The Winning Playbook by Rob Welsh, Jonathan Scott
How is it that professional athletes were signing contracts in the millions and then finding they’d have to work at a second job in the offseason to make ends meet? The answer can be traced to a lack of awareness about how the monetary system works and a lack of understanding about how to effectively manage their finances.
That’s why Rob Welsh, with more than 17 years in the financial sector, teamed up with former National Football League player Jonathan Scott to share their knowledge and experiences and impart that wisdom to others in their book, The Winning Playbook.
In a recent Q&A with the authors, they discussed their observations that led to writing the book, and some of the key points they hope readers will take away.
Q: What kinds of observations did you make about professional athletes that prompted the need to write this book?
Rob: That some professional athletes had a job in the offseason. This prompted me to ask why, and I found that almost everyone I talked to was shocked to find their first paycheck was 50 percent or less after all the taxes and deductions. They did not know what a W-2 was and how taxes and deductions from a paycheck led to working in the offseason, due to spending and not saving.
Other observations: not know how money works, just letting someone called an advisor handle it, depression upon retiring or being traded (fired), not being able to touch retirement money until approximately 45 years old, and the list goes on. Creating a book that empowered people — and not just athletes — to understand money and life along with what everyone should be asking so that you take control was the inspiration behind the book.
Q: Jonathan, what observations did you make during your career in the NFL about other players/teammates and their ability to manage their money?
Jonathan: Some players were big spenders and some were big savers. I always gravitated to players who moved in the world, as the latter. The guys who seemed to be very secure with themselves had no problem saying “how would this money impact me in the future?” Those guys became highly successful after their football careers because they understood this large sum of income was only for a limited time and they knew they needed to make that money work for them 40+ years down the road — as opposed to their working for their money for the rest of their lives.
Then there were players who obtained worldly possessions for the mere purpose to project themselves as “valuable” in the eyes of fans, yet those same players honestly only saw themselves as “invaluable.” In others words, the big spenders only spent to appear as if they had “value” because they didn’t see value within themselves. That mindset leads to a “broke” mentality versus an “abundance” mentality.
As an observer, I knew I didn’t want to get to the highest level of professional sports and not have anything to show for it after I stopped playing. Our book speaks not so much on finances but rather “the mentality of finances.” It is a book of financial empowerment.
Q: What are the key learnings in the book?
Rob: The key points evolve around empowerment. The book not only teaches about how money works but addresses essential questions you should be asking to figure out who to listen to, who should advise and take control. We describe the financial instruments available, help develop a business mindset and define one’s purpose and a successful mindset.
Jonathan: I would ask a very simple question of my fellow athletes: “What do you want for yourself?” That would challenge the person on how they got into that bad situation. Was it trusting the wrong person? Rushing in an investment without understanding and educating themselves on how it works? I tell guys all the time, “Billionaires don’t become billionaires off pure luck.” They put in the work. The work you put in to get in the NFL is the same mindset to be successful in any career or skill set.
Q: What is the biggest shock you see in the way people manage their finances — or better yet, the biggest shock in what they are not aware of?
Rob: I see so many just follow the masses. Not knowing the questions to ask is by far the biggest advantage for those selling their services or products. The education is lacking. If you take a 401k for example, based on my 17+ years experience, where a majority do not even know what a Mutual Fund is and yet the 401k is made of Mutual Funds. Mortgages are the other area. Most do not know how a mortgage actually works to the banks’ advantage and not theirs. If they understood, they wouldn’t sink as much in it as they do.
Q: Is The Winning Playbook as much as a primer for understanding finances as it is a wakeup call to learn what you don’t know?
Rob: Absolutely! The book is powerful and pulls back the veil of mystery about money.
Q: Can the advice provided also serve an audience beyond former athletes who are seeking help and guidance in financial matters?
Rob: Definitely. The book was designed with the purpose of educating not only athletes but everyone. The Winning Playbook is for life and money and not just for athletes.
Q: Jonathan, did you fall prey to what some of your fellow players were experiencing?
Jonathan: I didn’t have issues; my mindset didn’t allow me to fall into traps because I always surrounded myself with people who were as good as me or better than me. Proverb 27:17: “Iron sharpens iron, as one man sharpens another.” In the teachings from my father, fools sharpening other fools will only be sharper fools.
Q: What would you hope is the primary takeaway for readers?
Rob: They become aware. Without an awareness, we operate blindly. This book will bring awareness — what to do with that awareness for empowerment.
About Rob Welsh:
Rob Welsh is a former U.S. Marine and Minister with over 17 years of experience in the financial industry. Rob has trained and mentored thousands of people on leadership, business, and personal growth with a key emphasis on empowering and adding value to others. Rob lives in Dallas with his wife Miyuki of 35 years and his son Kenny.
About Jonathan Ray Scott:
Jonathan Ray Scott is from Dallas. A ten-year veteran of the National Football League as an offensive tackle, Jonathan was also a member of the 2005 National Champion Texas Longhorns football team. Jonathan’s life off the field has been as successful as his time on the field with experience in real estate, finance, education, coaching, executive leadership and the music industry. He recently became the co-owner of a private equity group.
