From football to financial plan: with his pro career cut short, Forey Duckett has structured a serious plan for investing in his family's future.

WHEN DEFENSIVE BACK FOREY Duckett was drafted by the Cincinnati Bengals in 1993, he signed a contract worth $170,000 per year. "it was long before mega contracts came about," he quips. Still, it was enough money to provide an idyllic lifestyle. But three years later, Duckett's professional career was permanently sidelined by a training camp injury from which he never quite recuperated.

Duckett, 35, went on to score a job in auto sales, but at $70,000 per year, it paid less than half of his NFL salary. Looking to generate additional streams of income, he and his wife, Janie, a 33-year-old model, formed Forjane Inc. The entity, launched in 2002, secures modeling contracts and generates annual revenues of roughly $50,000. The Seattle resident recently decided to tackle another occupation--realtor.

Duckett had invested steadily since his NFL days. Unfortunately, with the exception of a house he bought for $290,000 in 1999, the results were nothing short of disastrous. Duckett lost a fortune in the market, about $170,000, using his own flawed investment model. By 2002 he was ready to pursue a solid investment strategy. That's when he reconnected with David Norman, a San Jose, California-based financial adviser with Smith Barney. The two played college football together. Since then Duckett has strongly adhered to Declaration of Financial Empowerment principle No 3: to commit to a program of retirement planning and investing.

"My investment style at the time lacked structure. When my wife and I sat down with David, he taught us diversification and gave us clarity," Duckett says. "He showed us how to invest for our children and ourselves. He opened our eyes to other areas to invest, especially in different parts of the world."

Norman makes it a point to educate clients about the markets so that they can understand his methodology. The Ducketts' goals are threefold: to create a nest egg that will allow them to retire early, to garner more modeling assignments, and to save for the education of their 4-year-old and 1-year-old daughters.

At the time the Ducketts had a portfolio that was valued at $130,000 and consisted solely of technology stocks, such as Lucent, Cisco, Sun Microsystems, and Microsoft, many of which experienced turmoil during the height of the tech crash in 2000. Norman had the couple shift their asset allocation by investing in equities diversified across different sectors. He specifically used exchange traded funds as the core of the portfolio because his research showed most investors focused on domestic products although foreign products were doing very well. ETFs are passive index funds, like traditional index mutual funds, that allow investors to trade a portfolio of securities in a single transaction. Since ETFs are traded like stocks, they generally have lower expense ratios and can be more tax efficient.

The Ducketts' asset allocation model became 60% international ETFs, 25% U.S. ETFs, 10% U.S. mutual funds, and 5% cash. Norman placed 18% of the overall portfolio, in energy ETFs, which benefitted from the run up in energy prices, fueling a 48% return last year. Norman also had the couple establish two SEP IRAs (currently worth roughly $45,000 each) and 529 college savings plans for the children's education (currently valued at $20,000 each). Since 2002, the Ducketts' portfolio has risen in value from $130,000 to $265,000. Over the years, Duckett had bought and sold two homes, one of which was an investment property. He reinvested the profits toward his retirement.

"Being able to talk to someone who had good knowledge of investing has been a plus for us. David had us diversify our portfolio and focus on our future," Duckett says. "A lot of athletes only think 'I made it.' They don't worry about their future. Unlike a lot of professions, in athletics the leagues advertise how much you make. So you need to have people around you that you trust to show you how to save and to set a foundation for the future."

Declaration 05 Financial Empowerment

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following:

1] To use homeownership to build wealth

2] To save and invest 10% to 15% of my after-tax income

3] To commit to a program of retirement planning and investing

4] To engage in sound budget, credit, and tax management practices

5] To measure my personal wealth by net worth, riot income

6] To be proactive and knowledgeable about investing, money management, and consumer issues

7] To provide access to programs that will educate my children about business and finance

8] To support the creation and growth of profitable, competitive black-owned enterprises

9] To use a portion of my wealth to strengthen my community

10] To ensure that my wealth is passed on to future generations

To commit to a program of retirement planning and investing

PRINCIPLE 3

A bit of a proscrastinator in the past, Duckett is putting in place an estate plan to protect and provide for his heirs. He understands now that a solid financial plan can help you get your arms around complex financial issues like tax planning and retirement savings. Here he offers some advice to others planning their futures:

* Commit to saving for retirement. Just hoping that you'll have enough money for retirement is not a smart strategy. Social Security alone won't cut it. It's wiser to take control of retirement planning yourself by investing in company 401(k) plans and IRA accounts. Also, make a plan to save on a regular basis, whether you start with $50 a month or $5,000 a year.

* Create and adhere to a financial plan. "When you plan for every avenue of your life, then when the time comes for each occasion, you will be OK," Duckett says. Having a plan enables you to see how you can help your family in the future. For example, opening and contributing to college savings fund gives you a sense of relief. "I know people who earn good income but don't think ahead for college education until the children are ready for college," he explains.

* Don't waste your money. You want to grow your money not throw your money away. "I have never depended on things like the lottery," Duckett says, Look to investment vehicles such as stocks, bonds, and mutual funds. Real estate is also a definite buy. "As a realtor, I have a strong commitment to homeownership and real estate investments in general," says Duckett.