Statistics suggest most NFL players file for bankruptcy within five years of retiring, but an advisor is being credited with helping one star athlete upend that statistic
Drafted 54th in the 2012 NFL draft by the Detroit Lions, Ryan Broyles signed a rookie contract that paid him a signing bonus of slightly more than $1 million and $3.7 million over four years of which $1.4 million is guaranteed. That’s big money for the average person but relatively insignificant compared to the kind of dough the Tom Brady’s of the world get paid to step on the field – and Broyles knows it.
Rather than be another statistic before the end of his 20s, Broyles made a commitment to himself and his family to live within his means setting an annual spending budget of $60,000.
How did Broyles come to this realization?
“It all started after a meeting with a financial advisor soon after being drafted in 2012,” wrote ESPN reporter Michael Rothstein in a recent article about the wide receiver and potential role model. “The advisor gave Broyles some advice he used to shape his life: Spend as you would like over the next few months. Figure out your means. Then set a budget, live within it and invest the rest.”
Great advice.
Especially when you consider that Broyles has been active in just 21 out of 48 regular season games for the Lions. Heading into the final season of his four-year contract there’s no guarantee that Broyles will even make the team, let alone get on the field and play.
Broyles knows the money he’s socking away today will have to carry his family in the future when he’s out of football; investing the difference is a great way to make sure it happens.
"Then you know how much you can invest, how risky you can be," Broyles said about the initial budgeting process. "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.”
Rather than be another statistic before the end of his 20s, Broyles made a commitment to himself and his family to live within his means setting an annual spending budget of $60,000.
How did Broyles come to this realization?
“It all started after a meeting with a financial advisor soon after being drafted in 2012,” wrote ESPN reporter Michael Rothstein in a recent article about the wide receiver and potential role model. “The advisor gave Broyles some advice he used to shape his life: Spend as you would like over the next few months. Figure out your means. Then set a budget, live within it and invest the rest.”
Great advice.
Especially when you consider that Broyles has been active in just 21 out of 48 regular season games for the Lions. Heading into the final season of his four-year contract there’s no guarantee that Broyles will even make the team, let alone get on the field and play.
Broyles knows the money he’s socking away today will have to carry his family in the future when he’s out of football; investing the difference is a great way to make sure it happens.
"Then you know how much you can invest, how risky you can be," Broyles said about the initial budgeting process. "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.”
