5 rich NFL stars who live like they're broke

[BNA/LION]

Interesting Article...

https://www.cnbc.com/2019/01/24/5-ri...are-broke.html

[tritium8]

Kamara is another one. Love this guy! Who dat?

https://www.cnbc.com/2018/01/17/sain...buy-wings.html

[The Libertine]

Very interesting! A few lessons to be applied. Thanks for sharing.

[dtwer]

Really good role models!

[THC]

Originally Posted by tritium8

Kamara is another one. Love this guy! Who dat?

https://www.cnbc.com/2018/01/17/sain...buy-wings.html

Very true, he walks home from any Superdome games, very nice to people, etc.. class act all the way

[G8RDPM]

Very good decisions!
Average NFL career is less than 4 years.

[josephvman]

I think statistically around 50% are in financial trouble a couple of years after retirement, which isn’t easy to do given the NFL pension plan. The burn rate is pretty high for most of these guys and most retire with nearly 2/3rds of their lives left to live and potentially significant physical and mental impairments to manage. For every Tom Brady there are 200 guys who have 2-3 year careers and never really get to the big money game.

[tyler1980]

that's stupid. Even with a short career 30 or 40 or 50 million or something, that's enough to live on very, very well forever if you are smart. Someone making the league minimum w/o guaranteed money, fine. You will have a short career and you are not making multiple millions of dollars while you are in the league so that's harder to make last when you retire/get cut at 24.

Live WITHIN your means, not way, way below. IMO that shouldn't be applauded as its just as bad as people who live way above and blow through everything. Unless of course you like the feeling of depriving yourself of something. My stepfather is like that. He lives like a bum and makes sure everyone knows how frugal he is, he does it for the attention i think. seriously. He is going to die with a ton of money and passing it on is not a motivation at all, he just likes to "collect" money. No plans to do anything with it. He actually didn't come to my wedding in London because of the plane ticket prices and has a few million in the bank im pretty sure.

A friend of mine growing up went to an NAIA college so not even NCAA and ended up playing for the lions for like 8 years. Minimum all the way through pretty much. He lived well then and still has a ton of money.

[Rashid.bk]

Originally Posted by G8RDPM

Very good decisions!
Average NFL career is less than 4 years.

And then there's that mutant dude named Brady...makes people in their 40's proud. Go old people!!!

[Watchflair]

Many of the players can get caught up in the lifestyle they see around them and be broke fast. Maybe not to these extremes but living a more reasonable life style would suit a lot of the players better.

Consider that the average salary of an NFL player according to Forbes for 2018 is $2.1 million. Take out taxes. Take out agent fees. If the career is only 4 years - there's nothing crazy left over. It can get out of hand real fast.

[texasmade]

That average is across all players though. There are a handful of guys per team usually around 10 or who will take up about 45%-50% of the cap.

The remaining guys all make less than a million so most guys don't make the $2.1M average. Most players make between $500k to $1M and after jock taxes and agent fees, most guys net about half of their pay.

[tyler1980]

Originally Posted by Watchflair

Many of the players can get caught up in the lifestyle they see around them and be broke fast. Maybe not to these extremes but living a more reasonable life style would suit a lot of the players better.

Consider that the average salary of an NFL player according to Forbes for 2018 is $2.1 million. Take out taxes. Take out agent fees. If the career is only 4 years - there's nothing crazy left over. It can get out of hand real fast.

the article was specifically referencing players who make way way more than the average (28 million per year for example) which is why i think its stupid to live that frugally. Of course the advise would be different for an undrafted free agent.

28 mil a year and you live with your parents in the basement with your wife? really? Even if i made a million dollars a year and i told my wife we were moving in with my parents she would probably leave. Its just immature so it probably wouldn't even be about the money its about not growing up.

[betterwatchit]

Sensible approach. They’ll understand their peak earning years are few, and better to be sensible, than blow it all like Mike Tyson!

[dddrees]

Originally Posted by tyler1980

the article was specifically referencing players who make way way more than the average (28 million per year for example) which is why i think its stupid to live that frugally. Of course the advise would be different for an undrafted free agent.

28 mil a year and you live with your parents in the basement with your wife? really? Even if i made a million dollars a year and i told my wife we were moving in with my parents she would probably leave. Its just immature so it probably wouldn't even be about the money its about not growing up.

Who's immature? Parent or child protegee. Either way my child wouldn't be welcomed nor allowed to live at home. Grow up!!!

[tyler1980]

Originally Posted by dddrees

Who's immature? Parent or child protegee. Either way my child wouldn't be welcomed nor allowed to live at home. Grow up!!!

i never thought of it from the parents angle. Whats wrong with them

[bdex75]

Originally Posted by tyler1980

i never thought of it from the parents angle. Whats wrong with them

Cool article and nice to see some are fiscally responsible.

