2) Choose an advisor wisely: NFL owner Lurie borrowed an estimated $180 million to buy the Eagles in 1994. At $1.3 billion, the team now ranks as the league's seventh most valuable, according to Forbes. The single most important decision athletes make, according to Lurie, is hiring the person who handles their money.
"The best advice is to pick your financial managers, really, really carefully. ... It happens when you're very young. It's early. You have got to pick well," he warned at the third annual NFL Honors show at Radio City Music Hall.
3) Set a budget: Cruz, who helped the Giants win Super Bowl XLVI, said athletes have to set a budget/balance sheet with their financial advisor, then stay on it.
"Make sure you're not blowing all your money. Just go and put yourself on a per diem every week, every month, whatever it is, and treat your money wisely," he said at NFL Honors.
Based on his record-breaking 2012 season, Cruz signed a five-year contract extension with the Giants that will pay him an average of $8.6 million a year through 2018, according to Spotrac.
4) You're not Warren Buffett: Just because you're suddenly rich doesn't mean you're the Sage of Omaha, Young warned.
"There's always a sense, 'I want to be rich like the rich guys. What do they invest in?' Investments are really risky. You shouldn't do that until you get five years in, 10 years in, experience. People are trying to be experts in investing—right when they get rich. Forget that."
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So what should athletes do with their earnings?
"No. 1, save it. AAA tax-free bonds would be the thing I would tell you," Young said.