Detroit Lions wide receiver Ryan Broyles signed a contract in 2012 that was worth $3.6 million over four years, with $1.42 million of that being guaranteed money. If he was like most people who came into that much money overnight, Broyles would have burned through a good chunk of that splurging on some of life’s finer things, but Broyles is not like most people.
In a profile for ESPN, Broyles revealed that he and his wife Mary Beth live on an annual budget of just $60,000 per year “give or take.” The rest of Broyles’ money has been used in investments and savings. He and his wife drive Mazdas (he drives a rented Ford Focus during training camp), and the couple recently bought their first home in Texas for them and their son Sebastian.
Broyles hasn’t just taken smart financial advise himself; he has been pushing for his fellow players, as well as the next generation to do the same, via ESPN:
Broyles immersed himself in the financial world. In March, he went to Washington, D.C., with New Orleans running back Mark Ingram to speak to students about financial planning. Broyles worked with VISA and the NFL on promoting a Financial Football video game in classrooms to help teach financial security and planning in both D.C. and his home state of Oklahoma.
“I studied as much as I could,” Broyles said. “Talked to people wealthier than me, smarter than me. So that definitely helps.”
Broyles isn’t a guarantee to make the Lions roster this year, but if he doesn’t, his smart financial planning will make it so that he and his family will be set for some time even when his career ends.
Sixteen percent of NFL players go bankrupt, which is a number the league needs to take steps to reduce, and players like Broyles are an excellent example of putting your money to good use.
(Via: ESPN)
