Player Storytelling: Jed Collins

times before he ever took his first NFL snap. He is now a certified financial planner and author of the book Your Money Vehicle, How to Begin Driving to Finance Your Freedom. Welcome Jet, And it is an honor and a privilege to be on and truly humble to be in the consideration of legend and very excited to share kind of the message that I am out promoting and delivering um to not only our brothers, but to just

the masses around financial empowerment. Thank you, Jed. I'm so excited for the work that you're doing and it's obviously needed, not just in the athletic room, but just in society in general. And I know you have a great financial advice for players and legends, and even people who want players and legends. But I want to talk to you for a minute about your playing career. Jet take us through the number of teams and the number of times you got cut when you finally took your first NFL snap. Yeah.

So I h I have been called a master of being cut um, and it is something that truly I'm fortunate because I'm I'm unique in that I loved the right. So I'm a journal er and so each time I had that conversation, I have it written down on pen and paper, just pouring out my emotions. And some people say, you know, this is the first time her worse or more than the last time. They all hurt the same,

they're shots of the heart. But I went undrafted, which was kind of the first humbling point because I definitely expected to to get a phone call that day. But I went undrafted to the Philadelphia Eagles. UM, didn't make the team, got cut by them, got picked up on their practice squad a couple of weeks later, got cut by them again. Uh. They went over to Chicago, got caught by Chicago, went over to Cleveland, got on the active roster very briefly, got cut on the active roster,

moved down to the practice squad. Then I chose to go to Kansas City that second year off season wasn't a wise decision. They told me to lose thirty pounds and and try to be a fullback. I wasn't. Obviously, did not make that roster, was on the streets for a little while, got picked up in an opportunity to go to Arizona's practice squad, got cut by them, went back to Cleveland under a second regime. First was Romeo Cornell,

then Mangini didn't go any better. I got cut by them. Uh. And then I got my third training camp down in Tennessee, and that's really where everything started to change for me mentally, which as a as a fullback is is the primary aspect of that position is having your mindset right. Um. And our fourth preseason game was against the New Orleans Saints, and I went out and said, this is a make it or break it kind of game for me. I'm either gonna get on I R or I'm never gonna

get an opportunity again. Um. And so I played my heart out and the Saints called put me on their practice squad, and that's where I ultimately broke in and got into becoming an active member of the team. Very proud to say I climbed the ranks. I ended one year. It's the number one ranked player at the fullback position. UM. And I was in New Orleans for four seasons and

finished uh in and they didn't sign me back. So I went up to Detroit they had I was there for a year, got cut by them, and then had the most interesting moment of my probably my journey. After all that said and done, I went to Dallas. They gave me a signing bonus. I was there for about three weeks, barely put on a helmet, and then they unexpectedly cut me. And that was That was about the time when I called my agent. I said, hey, listen, I've been doing this finance stuff. I you know, I

had my first daughter. I think I gotta go start my life beyond UM but truly New Orleans. You know, I named my my daughter's middle names Nola. Changed my life and forever grateful for the opportunity that the game of football has given me and my family. You know, one of things you said, Jed, and a lot of times when players get released, we here here cut and you end up on the street, but you just shared you were doing something. It sounds like we're doing finances

doing that time. Would you why don't you speak to some legends and some current players who maybe still are not on the team what you did when you did get released. Literally you were not on the streets, so kind to share that with us. Absolutely, And so that's, you know something I challenged myself again, going back to that kind of journaling mindset every time I got cut. It is that pain, it is that anger. But then I started asking myself, well, what could I have done?

How are those guys making it? Why wasn't it me? And that was a list I started to create. Actually call it rookie to veteran, but it was behaviors and principles. I watched great players perform that I simply just took. And that was part of what I was doing each time I got cut and go, you know, in transit, shon or on the streets, was finding what that next behavior I was going to put into my regiment and

add to my tool belt. Um and then beyond the game off the field, the reality was I was financially illiterate. My rookie year, I got some good paychecks, some active checks, and they came and went the day that you know, I cash them. And you know, I will say my first big purchase was an engagement ring. And my wife and I are still happily married, but I will tell her to this day that was a very poor financial decision.