Maybe Cousins paid the parents house off and pays all of the expenses? So they don’t care. Maybe he financially helped them do a large renovation or other home project?? So they don’t care. Who knows, maybe they just like his company?? I personally would want to enjoy my retirement years in the peace and quiet but no matter what their career or financial situation is, my wife will always want the kids at home. Just how she’s wired.


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[tyler1980]

Originally Posted by bdex75

Cool article and nice to see some are fiscally responsible.

Maybe Cousins paid the parents house off and pays all of the expenses? So they don’t care. Maybe he financially helped them do a large renovation or other home project?? So they don’t care. Who knows, maybe they just like his company?? I personally would want to enjoy my retirement years in the peace and quiet but no matter what their career or financial situation is, my wife will always want the kids at home. Just how she’s wired.


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as a parent i think the biggest sense of accomplishment is bragging on your successful kids. This one lives at home so it makes for awkward dinner party conversations. He is a big success... kind of

[Little machines]

Great running back extremely humble never celebrated played the game got paid and went home to his family. Great role model for the sport

[bdex75]

Originally Posted by tyler1980

as a parent i think the biggest sense of accomplishment is bragging on your successful kids. This one lives at home so it makes for awkward dinner party conversations. He is a big success... kind of

I guess everyone defines success differently. But explaining why my multimillionaire (is there a word for $100 millionaire??) son and his wife live in the basement would make for interesting dinnertime conversation with friends.

One would think he would have at least looked at real estate as another asset class and investment by now. Even if it was a conservative investment like a small home in a well established area that was a sure fire appreciation tool. But who knows.


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[crazymcmichael]

Lol, i also live extremely poor. If i spend money, i will spend it on a Rolex.. But i buy cheap jeans, cheap shirts(20 bucks each or even cheaper if possible) I have the same stinky jacket for 2 years now and my shoes are Adidas Samba which are basicly Always in the discount for around 45 euro. I eat for almost free, i eat healthy but not real good, i like to have my money and keep it growing, i think it is important for my future and clothing is just a stupid habit to buy expensive.. Now i make very little money, and in comparison to them i am the poverty itself but if i made 100 times more money, i would still live like this, at least temporary to plan the future very good. A few friends of me make 2000 euro a day after taxes and save it all up, they build a house first than retirement and they also do not spend on expensive clothing…….. But i also know a guy who make maybe 30k a month and SPEND IT ALL ON HE DON'T KNOW WHAT????????????????? Just on supermarket, 50 euros a day, he doesn't know what the hell he is buying or doing and still he has financial not problems but, it is still difficult for him to make end meet. ………………. ??????????????????

[GB-man]

Lol Kirk cousins is the only odd story there. That one I can’t understand. At all.

[Rashid.bk]

Originally Posted by Watchflair

Many of the players can get caught up in the lifestyle they see around them and be broke fast. Maybe not to these extremes but living a more reasonable life style would suit a lot of the players better.

Consider that the average salary of an NFL player according to Forbes for 2018 is $2.1 million. Take out taxes. Take out agent fees. If the career is only 4 years - there's nothing crazy left over. It can get out of hand real fast.

Very true, so the real money comes from endorsements. That's where the real money is made. Serena Williams for example makes much more money from Nike then winning grand slams.

Take Federer for example, just signed a deal with Uniqlo for $300 million.
During a tennis season he made the below...
Forbes:
According to Forbes, Federer has made $65 million in endorsements and $12,2 million through salary/winnings. Besides endorsing Uniqlo the tennis player has also partnered with well-known brands like Wilson, Lindt, Rolex, Moet & Chandon, Mercedes Benz, etc.

So while their actual salary for most players isn't a lot most have varying degrees of sponsorships for other income if they're smart, which is the purpose of an agent as well.

[Chiboy]

I have read that about Cousins before. As stated above, that seems ridiculous. Seriously, grow up!

I am REALLY surprised to see Gronkowski on this list. He seems like the ultimate party animal who I would have thought was likely to live the other extreme, and eventually end up in rehab to boot. Good for him. Maybe what you see is more his persona and not really who he is as a person.

[2ltdjorn]

Originally Posted by bdex75

I guess everyone defines success differently. But explaining why my multimillionaire (is there a word for $100 millionaire??) son and his wife live in the basement would make for interesting dinnertime conversation with friends.

One would think he would have at least looked at real estate as another asset class and investment by now. Even if it was a conservative investment like a small home in a well established area that was a sure fire appreciation tool. But who knows.


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Maybe he uses it as form of birth control?



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[majorleon]

Sometimes It's better to have a different lifestyle not what everyone expects of you.