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NHL draft 2014: How former top draft picks manage money

The 2014 NHL draft will kick off on June 27 and wrap up on June 28. In honor of the NHL draft, NerdWallet spoke with Ryan Nugent-Hokpins, Gabriel Landeskog, and Jonathan Huberdeau, plus their financial adviser about how these hockey players manage money.

This weekend the NHL holds its amateur draft in Philadelphia. Coaches and general managers will be looking for the fastest skaters with the best hands, of course, but also for young men who possess an uncommon maturity, who they can build a team around. One way to measure that maturity is how they approach money鈥攁fter all, they鈥檙e about to come into a good deal of it.

NerdWallet spoke recently with the top three picks from the 2011 NHL draft鈥斅爋f the Edmonton Oilers,聽聽of the Colorado Avalanche and聽聽of the Florida Panthers鈥攁long with their financial聽adviser, Chris Legg of聽. Two Canadians and a Swede, they have enjoyed success on the ice, combining to win two of the past three Calder trophies, awarded to the NHL鈥檚 top rookie. We spoke about how they鈥檝e handled their first few years as a pro and how, at just 21 years old, they鈥檝e educated themselves about money.

The owners of the first three picks this year should be so fortunate.

How was the聽topic聽of聽money聽approached聽as聽you聽were聽growing聽up? What did you learn from your parents?

Nugent-Hopkins:聽My parents tried to preserve as much as possible, and I think they taught me pretty well. They did a really good job of teaching me and my brother how to save your money and spend when needed.

尝补苍诲别蝉办辞驳:听Standard stuff鈥攎oney doesn鈥檛 grow on trees鈥攂ut it was funny because my mom and dad would say 鈥渨e can鈥檛 buy that鈥� or 鈥渨e can鈥檛 afford that.鈥� My mom would say, 鈥淚 don鈥檛 have any more money,鈥� and she鈥檇 show us her wallet, but we鈥檇 seen her go to the ATM before to take out money, and so we鈥檇 just point to an ATM and say, 鈥淕o over there. There鈥檚 money in the wall over there.鈥� It鈥檚 just that innocence as kids, but our parents would explain to us that that鈥檚 not a money wall, that money doesn鈥檛 just come out of the wall when you push a button.

In the US, hockey is an expensive sport for kids鈥攔enting ice time, buying and replacing equipment. Was cost a consideration for your families when you started playing, then traveling with youth teams?

贬耻产别谤诲别补耻:听Of course it鈥檚 a big thing. My parents were really careful with where they would put us.聽We didn鈥檛 really do camps or things in the summer. It鈥檚 pretty expensive to put your kids in summer camps, so we didn鈥檛 really do that. I only played in the season and on the local team, and I kind of played on my own time.

Landeskog:聽How it works in Sweden is, most of the organizations that have youth hockey, they have a men鈥檚 league team where they get most of their money from, and they can use it down the ladder. The organization I was with, our men鈥檚 league team wasn鈥檛 doing very well, and that spiraled down and all the parents on the youth teams had to pay a lot more every year and every month for their kids to play hockey, so at one point it was聽very聽expensive. We鈥檇 always have auctions, or we鈥檇 walk around the neighborhood and sell candy or flowers or whatever to raise money for the team.

狈耻驳别苍迟-贬辞辫办颈苍蝉:听Any club team is going to be pretty expensive, so it definitely was a big sacrifice for both of my parents. They both worked and just tried to support me and my brother. And then there鈥檚 also the finances when it comes to the equipment鈥攜ou break a stick and it鈥檚 another hundred and fifty bucks鈥攕o it definitely was a big sacrifice for them.

After you signed your first contract, did you have the urge to buy something flashy for yourself or something big for a loved one? If you did, what was it? If you didn鈥檛, what made you resist?

Landeskog:聽It鈥檚 hard. I was 18 at the time, and when you sign you don鈥檛 realize that all that money is going to be in your account, and especially with a signing bonus. It鈥檚 kind of surreal that all that money is going to be in聽your聽bank account.

Nugent-Hopkins:聽I never went out right away and bought something with my first contract. I just kind of held on to it and put it in savings. I mean, I tried to be smart about it. I just bought my first car鈥攕o it鈥檚 been, what, three years, four years since I first got drafted and signed, so it took me a little to make that first big expense.

尝别驳驳:听We were encouraging him to buy a car鈥攚e told him for three hockey seasons to buy a car, but he wouldn鈥檛 do it. It鈥檚 not often with these guys that you have to tell them to buy something.

Nugent-Hopkins:聽I just鈥擨 didn鈥檛 need anything, and I guess I just wasn鈥檛 brought up that way鈥攖hat as soon as you get money you have to go out and spend it right away.

Landeskog:聽For me, I bought my first car, a Range Rover Sport, the day before my first NHL game. And then in the spring I bought a condo for my brother and I to live in [in Stockholm].

Huberdeau:聽I was pretty conservative with my money. I was trying not to spend too much even if I got a big signing bonus. I had a 鈥�99 Saturn, and I just exchanged it for a 2003, so it wasn鈥檛 a big change. I was just trying to keep my money as much as possible.

Wait, so when you got drafted to the NHL in 2011, you just traded your 鈥�99 for a 2003?

Huberdeau:聽Yeah, that鈥檚 what I did. Everybody would laugh at my car, but I didn鈥檛 really care. If it got me from point A to point B, then it was fine.

What lessons have聽you聽learned from working with OFS Wealth? What鈥檚 your day-to-day relationship with Chris like?

