 |
NFL player Ryan Broyles earned about $600,000 last year… but he lives like he only earned $60,000.
MarketWatch reports Broyles lives on just 10% of his income. He’s earned over $2 million during the last three years… but he still drives a Mazda 3.
When he moved cities to play for a different team, he rented a U-Haul truck. And he goes out to eat only once per week.
Broyles keeps to a budget of $5,000 per month: 50% goes to fixed expenses (like mortgage and car payments), 30% goes to variable payments (like food and gas), and 20% goes to savings.
Here are some of the ways Broyles keeps his costs low:
- He doesn’t pay for cable TV; he has a Netflix subscription.
- He purchased his computer with credit card reward points.
- He pays off his credit cards in full every month.
- He uses special group deals—like Groupon—to go on vacations.
- He keeps his mortgage payments at 30% of his “$60,000” income—$1,600 per month.
When it comes to investing, Broyles follows the PBRG maxim of diversified asset allocation (though we’d recommend he diversify even more). He has 40% of his investible wealth in the stock market… 40% in real estate… and 20% in cash.
Bottom line: Broyles’ story is a refreshing departure from the tired “boom-and-bust” pro athlete tale. His Palm Beach-style approach to saving and investing will guarantee his family’s financial security… long after the big football checks stop coming in.
If you want to replicate Broyles’ success in spending, saving, and investing, read Mark’s classic essay on the subject: “The Secret of the Golden Buckets.”