(OT) Lions WR Ryan Broyles lives on $60K/year

Submitted by UMProud on August 10th, 2015 at 7:19 PM


"Lions wide receiver Ryan Broyles signed a contract with more than a million in guaranteed money, but his annual budget reflects one of a much smaller salary: $60,000 a year between him and his wife."

Source:  USAToday.com, 8/10/15 [Nina Mandell]

http://ftw.usatoday.com/2015/08/lions-wide-receiver-ryan-broyles-lives-on-budget-of-60000-a-year

 

Comments

WolvinLA2

August 10th, 2015 at 7:53 PM ^

I'm impressed.  What he's doing is very rare, not just among athletes.  Most people in this country are spending more than they make every year, and he's spending far less.  That's not only very smart but also difficult to do. 

Yes, some people live on less than that.  That's not relevant here.   Very few people live on less than that by choice, like he's doing.  There are very few people making $100k/year who choose to live on 60k, let alone people making a million.  

This doesn't make him a great humanitarian or anything, but it makes him smart and uncommon.  And people who are uncommon in a good way should be discussed.

BayWolves

August 10th, 2015 at 7:26 PM ^

Considering how many NFL players end up flat broke in a few years of leaving the game this is likely to be a smart thing as long as he does something smart with the money like in vest in a profitable business.

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Michigan Eaglet

August 10th, 2015 at 7:49 PM ^

I knew that sounded right but wanted check to see what the exact number was. A new one will come out in the next month or so since they come out in September, but the median for September 2014 was $51,939, so not far off. I applaud his financial planning and I wish more players were taught to live like this when they plan long term. (I think the NFL does some Rookie thing for like a week, but they likely only graze the surface and the players probably blow it off for the most part.)

Rafi

August 10th, 2015 at 8:18 PM ^

Why did you have to check?? Does anyone doubt that this is $60k per year net? As in net of taxes, social security, insurance, etc?

What he is doing is admirable but is much closer to living on a gross income of $120k per year, well double than the national average household income.

MaizeAndBlueWahoo

August 10th, 2015 at 9:26 PM ^

Most of the country lives on way less than that.

Uh, your point?

He's clearly not doing it to show solidarity with poor people.  He's doing it to provide himself and his family a reasonably comfortable lifestyle while saving as much as he can for the future, with the foreknowledge that NFL careers are short and very little is guaranteed.  Sounds like his spate of injuries gave him a big dose of perspective.  How that fails to garner respect is beyond me.

MaizeAndBlueWahoo

August 11th, 2015 at 9:50 AM ^

Maybe we're too shaped by media impressions, but rich guys pissing their money away sure seems a lot more common than not.  Personally I'm impressed by a rich guy who doesn't need to live a flashy lifestyle, driving to the club every night in their Bentley and furs and bling making it rain on all the strippers.  Johnny Manziel gets way more pub than Ryan Broyles, which is stupid.

4godkingandwol…

August 10th, 2015 at 7:48 PM ^

...   If you save $2MM, make 8% year on that in investments, put 3% back in for inflation adjustment, and you are still netting 100K per year (gross of capital gains tax).  That basically gets them at the same level they are at now, while maintaining the $2MM in nest egg. 

Obviously, kids will change the equation a bit, but he could retire in 3-4 years, and live a very happy upper class (top 5%) lifestyle at a very young age.    Sounds perfect for a career that has an average span of 3-6 years. 

Tater

August 10th, 2015 at 7:28 PM ^

My wish for all players is that they save their money or invest it wisely and not spend their post-playing years broke.  There are too many stories of ex-players who made millions, only to declare bankruptcy soon after their playing days were finished.

CoverZero

August 10th, 2015 at 7:40 PM ^

Germaine Crowell, former Lion WR who had one good year and then got injured...within 2 years of leaving the league, he was broke due to investing with the wrong people, his agent.  It happens all the time to these guys.

rob f

August 10th, 2015 at 7:29 PM ^

Broyles and his wife appear to have figured out that NFL careers/income are very short-lived.  Relatively few NFL players have the self-discipline to do what he is doing by stashing rather than spending at such a young age.  Good for him and his family!

bsand2053

August 10th, 2015 at 7:30 PM ^

I don't think he's trying to show off here, he's just being smart about not living as if he is going to make that kind of money in perpetuity.  Smart guy.

Luckily he got drafted by a team that is in an area where you can live well on that kind of money.  Would be a little more difficult if he got drarfted by the 49ers.

Dilla Dude

August 10th, 2015 at 7:30 PM ^

"Broyles said he, his wife and child live on a budget close to $60,000 a year, with the rest of his money going to investments and savings. Broyles is also frugal when it comes to spending on cars or his home."

He has an average yearly salary of $900,000, so his family is living off about 7% of his yearly salary. That's intense.

7words

August 10th, 2015 at 7:35 PM ^

Smart guy.   They were talking to Gronk a few weeks ago on the radio about his book he has out, and apparently he hasn't touched any of his contract money or signing bonus yet.  He says he lives off his endorsement money.  He hasn't bought any ridiculous cars or a huge house either.   Say what you want about the meathead, but he seems to be smart with his money.  Which is more than you can say about the majority of pro athletes.  

Blueblood2991

August 10th, 2015 at 7:37 PM ^

Maybe I'm cynical, but are we really supposed to applaud this guy for doing what the rest of us do on a daily basis and budget ourselves?  Everyone outside of Detroit forgot about Broyles as soon as he left Oklahoma, he's just trying to make himself relevant again.  Congratulations, you made 1.5 mil for catching 30 career passes and can ride off into retirement now.

Blueblood2991

August 10th, 2015 at 8:36 PM ^

Yeah maybe I was a tad harsh, but the reality is he is in a contract year and is trying to remind people that he still exists.

FWIW, I loved when the lions drafted him.  I remember him going back to OU so he could finish his degree. That is news worthy and commendable. But don't expect me to kiss your ass because you haven't gone broke yet.

Neg Away!