And it woke me up to the reality that even though you know, I come from an academic family, I had very little understanding around the concept of money. And I dove in. I went to a bookstore and started just buying, you know, the financial gurus. And finally I had a former NFL veteran, a brother, challenged me and say, hey, man, I've been giving you fish and feeding you fish, but if you really want to know, you gotta learn to fish yourself. And he challenge me and said, start studying

for your certification and financial planning. And that is a a long process. You know, it took me two or three years to to complete, but it gives you a fundamental understanding in a holistic view of money, not just investing, but how insurance and taxes and estate planning and cash management,

all those things tied into it. And so it was truly building this kind of off the field knowledge and having guys in the locker room asked me questions about not just the NFL benefits, but about how money and the game and the world works. That really led me

down the road I was on. But I couldn't be more proud to say I was earning that CFP through getting cut, through being on the streets, and even once I was starting to make it in New Orleans, it was like, Hey, I gets sneak in a book or something on our flight or on our bus and and get a little bit of time invested there. Now, let's go back to the plane career. What was it like when you finally had an opportunity to play in in a game with the Saints? What was so? It was? So?

I'll give you two plays, um. The first one was my first first play with the first team my rookie year in Philadelphia, and you will know this, man. I I got to go line up at fullback against the first team Eagles defense and saw Brian Dawkins coming through the hole. And he was one of those guys I grew up, I grew up watching I knew I know who weapon X is and I remember him coming through the hole, and I didn't see Dawkins. I saw Weapon X,

and I was intimidated. I was humbled, and he knocked me in the next Tuesday and I got up off the ground, and in that time, you realize confidence is king man. I had to believe I was going to be out there. And so why I said my third year was such a pivotal year for me was it was the first training camp, it was the first office season that I walked out onto the field, and I believed I was the baddest dude on that field. I hadn't really really embodied that yet, and as a fullback,

I had to have that mindset um. And so really my my journey in New Orleans was even unique because the only reason I got reps with the starters was because we were going through the lockout and the collective bargaining dream and said any free agents had to wait a couple more days, and they had just you know, bought or traded for a free agent fullback who was

supposed to be the starter. Um. And so in those two or three days kind of transition period, that's when I got the opportunity to be amongst the best and be amongst the starting circle and I I felt that taste and I got that feeling, that confidence was there, and I said, I never want to let this go. And truly that player never really even took my reps

or took my position away from me. So from that first hit with Dotkins to the hits in the training camp when I would go in and guys would flip the script and start to fear me, that was that was really the change in mindset of me becoming a lead block and fullback. And Jed, I'm looking at you. May you have this nice looking hair in this name. How did you decide what made you want to be a fullback? Oh? The line is not long for fullback.

So I was a linebacker in high school. I was a tight end, kind of a receiving tight end in college. But once you you transition from college to the NFL. I stood next to some of the tight ends up there at six six six five, I'm about six one. They run four fives. I run a five flat. So it wasn't so much a choice position change. It was more if you want to keep going, you're gonna have to learn a new skill set. And really what the transition for me into the NFL, was was realizing fullback

is a selfless position. No longer was I going to be the guy with my name in the paper. I was going to be setting up the guy to get his name in the paper. And I really had to embody the idea that the position is much more one of will than of skill. Are you willing to go into the whole and do the work that very few want to? Um So it wasn't It wasn't my first choice. But that's selfless, that that mindset and really the discipline

to go play that part. It's it's transcended into kind of what I do now in helping people lead their way financially, but also just the the ability to uh to control my mind, to control control my message to myself to wake up and manifest my future, because that's what I would have to do on the field. You know, I didn't believe I was the baddest dude on there. I repeatedly looked in a mirror and told myself I was.

