Lions Receiver Ryan Broyles Lives on $60,000 a Year and Invests the Rest
Three years ago, Detroit Lions wide receiver Ryan Broyles was attending the NFL’s rookie symposium, paying close attention and taking copious notes during the session concerning financial planning.
Next year he could very well be teaching that session.
Broyles was a second-round pick in 2012 who signed a $3.6 million rookie contract with $1.422 million guaranteed. But rather than blow all that money on cars, houses, and jewelry, simply assuming that money would always be flowing in, Broyles sat down with a financial adviser and came up with a plan to avoid bankruptcy and make that $1.422 million last.
That plan? Live his life for a few months to figure out what’s comfortable, then set a budget, stick to it, and invest the rest.
That is exactly what Broyles did. Since 2012, he and his wife have been living on about $60,000 a year, meaning they’ll invest roughly $1.182 million of that guaranteed money. They both drive Mazdas. They only recently bought their first house. But every day, Broyles gets up and checks the stock market to see how their investments are doing.
“I studied as much as I could,” Broyles told ESPN. “Talked to people wealthier than me, smarter than me. So that definitely helps.”
Now, even though he has 420 receiving yards in his three-year career, Broyles is working with VISA and the NFL to teach smart financial planning. So if his career in the NFL doesn’t last long, Broyles already has a second career as a financial planner (and paid public speaker) all lined up.
That’s how you do it, rookies.
Hat Tip – [ESPN]