Despite bringing home massive paychecks, a surprising number of former professional athletes end up insolvent. NFL players, for example, make an average of $1.9 million a year, yet a full 15 percent of them go broke.
Rodriguez, who now runs his own company, A-ROD CORP, says pro athletes would benefit from what he calls an "oops fund."
"I wish we had a vehicle that athletes early on can put money away first," he said on "Closing Bell." It would work similarly to a 401(k) plan or individual retirement account (IRA) in that athletes could put away up to 10 percent of their income and let it grow over time.