Photo Credit: BusinessInsider.com, Fansided.com
It's been well documented how a millionaire athlete can quickly find themselves on the brink of bankruptcy not long after their retirement. Across all leagues of professional sports, young people find themselves flush with lifetime fortunes, only to see it disappear after a few years of bad investments.
Jordy Nelson of the Green Bay Packers shows that one way to prevent major financial meltdowns is to avoid the star-athlete lifestyle all together. Nelson recently told ESPN that he returns to his family farm every off season where he puts in 12 hour work days.
Nelson, who says he identifies as a farmer more than a football player, would have to work pretty hard to spend his entire $39 million contract, especially in the small town of Riley, Kansas.
Ryan Broyles of the Detroit Lions knows the pattern of broke football players all too well. The wide receiver and cautious spender has worked hard to build something many other athletes never had: a plan.
After being drafted in 2012, Broyles teamed up with a financial adviser who offered guidance when it came to budgeting an NFL player's lifestyle, expressing his need to figure out reasonable means, live within that, and invest the rest of his income.
Broyles and his wife Mary Beth took that advice and ran with it. The couple live on the modest budget of $60,000 a year, investing the rest of his $3.6 million towards retirement and post-football life.
While most athletes spring for luxury vehicles and giant estates, Broyles drives a red Ford Focus rental to training camp and recently bought a brand new Mazda. The frugal footballer even has his 2005 Trailblazer from college!
By being frugal financially, Ryan Broyles believes he has set up future http://t.co/audRHP8Qew— Kevin Doebler (@Kevinjdd) August 7, 2015
Broyles has begun to use his financial know-how to help other young people prepare for the future. He's teamed up with New Orleans running back Mark Ingram to travel and speak with students about financial planning. He's even worked with VISA and the NFL to develop a video game that teaches an athlete about responsible spending.
Despite the ambitious savings and investment plan, Broyles says he does all this so he won't have to worry about money at all. When Broyles gets on the field, he just wants to have fun.