78% of National Football League (NFL) players are either bankrupt or commit suicide within two years of retirement, according to a 2009 Sports Illustrated article.
Jaws drop when I share this statistic with audiences because we assume that if you make a sh*t ton of money, you’re set for life.
I explain that this assumption is far from true and recommend that people watch ESPN’s 30 For 30 episode called Broke (free online). It explains how and why most professional athletes go from “making it rain” to practically having no shelter from ACTUAL rain.
But here’s one NFL player that’s on the right path! While a budget and investing alone aren’t a complete money management system, it’s a heckuva start and we commend him for the great example he is setting.
Instead of blowing through his multimillion-dollar NFL paycheck, 27 year-old Ryan Broyles is driving a Mazda and living on a budget of ~$60K per year with his wife and child. Everything else goes to investments, retirement savings and plans for Broyles’ post-football life.
How did he do this?
“I studied as much as I could,” Broyles said. “Talked to people wealthier than me, smarter than me.”
This way, when he goes to work he can “have fun” and he avoids the immense pressure that other players put on themselves by living large. His wife and child have “no worries.”
Sounds like a rock solid foundation for a truly rich life. Great job Ryan!
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