Money Does Makes a Better Person !

[HTSS_TR]

Opposite to the thread "Money Doesn't Makes a Better Person" this story tells how young Detroit Lions receiver Ryan Broyles handles his multi-millions dollars salary.

He earns about $3 mil a year but he and his wife spend only $60,000, the rest after tax is saved/invested for future.

Quote:
Broyles and his wife drive Mazdas, not Mercedes, and he still has the Chevrolet Trailblazer he drove in college. During training camp, he goes with economy rental cars, and managing his portfolio has become a second life, of sorts, where he's leaned on people "wealthier than me, smarter than me" to make the most of his money.

Broyles wanted to make sure his NFL career, however long it lasts, really did set him up for life.


There are bad examples and then there are good examples. This story is a good example that the young and poor should learn from.

http://sports.yahoo.com/blogs/nbc-yahoo-...-133743339.html

 

[Schmoe]

He must have taken business management classes at the University of Oklahoma! Boomer Sooner!!

 

[ARCOgraphite]

One year's salary would set him up for life.
Enjoy life a little more dude, just dont go full on hedonist!

 

[Hokiefyd]

Good story.

Funny tangential joke I read once long ago: "I heard that money doesn't buy happiness. I don't know...have you ever seen a sad person on a yacht?!"

 

[Virtus_Probi]

Originally Posted By: Hokiefyd
Good story.

Funny tangential joke I read once long ago: "I heard that money doesn't buy happiness. I don't know...have you ever seen a sad person on a yacht?!"


Yes...the poor schlub scraping barnacles off the sides...

 

[raytseng]

The only problem with your title is it implies that saving money and being frugal equates being a better person.

Obviously that isn't true. Because wall-street ceos that amass fortunes AND they can spend it too. I don't think this makes them better people..

I don't care what a person does or doesn't really matter to me, it's their money.

I think these posts are more a reflection on the posters than the subjects. Is it a yearning for validation of your own beliefs? Do you really want to be the bitter SMH guy, who just enjoys feeling superior over everyone else who does something different?

 

[cptbarkey]

thats a little interesting, but i would be impressed if he said he used both sides of toilet paper.

 

[HTSS_TR]

Originally Posted By: raytseng
I think these posts are more a reflection on the posters than the subjects. Is it a yearning for validation of your own beliefs? Do you really want to be the bitter SMH guy, who just enjoys feeling superior over everyone else who does something different?

The first sentence is: Opposite to the thread "Money Doesn't Makes a Better Person".

I just like to convey that some people don't know how to handle a fortune when they suddenly have more money than ever before, and there are people who grow up poor and don't want to be in that situation anymore, they learned how terrible it was and now when they make a lot of money they don't want to waste it on unnecessary luxury items, they save/invest for a stable future.

This story isn't about me and/or my financial status, my family and I live comfortably.

I don't look down to anyone and I am not jealous of the well to do either.

 

[OneEyeJack]

Lottery winners have proven over and over that money can get you into trouble and you can end up bankrupted in a very short time.

I hereby volunteer to accept $100M (after taxes) to see if I'm any better at managing money.

 

[John_K]

Originally Posted By: Hokiefyd
Good story.

Funny tangential joke I read once long ago: "I heard that money doesn't buy happiness. I don't know...have you ever seen a sad person on a yacht?!"


Money doesn't buy happiness but it sure as heck does rent it!

John

 

[MrHorspwer]

But does he lease that Mazda or did he buy it... and if he bought it, how much did he put down and what is the loan term?

Those are the financial decisions that BITOG members will judge your financial position based on.

 

[stchman]

The article goes on to state that Terrel Owens made ~$80M in his NFL career and is now nearly broke.

 

[901Memphis]

Pretty cool story. It's scary renting economy cars though. The crash test ratings aren't the best

 

[hattaresguy]

Sports players like him have a very front loaded economic life, so saving it until the end is the smartest thing they can do.

Once his total investment portfolio is established after his career ends he can adjust his living if he so chooses.

So say he is dropped and his portfolio is $3m using a 4% withdraw rate his income can be $120k for the rest of his life. Assuming he has no other marketable skills.

OTOH if he plays for a long time and amasses some serious wealth lets say $50m, his income could conservatively be $2m a year.

The kicker with most professional athletes is if they actually did this they could live a $20k wheels on the Bentley kind of life, just not at first with the principle.

Each dollar is like a worker, Broyles seems to understand this.

 

[BMWTurboDzl]

These guys are W2 employees and have to file a state tax return in every state that they play a game (they get paid per/game).

He needs to be in the league for 5 yrs to be eligible for the pension as well.

 

[HTSS_TR]

Assume he plays for 5 years at $3 mil/yr, after various Federal and states taxes and union dues he has a net-worth of $8 mil. With conservative 3% gain in investment he can live on $240,000(before tax) a year with profit only.

Anyway, this is a good story about a person who knows how to live his life and prepared for the future of his family. I do admired him.