And that's when things started to change. You Know, you mentioned someone he came down to the full back position. You said it was the will many times over the skill. Now as we transition into finance man. One of the things in these questions I'll ask you, I'm thinking about, how do you get guys It's one thing to have

the skill that they need, but how in finances? And I'll ask you this a little later on in this and maybe you'll talk about it in the questions, how do you get legends and players to have the will to want to manage their finances? So let me take you here. Among of the players, one of the biggest misconceptions about an NFL career and their own financial well being.

That's a one you know coming in. I think one of the biggest misconceptions is we get paid all all year and not just during the season, and so the mismanagement begins with that first paycheck. Um. But I think guys have a have a tough time at twenty to imagining themselves at sixty two, let alone even just thirty two, and to truly see this this financial dream and this

opportunity is to not be rich. And one of the things I really love to share with legends and guys playing is there is a big difference between rich and wealth. Rich means I have money today, and being rich is not a bad thing. Being rich is a great thing as long as it transitions to wealth, and wealth means it's not that I have money today, it's I have many tomorrows that I don't have to worry about money.

And I didn't know the difference between the two, and it's it's really kind of a foreign language for for many of us to think, what is wealth? What does it mean? How do you build it, how do you manage it? And then how do you transfer it to your family? So one of the biggest misconceptions is I made it, I'm a rich rookie, or I made it I just got my second contract. And the reality is you are not wealthy yet until that money is going to work for you. And you have made this this game.

You've taken the dream and the opportunity and made it your your employee. Once your legends and players begin to assess in effects the facts of where they really are. So that's a great question. And you know how precious the time in the game is. Uh. You know, most guys are fortunate to make it to that three. Get the investing into the pension. I would begin with, you know, your your second year, rookie year is just save as much as you can just just get survived, focus on

the game, be get job number one. That's the other piece of this is is so many guys wonder well off the field, how can I go get investments or how can I go start this or start that. The greatest influencer and impact or on your wealth is going to be your career. Making it one more season, focusing on job number one there, that's always a priority. But as we look at it, we gotta begin, you know,

with our cash management. I think that happens year one, year two, and then as you get into three and four, you start to look at the amount of benefits the game can deliver to you. Why our union is so vital and strong is because it does provide for us a financial you know, jump start to our lives um and so starting to understand how those programs work and how to maximize them and then come five years and beyond is when you can really start to look at

and say, okay, I have my foundation. I not only have that, but I have a transition account that I always try to tell players protect two years of cash because that those transition years are going to be extremely challenging. But over that five years and once you're starting to look at it and see how the game can impact you. Beyond that is when you can start to look down

and say, what am I passionate about? What do I want to continue to learn about, and how do I then transition that into something as an income stream off the field? So jed, most careers are like yours, not like Drew Drew brees right now. So with that in mind, what what does that mean for the financial help the players and legends? In other words, what do they need to understand? Uh? And what are the oldest unique peculiaritives

when you don't have a loan sustained career. Yes, And for the vast minority who get to have a career and say, hey, I don't have to work again, um, this is the game has given me enough more and more power to you. For the other ninety nine nine percent of us, UM, I would look at my time in the game and my time playing and in the off seasons, I would begin to develop interests, skills that are going to translate. I would begin to build my network.

I think that is one of the biggest failures of guys in the league is we want to remain exclusive, we want to remain private when at that time every door in America would open to you. Everybody opens the door for a current NFL player, not everyone is open for a former NFL player. And so I would challenge guys to continually get out and network um and then really just looking at how can I leverage what I am and what I have been around. I I am not Drew Brees, but I've been six ft from greatness.

I've seen the best in the world operate on a daily basis, the skills and the disciplines in me translating to anything and everything that I'm going to do. And I really want more players to to stand on that fact that I got to go to work, but I am miles ahead of everyone that I'm going to compete with because they don't understand the level of intensity or the level of uh of discipline that I've had to develop to become who I am UH. And so I would look at it as most guys are like me.

