The minimum salary for an NFL player in 2014 was $420,000. While this may seem like a lot, the average length of an NFL career is just 3.3 years. Compare that to the $1.8 million college graduates make over a lifetime and it’s clear the run-of-the-mill professional football player isn’t much better off than you or I over the long haul … unless he is smart with his money.
That is what makes former Detroit Lions wide receiver Ryan Broyles such an enigma. Living on a budget of $60,000 per year, he and his wife invested their money and continue to live frugally, turning a few years playing football into potential for lifetime financial stability.
“I feel like I’m a savvy guy,” Broyles told Fox Business. “I’m excited for the future.”
Since signing with the Lions as a second-round draft choice out of Oklahoma in 2012, Broyles has invested in stocks and real estate while pinching. Today he has $1 million stashed away and continues to live a modest lifestyle.
“When I was a rookie in 2012, we went to the Rookie Symposium,” he said. “One of the biggest things that I took heed to was the finance world, talking about 78-percent of athletes go bankrupt three years after they leave the NFL. I was like, ‘That’s not going to be me.’”
Broyles looked up ways to invest his paycheck and took budgeting seriously. It’s an approach not taken by many NFL players, but is one that can be taught and duplicated. If players looked at their initial contract and guaranteed money as a seed to plant for the future, more could dictate their lives after football without having to worry about dollars and cents.
“I think I’m to the point where I get more satisfaction knowing I can get something and then not getting it,” said Broyles. “I’m looking at the long-term.”
While Broyles earned his money in an occupation not many are employed in, his budgeting and investment tips can be applied to anyone. Follow him on LinkedIn to learn more.