Professional athletes are not exactly known for their personal finance acumen. In 2009, it was reported that 78% of NFL players go bankrupt two years off the field. In recent years Curt Schilling, Michael Vick, Mike Tyson, Latrell Sprewell, and Marion Jones (to name a just a few) all ended up in hot water after living far beyond their considerable means. Recently, four-time NBA All-Star Vin Baker was reported to be training for a managerial role at a Starbucks outlet.
But while the siren songs of McLaren, Johnnie Walker Blue, Patek Phillippe, and bougie zip codes are as alluring as ever, report indicated that NFL’s Ryan Broyles is setting himself up to be a personal finance role model.
Over the next four years, the Detroit Lions wide receiver stands to make $3.6 million, or $900,000 per year, but is setting a modest $60,000 annual budget to support himself and his wife and child.
Broyles made a shocking revelation that a rookie financial literacy symposium that set him on the path of financial planning and prompted him to study “as much as he could.” After calculating how much money he would need to live comfortably—he and his wife drive Mazdas—Broyles learned how to live with that number and set aside the rest for a rainy day.
With his history of ACL and achilles injuries, there’s a fair chance rain may be in the 27-year-old’s short-term forecast. But Broyles’ financial savvy may contain the seeds of a second career: Since the spring he’s been traveling the country promoting a financial literacy football game to classrooms full of kids.
(c) Everyday Money
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