Most guys are going to need a second career. What in your your journey can you take away? What in your game of football can you transition into life after? And that doesn't have to be coaching and broadcasting. Those are great careers, but just your time management, your team playing, your your functionality will be desired by so many different corporations and leaders. Hey Jed, now, what you've been cut

as often as you were? Was that? Was that the thing that triggered you to want to learn about finances and become a financial partner? It definitely played into it, you know. And I get to say I was fortunate to be cut so many times because my career was over before it even began, multiple times, and so it did show me the longevity of the game is going

to pass me by very quickly. Um. And so from a financial perspective, it showed me, well, I have to be preparing today for ten thirty years into the future. But what what else it also did was it gave me the blessing of failure. And people have a very interesting reaction to that. But I think in business, in life, as an athlete, one of the best things you can hear is no, because it closes the door and it

challenges you to find a better way. Again, when I would get cut, I would go and look at what was Dawkins doing, What was the twenty year kicker doing? What was it fifteen year offensive alignment doing what were all these guys doing that I didn't do? And so being told no forced me into that realization that I needed get better. And I don't know if I would have achieved what I did had I not been told

no and cut so many times. So the reality that, you know, having having your contract be taken away and no more income wakes you up to the financial lessons and then it's you know, challenges you to say, all right, this isn't good enough. What are you gonna do? And

and that's when I wouldn't started getting educated. I love how you share with us your definition of rich and wealth, because I'm quite sure being in the league, players were more cars and all the houses and all those things that kind of in your conversations in the locker room, did you see Are I think that players thought they had wealth when they had cars and things like that versus no, no Jit, the school of jit. Uh, you

guys are just rich? Tell me about that. And you know one question I would always ask guys whether it was a first rounder, uh, fifty million dollar guy? Was man, you think you have so much? Imagine the guy writing your paycheck? You know that is a different and when you start to look at it through a different lens, you start to see the change and you start to look at well, how long will this last? How long is this lifestyle going to be afforded by what I have?

And I don't care if you do have the million dollar contract. If you're spending spending a half a million dollars a quarter a million dollars a year, you're running out of money in your forties. And that's a great, you know, twenty year time life, but that's not the dream. The dream is to have football set you up for life. And so yes, one of the realizations for me, with with young guys and even myself was that differentiator between

an asset and a liability. And it sounds so simple, but the reality is we need to understand what an asset is. None of us have ever bought an asset before our days. We've never been introduced to what they are or how to buy them. But looking at things to purchase that are going to put money back into my pocket as opposed to cost me more, that was a real awakening moment for me, and I started to challenge everything I was buying. You know, I still buy and I still spend and you know, I got a wife,

so we definitely spend money. But I started to look at it like, hey this, you know, sure, I could go and have a pretty good, you know night or two in Vegas, or we can go throw it in this thing. Or I could go and you know, get my CFP with that, or I can go and do other things. What over the long term is going to

bring money back to me? And I think if young players can look at that and say, I can still go buy my wants, but I also got to go buy some assets, that is one of the most powerful tools they can have is saying I know this thing is going to return me more down the road. That's my priority. Did you take advantage of any of the

programs available to players and legends? Absolutely not. Not just to mention the transition ones around my my body and my mind, which were excellent, But while I was playing, I got to go to Wharton and Harvard the business management entrepreneurial programs, and again a word I'm gonna say is those were unbelievable experiences being on those institutions in front of those professors. But what was even more important was the network. Looking around a fifty other guys in

our shoes, in our position. Some of them were ten fifteen years out of the league, some of them were rookies. But looking around and saying, these guys all know, they get it, and they're here because they're gonna truly capture every opportunity possible. Um. And so I looked at those types of things even now. Oddly enough, when I took, you know, file for my CFP, it was not a

reimbursable expense. Now they are now looking at these skills that you can develop off the field, and I think organizations I hid my CFP, which in today you look at a Brandon Copeland. I should have been very vocal about what I was doing. I was a bubble guy, and I was always afraid that people would think that, you know, oh well, just just not focused and he's not, you know, doing the job. I think enough people understand the modern day athlete has a voice and has a mind.

