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Broyles living on $60K per year

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Not sure if this should go in the NFL forum or the Investing thread in the political forum... :classic:

This Millionaire Athlete Lives on $60,000 a Year - daveramsey.com

Broyles told ESPN that he and his wife have lived on $60,000 a year throughout his career. The rest of the money has gone toward investments, retirement, and securing Broyles’ career post-football.

I suspect Broyles will be kicking around the NFL for a few years yet even if he doesn't make the Lions squad. And if he continues to save like that, he should be just fine.

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I don't think he will be in the NFL for very long. He's had some terrible injuries, most teams do not sign players like that. The only reason he's with the Lions is because he's signed.

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Agreed. I like that he's investing. Invest, invest, invest.

I honestly don't care that much what he does with his money, but living on a reasonable sum annually is likely to serve him well in the long run and is the first (and I'd argue most important) step in managing his personal finances.

I would also add that if his spouse and he are down with living like that, that is not a bad sign for the health of their personal relationship as well.

Disagreeing over money / finances is one of the biggest sources of argument in long term relationships, so being on the same page there certainly does not hurt and may suggest they are both thinking about the long game / big picture as well.

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I honestly don't.......big picture as well.

I agree and great post.

On the field, I don't think Broyles is getting a fair chance with the Lions. Last preseason, he probably was the player that performed the best and then he never sniffed the field in the regular season. I don't know his situation, but if he performs well again this preseason and doesn't sniff the field/gets cut, we know for sure the coaches don't like him for some unknown reason.

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I don't think he will be in the NFL for very long. He's had some terrible injuries, most teams do not sign players like that. The only reason he's with the Lions is because he's signed.

We'll see... I suspect he'll get picked up, probably at league minimum here and there. He's got some talent and yeah, injuries are a problem, but that's the case for a lot of guys. If the Lions cut him, I'm guessing some other team that suffers a WR injury or two will pick him up for depth.

I'm not saying he's going to get a big money contract, just picked up by teams needing some depth. I like the league minimum for him would be around what... half a million? If we assume $500,000... divide by 16 games, that's $31K+ per game. Heck, if he works two week a year, he covers his $60K living expenses! :classic: (Well, probably needs to be more like 4 or 5 given taxes and probably due to union and such.)

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...they are both thinking about the long game / big picture as well.

Assuming he makes his full $3.6 million contact... Cut off half of that for taxes... that's 1.8 million. Assuming he's just putting it in the bank and not making interest (but those calculations get complicated), that's enough for 30 years living on $60K per year.

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Not sure if this should go in the NFL forum or the Investing thread in the political forum... :classic:

This Millionaire Athlete Lives on $60,000 a Year - daveramsey.com

I suspect Broyles will be kicking around the NFL for a few years yet even if he doesn't make the Lions squad. And if he continues to save like that, he should be just fine.

Slightly misleading title IMO...is he a millionaire? By definition I guess, but just barely. Good for him for thinking about the future. Smart kid. It would be slightly insane if he was a big time millionaire making 20 mil a year or something (enjoy it while you got it)...he is right on the fringe of what I would be doing if I had that amount of money in the bank right now. Live modestly and save/invest for the future. I do not want to be working at 80.

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Assuming he makes his full $3.6 million contact... Cut off half of that for taxes... that's 1.8 million. Assuming he's just putting it in the bank and not making interest (but those calculations get complicated), that's enough for 30 years living on $60K per year.

I would have to imagine he would invest a fairly large portion of that, even if in an annuity.

Earning 4% on 1.5 million would be $60,000 annually, for example.

Edited by Mr. Bigglesworth

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How is the title misleading, even slighly?

Being a millionaire means having a net worth at or greater than a million dollars.

It doesn't mean having some subjectively large sum of money well above one million.

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How is the title misleading, even slighly?

Being a millionaire means having a net worth at or greater than a million dollars.

It doesn't mean having some subjectively large sum of money well above one million.

you just went into the rabbit hole. good luck.

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How is the title misleading, even slighly?

Being a millionaire means having a net worth at or greater than a million dollars.

It doesn't mean having some subjectively large sum of money well above one million.

Wow. I guess I'm a thousandaire? My spell check doesn't like that word. :classic:

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I'm a centaire... (not to be confused with a centaur)

WAIT... I just found a nickel. Now I'm a mult-centaire.

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How is the title misleading, even slighly?

Being a millionaire means having a net worth at or greater than a million dollars.

It doesn't mean having some subjectively large sum of money well above one million.

Athletes today earn 10's of and in a LOT of cases 100's of millions of dollars. He makes JUST over a million. It is the combination of the athlete part in there for me. I also said 'slightly'...this is not something worth arguing over.

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If I was him I'd probably do something similar. The average NFL career isn't very long(especially for a player of his caliber), so you only have a limited amount of time to make some money. If you blow through it right away than you are stuck having to have a "Real job" for the next 30 years of your life. Atleast this way if he invests it properly and maintains his 60K-80K a year cost of living, he won't really have to have a real job the rest of his life.

Maybe pick up a side job or do something you really enjoy to make some extra money and keep you busy, but you shouldn't be forced to be a 9-5er for the next 30 years.

Now if I was a superstar or somebody that was going to make $20 million or so in my NFL career I would probably live a little more lavishly but in the case of Broyles he really doesn't have that luxury.

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If I was him I'd probably do something similar. The average NFL career isn't very long(especially for a player of his caliber), so you only have a limited amount of time to make some money. If you blow through it right away than you are stuck having to have a "Real job" for the next 30 years of your life. Atleast this way if he invests it properly and maintains his 60K-80K a year cost of living, he won't really have to have a real job the rest of his life.

Maybe pick up a side job or do something you really enjoy to make some extra money and keep you busy, but you shouldn't be forced to be a 9-5er for the next 30 years.

Now if I was a superstar or somebody that was going to make $20 million or so in my NFL career I would probably live a little more lavishly but in the case of Broyles he really doesn't have that luxury.

30 years is not a long time for a 20 something though.

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I like stories like this one.

And I hope he runs for office when done with football. Our Gov't could use some penny-wise peeps.

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Athletes today earn 10's of and in a LOT of cases 100's of millions of dollars. He makes JUST over a million. It is the combination of the athlete part in there for me. I also said 'slightly'...this is not something worth arguing over.

Very few athletes earn more than $100 million in their career and will have earned $3.6 million by season's end.

Setting that aside, it is completely irrelevant what other athletes make in the context of the description. He is a millionaire and he is a professional athlete. It is completely accurate and reasonable to describe him as a millionaire athlete.

Purely out of curiousity, how would you describe him? Barely millionaire athlete?

I do agree it really isn't worth arguing over. That is a fair point. I would also add as a fair point that you surely cannot honestly expect others to use the language to some set of arbitrary guidelines you establish.

Edited by Mr. Bigglesworth

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30 years is not a long time for a 20 something though.

He could live off of the interest on investments fairly easily, work how he wishes, and not touch the principle.

In the hypothetical, an annuity that pays 4% on $1.5M would provide $60,000 annually in perpetuity.

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