There are far too many stories about professional athletes making millions, only to see that money disappear down the drain.
Just because a few athletes are financially irresponsible, however, doesn’t mean it’s the norm. Just look at Ryan Broyles.
The Detroit Lions wide receiver is in the final year of a four-year contract worth $3.6 million, with more than $1.42 million guaranteed. Yet Broyles admitted in an interview with ESPN that he and his wife have lived on an annual budget of $60,000 since he entered the league in 2012.
Why the frugality? Broyles says he met with a financial adviser shortly after he was drafted and received some advice that stuck: Figure out what you need to live on, set it as your budget and put the rest of your money to work.
“Then you know how much you can invest, how risky you can be,” Broyles told ESPN. “Then, when I was hitting the same budget over three, four, five months, it was, all right, this is what your budget is and I had some spending money.”
Broyles has taken that strategy to heart. He still has a 2005 Chevrolet Trailblazer from college, is driving a Ford Focus rental car at training camp and says he puts all his extra money toward investments and retirement savings.
The 27-year-old has played just 21 games in three injury-plagued seasons with the Lions, and with his contract up at the end of the season, his future remains unknown. Judging by his mindset, though, it appears he’ll be just fine no matter where he ends up.
“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.
Thumbnail photo via Kyle Terada/USA TODAY Sports Images