And we look at both the social movements as well as the business movements of where we are in this world. Um, you know, de hopping in Arizona is the latest example of man, this cat has his mind straight, and it has nothing to do with his performance on the field, he's just a businessman off the field. And my my favorite quote to a lot of guys in the locker room, whether it was Calvin Johnson down to you know, practice squad players, Dasies. You know, I'm not a businessman. I'm

a business comma man. And we got to see ourselves that way. We got to be the CEO of our own business. And this branding, this n I l s in the college world and as well as just the NFL opportunity of every day is an interview. Every day somebody is looking at a NAST and saying, Hey, who is this guy, what is he offer? What is he about? And we have to be able to sell ourselves accordingly and shout out to the hop man. He actually yeah, it did his own contract to in Arizona. He did,

and did a heck of a job. One of the things every NFL player and legend should do to day jit to ensure the long term financial success. That's a great, great question. Um, this is not gonna be reinventing the wheel. I would say the first one, the biggest one is writing down your goals, having that conversation with whoever you trust, whether that's your house. Whether that's your brother, your parents, your advisor, your uncle, I don't care who it is.

Have that open conversation of what you want to take from the game, because we all know the game is going to take from us, and we really want to be able to see football as something that is given and not taken. So what do you want out of the game? Write down those goals, and then you begin to develop a strategy and a system. What is your cash management when you get paychecks, whether the big ones while planned, the transition ones, or in your second career,

where is your purpose behind every dollar you make? Money without a purpose is a problem, and so we need to employ our dollars and make sure we have before the check even arrives, a percentage of where we want those dollars to go. And then we can get into efficiencies. And as we look at number one of what are our goals, we look at vehicles that can be opened. I have kids, I want them to have higher education,

so I opened a five to nine account. I have philanthropic or charitable inclinations, so I opened a donor advised fund, or I just see the tax system and I say, this is something that as a current player, I have a lot of after tax money. As a transitioning athlete, I have a low income. Can I open a wrath account and can I push as much money into this wrath account as possible? Because then I have tax free

growth for life. And so I would look again, what are your goals and then finding the vehicle that is going to efficiently take you to those goals as good as possible. So if we building a financial tool kit JIT, we'll call it the JIT kit. How about that for players alleges to use? What would be in the two kigit? I'll start out my name with a few would it?

Would Number one be finding a financial planner. I would say for a current player, even more than a financial planner is going to be a good c p A. UM taxes is such a challenge for professional athletes. The latest tax code laws have taken away a lot of our deductions. Finding a good c p A is the first member of your team after your agent. Then definitely finding an advisor. And I love to point out this

word of fiduciary. Fiduciary standard means I have a legal liability to put your interest first, and if you would, I'll give you a sixty second example of what that word fiduciary means. Imagine going into a restaurant and in this restaurant, you sit down on the waiter or waitress brings you a menu, and on this menu is salad, fish, and steak. And they handy the menu and you say, well, I don't know what's good here. You're the expert in this what what's good? And the server looks at you

and says, the fish. I think you should go with the fish. What they don't have to tell you because the fish is on the menu, is that the fish is starting to go sour. And the chef said, we got to push the fish. And I'll actually give you another dollar for every piece of plate of fish that you sell. That is not a fiduciary. A fiduciary looks at the menu and says, well, the fish is going sour. Don't get the fish. I heard you talking about lunch.

