There are far too many stories about professional athletes making millions, only to see that money disappear down the drain.
Yet just because a few athletes are financially irresponsible 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. In an interview with ESPN, however, Broyles admitted 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.