financial literacy and support systems necessary to manage their newfound wealth effectively. He points out that coming from blue-collar backgrounds, many athletes have little exposure to high-level business or financial management, making them vulnerable to poor financial decisions.

4. Trust Issues with Advisors and Exploitative Relationships

Unknown Athlete:
"You gotta hire an agent, you gotta hire a financial advisor. And it really becomes this game of do I feel like I can trust this person?"
(04:55)

Marques discusses the challenges athletes face in choosing trustworthy advisors. At a young age, athletes may not have the expertise to vet financial advisors properly, leading to potential exploitation and mismanagement of their funds. This lack of trust can result in athletes making uninformed decisions that jeopardize their financial stability.

5. The Reality of Financial Distress Statistics

Chris:
"I've heard some ridiculous stats about how many professional athletes with seven-figure, eight-figure contracts are bankrupt and broke after they finish playing...it's just very, very sad."
(08:24)

Chris brings attention to alarming statistics indicating that a significant percentage of professional athletes face financial distress shortly after retirement. He expresses concern over the high rates of bankruptcy among athletes who, despite earning substantial contracts, fail to secure their financial futures.

Unknown Athlete:
"It talks about 78% of NFL players are within five years of retirement are in financial distress...the number is a little bit more misleading than people realize."
(07:00)

Marques adds nuance to these statistics, clarifying that many athletes cited in financial distress reports were short-term players earning league minimums rather than long-term high earners. He suggests that the situation is more complex, with varying degrees of financial stability among athletes based on career length and earnings.

6. Transitioning to Investment and Business Post-Career

Chris:
"Walk me through that mindset of a young athlete just handed so much money and fame and influence."
(13:23)

As the conversation progresses, Chris encourages Marques to delve into his personal journey of transitioning from an athlete to an entrepreneur. He is particularly interested in how Marques shifted his mindset early on to prepare for life after sports.

Unknown Athlete:
"I had two financial advisors who were former players themselves who saw something in me and just kind of pushed me to get out of the box."
(13:55)

Marques credits his early financial success to the guidance of two former player financial advisors who recognized his potential beyond football. Their mentorship was pivotal in encouraging him to explore entrepreneurial ventures and investment opportunities early in his career.

7. Early Investment Strategies and Hands-On Business Experience

Unknown Athlete:
"The first investment that really was the first time that I rolled my sleeves up and got really engaged with the company... I invested in an indoor football team back in my hometown."
(16:16)

Marques shares his initial foray into investment through angel investing, focusing on areas he was familiar with, such as sports technology. His first hands-on investment involved taking over an indoor football team in his hometown, where he assumed full ownership and operational responsibilities. This experience provided him with invaluable business insights and practical management skills.

Unknown Athlete:
"It was probably the toughest thing in my life at that point...but as an athlete, you kind of make a living finding discomfort and pushing through discomfort."
(18:11)

Marques reflects on the challenges of managing a business, likening it to the physical and mental demands of professional sports. His ability to navigate discomfort and persevere through tough situations was instrumental in his transition to successful entrepreneurship.

8. Building a Resilient Post-Career Foundation

Throughout the conversation, Marques emphasizes the importance of self-awareness, early financial planning, and proactive investment strategies in securing a stable financial future after an athletic career. By leveraging his experience and seeking expertise from trusted advisors, he was able to build a resilient foundation that allowed him to thrive beyond the football field.

9. Conclusion

Scott wraps up the episode by highlighting the critical lessons from Marques Colston's experiences. The discussion underscores the necessity for athletes to cultivate financial literacy, seek trustworthy advisors, and engage in strategic investments early in their careers to prevent the common pitfall of financial distress post-retirement.

Notable Quotes:

• Marques Colston:
  "It's not too dissimilar from a lottery winner... your life is not set up to receive that kind of notoriety and income."
  (04:12)

• Marques Colston:
  "You gotta depend on people from outside of your inner circle... so you kind of get into this place where you're choosing people to play really pivotal roles in your career."
  (04:55)

• Marques Colston:
  "As an athlete, you kind of make a living finding discomfort and pushing through discomfort."
  (18:11)

This episode provides invaluable insights into the financial struggles athletes often encounter and offers practical advice on how to navigate and overcome these challenges. Marques Colston's journey from the NFL to successful entrepreneurship serves as a compelling blueprint for financial resilience and strategic planning.