You already had a burger, following that up with a steak, red meat probably not the best for you. What the best for you in this situation is to order a salad. That is a fiduciary somebody who says I cannot and will not accept that extra dollar. I'm not going to sell you something that's going sour. I want you to be in the best thing possible for you, and that is a fiduciary. And are there still crooks who hold

the fiduciary standard. Absolutely, But as you look at advisors, that is the first question I asked people is why are you not a fiduciary? And let them explain and if their reasoning makes sense to you, you can move forward. But that is a good standard to place to start. Okay, here's a quick question. I'll do some rapids as we clull out yet, so let's go around fire. All right. The first thing, what's the first clue a guy should know that may alarm them that this may not be

a fiduciary right front edgial person. How they get paid? So first question is why are you not a fiduciary? Second question is how do you get paid? Do you get commissions off of what you sell? Me? Are you do? Do you sell different products, different funds, different things? That is going to be a red flag. And again there are some great people who can hold that designation and make commissions and do all that, but you need to have clarity around how that person is going to get paid.

And then the last question would be what exactly are your services? Where do you begin? Where do you end? Um So the big one around fiduciaries, how do you get paid? There's another way you did something. You took advantage of programs learning on their own. How much do you recommend players doing that? I highly, highly recommend it again, and it could be you find something you are infinitely curious about. I've met some great guys in the teammates

who have businesses around hunting. Why because that's what they want to wake up, you know, they try to get me out at three thirty four in the morning to go, you know, shoot some stuff that's just not my jam, that's not me. But find something you're infinitely curious about and then start looking at how you can create a business around it, because you have an opportunity, you have a brand, you have the disciplined and you have a little financial cushion to be able to live a life

that very few get to. You know, I get to run my own business today because the game of football. Had I not play football, I will not be in the situation I am. So find something you're curious and then start to learn as much as you can, not only about the hobby, but about the business. Would recommend that players have just as much passion for their finances as many of us do our bodies, particularly when we're playing. I would give you a third one. I would say,

have just as much passion for your mind. Invest in your mind because that is going to take care of both of those feats. And you're right, health well health and wealth are two amazing aspects, but our mind is really what we need to start protecting and not only recovering, but pre habing um. But as we look at that investment into our bodies and investment into our careers, I want to really truly empower guys to say I captured the NFL dream. How few we see those statistics, we

see the documentaries. How few really get to walk out of a locker room and say I've captured it. So I'm going to give a biased dancer at the end and say we we gotta handle our money. And I will also say I got to talk to a lot of rookies this offseason, and they were very interested in the social movement, having the social injustice be a part of their voice. Finances is one of the biggest influencers in that you want to change your community, teach them

how to handle their money. You want to make an impact in d C or in your city or state. Money is going to always talk. So part of this movement has to begin in our wallets as we close out. What action still would you say to us legends and to current players, we should take git So this one is going to be UH one and the as I have appreciated this has been great. Um, this is gonna

be eliminating a hazard to your wealth. And insurance is not a fun or sexy topic, but I I look at rookies to ten year players, two guys five years out who have net worths that need protecting. It's called an umbrella policy, and it is a catastrophic insurance policy that says, I'm protected to five hundred thousand dollars on my car insurance. But what happens if I hit something and it's a million dollars or God forbid five million dollars? You can go get an umbrella policy for one five

million dollars. That is not going to be very expensive, but for a hundred of your listeners, a thousand of your listeners. If one or two of them ever use it, it will be worth its weight in gold um. And so that's that's a hazard to your wealth that we really try to eliminate and avoid in the wealth management space. Get an umbrella insurance policy. Wow. Yeah, this has been incredible. Thanks so much for joining us once again. The book is called Your Money Vehicle, How to Begin Driving to

Financial Freedom. It can be found where jet so you can connect with me on our our website, Your Money Vehicle dot com as well as my personal website jededia Collins dot com. Uh. Social media, I'm at Fullback of Finance on Instagram, Twitter and TikTok um. And yes, we have actually updated the book Your Money Vehicle into a full online virtual course and it is meant to begin people on their financial journeys. So welcome any and all

to to reach out. I love questions, I love to help, and I love connected with legends like you, sir, So I appreciate it and uh yeah, I enjoy the day. Thanks for listening in and the best is yet to come. This has been the NFL Legends podcast. To provide feedback or request a topic for discussion, email us at NFL Legends at nfl dot com.