When former NFL cornerback Eugene Profit retired from football after an injury, he says he knew it was time for plan B.
The cornerback, who played for the New England Patriots and Washington Redskins before injuring his hamstring, decided to fall back on his B.A. in economics from Yale University. In an interview with FBN’s Connell McShane, Profit says he always had his eye on an alternative career.
“I would tell you growing up that I watched a lot of football and thought I wanted to be a professional athlete, but I also knew the odds were pretty stacked against me and it was a long shot. Even if I did play in a league I’d probably be done playing by the time I was 40,” says Profit.
Returning to the subject matter he studied as an undergrad, Profit became a broker at Legg Mason before launching his own investment management firm, Profit Investment Management. Today, he has $2.1 billion in assets under management.
When asked for advice for current NFL players, Profit says getting a mentor is crucial to figuring out a successful path after football. Additionally, he cautions pro athletes to avoid investing their earnings in private equity.
“I think a lot of players end up investing in businesses and basically trying to buy a job. And that’s one of the best ways to lose all your money,” says Profit.