Former Detroit Lions wide receiver Ryan Broyles made headlines when he stated he lived off only $60,000 and he has now revealed that simply setting a budget and not living too flashy can set up a pro athlete for the rest of his life.
Broyles signed a $3.6 million contract so his meager living standards in the NFL was interesting news considering the fact roughly 80 percent of NFL players well end up going broke, according to Forbes. (RELATED: Radio Host Calls NFL Player ‘House Negro’ [VIDEO])
He stated the following in an article he wrote in The Players’ Tribune:
So I sat back with my advisor after a few months, and with all my bills, plus the money I was spending on entertainment, I was consistently spending $5,000 a month (after taxes). Here’s how it broke down:
My wife and I had a couple of car payments and a mortgage like anyone else, and those — along with other bills and expenses like cell phones, insurance, gas, groceries — came out to a little over $4,000 a month. The rest was spent on entertainment and whatever else we wanted.
So that’s what my advisor and I set my budget as: $5,000 a month, or $60,000 a year. That’s what I was spending and I was happy with my standard of living, so why did I need anything more than that? The rest of the money went into the stock market and other investments for later on down the road when those NFL checks stopped coming in.
Seems like pretty simple logic, but the former Oklahoma Sooners star seems to also understand how so many former athletes making millions on Sundays go broke.
“They come out of the gates as a rookie spending a lot of money, and they establish a lifestyle for themselves that they can’t sustain because they’re not saving and investing enough money for the future. Then one day, the checks stop coming in, and you wake up and all your money’s gone because you’re trying to fund that lifestyle you’ve already gotten accustomed to,” the current free agent explained. (RELATED: Patriots Linebacker Rescues Woman From Burning Car Two Days Before Playoff Game)
Broyles has indicated he will continue to play football if the opportunity is available.