Everyone’s heard about athletic superstars who go bankrupt.
Although athletes make crazy amounts of money, their careers don’t last forever, so if they don’t responsibly spend and invest that money, they could (and often do) run into financial troubles after retirement.
But Ryan Broyles, a wide receiver for the Detroit Lions, is hoping to escape that fate.
“[Broyles] knew NFL players, and athletes in general, go bankrupt. He saw athletes blow through millions. He was determined not to have that happen to him,” writes ESPN’s Michael Rothstein.
Although Broyles signed a contract worth over $US3.6 million — with over $US1.4 million of that guaranteed — he decided to support his family on an annual budget of $US60,000.
The rest of that money, he says, is going into investments, retirement savings, and securing his post-football future. Broyles declined to give ESPN specifics about his investments.
“Whatever comes, it’s just a blessing. But I got the mindset of a businessman off the field, I’ll tell you that,” Broyles told ESPN.
“The pressure I put on myself is just being the best player I am,” Broyles said. “I would never play [just] for money, you know what I mean, that’s not my intentions whatsoever.”
The wide receiver says that he checks his investments daily via a mobile app, takes advantages of everything to increase his savings, including the NFL’s matching 401K plan, and even travelled to DC in March to speak to students about financial planning along with New Orleans running back Mark Ingram.
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