You see the problem is that a lot of these NFL players cannot live within their means.
He purchased the house before he even signed with the team.
what a Dumb-A, what if he lost a leg in a car accident on the way to the contract signing? Then he is jobless with a $3M home
you see this sort of thing all the time. I believe the statistic is that out of all the professional sports... NFL players are many many times more likely to declare bankruptcy.
im here to tell you if i was an NFL QB making millions of dollars per year, i would be perfectly content to buy a 4-5 thousand square foot 3-4 bed room home in the country, drive a decent pickup truck and stash that money in the bank for later years.
Lets assume I'm a quarterback making $2.4M / year with a 6 year contract.
thats an earnings potential of about $14.4M if i were to not renew!!!
So here is the plan.
1. Live with the folks for year one.
2. buy that 30 acres of land at a cost of about $100K and that rural farmhouse at a cost of about $220,000.
3. Have about $2M left over from year one and move into the nice rural home.
4. save save save
assuming there wasnt a contract renewal, or i was forced to retire due to injury.. thats still about $14,000,000 in the bank.
If i were drafted out of college at 24, retired at 30... the next 60 of my life I would be living comfortably in the $200K+/year income range.
pity there are so many of these guys who dont consider such things