Ryan Broyles knows the value of a dollar as he chooses to live frugally though he makes around half a million dollars a year playing for the NFL. Broyles, a wide receiver for the Detroit Lions from 2012 to 2014, allots himself a $5,000 monthly budget and drives a U-Haul when he moves.
While some professional athletes choose to live extravagant lifestyles, Broyles believes that living within your means will allows for financial freedom in the future. Broyles, 27, has made over $2 million playing for the NFL during his three years, according to MarketWatch.
The financially wise football player chooses to spend less than he earns making it his goal to spend $60,000 a year. At an early age, Broyles had to learn the value of hard work and having a strong work ethic. His parents weren’t well off and Broyles had to mow lawns when he was eight in order to raise money to participate on team basketball trips.
His monthly budget looks like this:
- Groceries: $500
- Gas: $300
- Phone bill: $190 each for his cellphone and his wife’s.
- Car payments: $800 total for 2 cars — a Mazda 3 for him, and a Cadillac SRX for his wife.
As a teenager in high school, Broyles worked at an Albertson’s grocery store bagging groceries. He also picked up a job as a referee for youth sports leagues. He told MarketWatch:
“I’ve always worked for my money and seen it as something I needed to cherish and not take for granted.”
Though Broyle’s work ethic has paid off in wealth and success, he maintains those same values when it comes to having a smart lifestyle. When friends ask why he doesn’t have fancy things and flashy cars, he says he’ll have them in the future when he doesn’t have to work to buy them. He said:
“I want to invest and I want the investments to provide so I’m financially free.”
Broyles is learning to invest his wealth to grow rather than squandering it on materialistic things that will only give instant gratification. The wide receiver has worked hard for his success having played four seasons for the University of Oklahoma before being drafted in the second round by the Detroit Lions. Broyles was also the NCAA’s all-time leader in receptions when he left to start his career in the NFL.
His being drafted by the Detroit Lions included a signing bonus of $1.15 million and a starting salary of $390,000 in 2012. He earned $557,000 in 2013, $570,000 in 2014 and what would have been $600,000 this year if he didn’t request to be to released from the team to join another.
Broyles explained that the $60,000 budget that he set for himself is after-tax money and designated for 50% on fixed expenses including mortgage and car payments, 30% on variable expenses such as food and gas and 20% for savings.
Aside from keeping track of his money on paper, Broyles also uses the budgeting website called Mint.