Landeskog:聽Early on in my career, it was a lot to take in鈥攕o many new terms and so many new things with savings, funds, stocks, bonds鈥攖he terminology, really, with me being from Sweden. It鈥檚 one thing to know everyday language and slang and talking to teammates, but when it comes to that kind of stuff, you get lost in translation a little bit. I read articles in USA Today, and there are things I don鈥檛 know squat about. But I try to learn and I try to read it just to get the terminology, and that鈥檚 the only way to learn, I guess. Still, whenever there鈥檚 something I don鈥檛 know or that I read somewhere, I just shoot Chris a call or a text and I ask him, 鈥淗ey, what does this mean?鈥� or 鈥淒o I need to worry about this?鈥�

狈耻驳别苍迟-贬辞辫办颈苍蝉:听Yeah, a lot of emailing and a lot of text messages back and forth. Whenever something big comes up or I have a question about something, or I do want to make a purchase that鈥檚 a little bit more money than normal, then I will give Chris a call.

Has there ever been a time when it鈥檚 gone the other way鈥擟hris calling or texting you to say, 鈥淗ey, what鈥檚 with all this spending?鈥�

Huberdeau:聽I did, actually. One month last year, I spent a little bit too much and went over my budget. It wasn鈥檛 too much over, but Chris shot me an email and showed me what I spent. Sometimes you don鈥檛 really know what you spent in a month and think you鈥檙e probably fine, but he kind of reminds you what you were spending. Some months you鈥檙e going to spend more, some months you鈥檙e going to spend less. So I think it happens. But it鈥檚 only happened once last season.

As your career progresses and you move on to your next, more lucrative contracts, is there anything you鈥檙e looking out for or, conversely, looking to do?

Landeskog:聽Athletes have so little time鈥擨 think the average career in the NHL is, like, five years鈥攁nd you make a lot of money in so little time, you have to make it last a lifetime or else you鈥檙e going to have to find a job after.

狈耻驳别苍迟-贬辞辫办颈苍蝉:听I鈥檓 trying to have the same attitude about it, just preserve as much as possible. I don鈥檛 want to change things too much. I have a house, I have the car鈥擨 don鈥檛 see what else I need to be buying or spending a ton of money on. Maybe down the road things will come up, and I鈥檒l have the confidence in my finances to spend the money, but right now I just want to keep living the same way and don鈥檛 want to be dumb about it, that鈥檚 for sure.

Huberdeau:聽It鈥檚 hard to say now because I鈥檓 so young, but when I鈥檓 older I鈥檓 going to probably stay in the sport. I鈥檇 like to be a coach. You also never know when you鈥檙e going to have an opportunity to invest in something. Investing in a team would be nice, whether it鈥檚 a junior team or in the NHL. That鈥檚 what we鈥檙e going to see later, and it depends on how much money you make in your career.

尝补苍诲别蝉办辞驳:听My mom is a chef, so I鈥檓 sure she鈥檇 love it if I got into the restaurant business. But I also hear people say every day, don鈥檛 get into business with your best friends or your family, so that gives me a second thought. I鈥檓 hoping that I鈥檓 far from my career being over, but you still have to start thinking about those things.

Do you talk about money with teammates? When you got started, did you look around the clubhouse for a veteran to ask questions about this stuff?

Nugent-Hopkins:聽A little bit. A guy like Ryan Smyth who鈥檚 played a long time鈥攈e just retired this year, after 20 years鈥攈e obviously made a lot of money over his career, but he鈥檚 been the same way forever. I played with him for only three years, but just talking to guys around the team who played with him for 10 years, they say he just kind of lives, not a simple life but he doesn鈥檛 spend wildly or anything and he makes the right investments and works with his financial guy and he was just a guy I looked up to both on the ice and off.

Landeskog:聽Yeah, I think it鈥檚 something that naturally comes up. I鈥檝e certainly heard stories, and I鈥檝e met players as well, who are kind of living from paycheck to paycheck and they鈥檙e excited for the 15th and 31st to come around. Then you talk to teammates who have millions and millions of dollars, and they鈥檙e going to be OK for generations to come, and they鈥檙e more conservative. Somewhere in between those is where I fit in.

Gabe, you鈥檙e a team captain鈥攄o you consider this to be part of how you set an example for teammates?

尝补苍诲别蝉办辞驳:听It鈥檚 not my business to tell someone what to do with their money, just as it鈥檚 also not my business to tell someone what to do in a family situation. But when private life becomes a part of what your job is, if there鈥檚 something that鈥檚 bothering a teammate so much that they can鈥檛 perform on the ice, it becomes a problem for all of us. Ultimately, we care about each other and we care about players and the people that they are. So we certainly want to look out for each other鈥攚hether I鈥檓 the captain or not, I鈥檇 be doing the same thing.

What financial lessons have聽you聽learned that聽you聽believe apply to everyone?

Landeskog:聽Anyone reading this article, when they鈥檙e done they should go download the documentary 鈥淏roke.鈥� I think I watched that documentary my first year in the NHL. It鈥檚 about how [athletes] spend tens of thousands of dollars at clubs and bars, and they treat their 10 best buddies to new cars. I guess what I鈥檓 trying to say is, it鈥檚 important to know when and where and for who you are spending money. Pick your spots.

狈耻驳别苍迟-贬辞辫办颈苍蝉:听It鈥檚 always fun to get the toys and stuff, but just save as much as possible. I鈥檓 only 21 right now, so it鈥檚 kind of hard sometimes, but I definitely have to think about my future self and my future family.

OK, so you all were the top three picks in the 2011 NHL draft, and got to know each other. Do you guys ever talk about this stuff, or do you pretty much stick to hockey?

尝补苍诲别蝉办辞驳:听The times we see each other, it鈥檚 right after a game or on the ice, so not too much. But if there鈥檚 ever a time where they feel like they鈥檙e going to invite me over for dinner, I think Ryan will be the one picking up the tab because he鈥檚聽.