Investing Lessons From the 78% of NFL Players Who Go Broke

Here's a statistic that may shock you: 78% of NFL players declare bankruptcy within five years of leaving pro football. In this video, Austin Smith offers two lessons from this sad statistic: Spend less than you earn -- much less, in the case of professional athletes, who have a short window for earning big paydays -- and have patience in building your wealth. While we may dream of a big payday, chances are we'll have to slowly accumulate wealth.

For more details, including how Warren Buffett figures into the equation, check out the video.

If you're on the hunt for one stock to start building your riches, The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock it is in the brand-new free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.

The article Investing Lessons From the 78% of NFL Players Who Go Broke originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.