It’s practically a cliche these days: Rising sports star with multi-million dollar contract winds up broke in a few years. But if Ryan Broyles of the Detroit Lions has his way, that won’t be his story. Though he’s made over $3 million in his career so far, he’s living on $60,000 a year and investing the rest.
Although many NFL players have gone bankrupt after making tens of millions of dollars, Broyles told ESPN that he, his wife and their child live on about $60,000 a year. After that, he puts the rest of his money into investments and retirement accounts aimed at ensuring he can live the rest of his life on his football earnings. Broyles said he has educated himself about long-term investing and is confident that he’ll never run out of money.
That approach has made his life easier, he believes:
“When I come to work, I don’t think about the money, man,” Broyles said. “I can tell you that, without a doubt. There might be some guys that do but I put myself in a position where I come out here and have fun. I don’t have that pressure, you know what I mean. My wife has no worries. My child has no worries. For the most part, I can help my family, you know.”
Though I can’t help but feel a little envious, I certainly can’t fault the guy. He’s nearing the end of his contract, and has been struggling with injuries. There’s no guarantee he’ll still be playing ball next year. If he’s been able to take his four-year contract and curry it into financial independence for life…well, awesome for him! It’s probably good that he will never have to work again, because one wrong move on the field and he not be able to work again.
But if nothing else, perhaps he has a future as a financial advisor to other up-and-coming sports stars.