A High Income Does Not Guarantee Long-Term Wealth

Thanks to my friend Gage for bringing this story to my attention. As A Denver Broncos fan, I hate all other AFC teams, particularly the better ones such as the New England Patriots and Pittsburgh Steelers.

darius heyward bey

Jeff Gross | Getty

However, I’m always interested in learning about professional athletes, even a Pittsburgh Steeler, that are disciplined in their approach to managing their significant salaries. If you’ve ever taken the time to watch Broke, from ESPN Film’s 30 for 30 series, you know that a significant salary is not necessarily a guarantee of long-term financial success or stability. Car washes, restaurants, and helping friends & family have broken many an athlete.

30 for 30: Broke | Netflix

Steelers wide receiver Darrius Heyward-Bey signed a three-year, $3.8 million contract with the Pittsburgh Steelers in March of 2016, but if football ended today, it appears as if he would be just fine.

The 29-year-old receiver has managed his money closely. Darrius and his mother designed a monthly allowance for him and he pays her a commission to help manage his money and track his …

Read more at Business Insider.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

2 Comments

  1. This always gets me. No matter how you spin it, it always comes back to the basics of financial success. No matter how much income you earn, if you spend more cash than is coming in, well, you’re in trouble. These extreme examples always amaze me though!

    • Exactly. For those making an adequate salary, ultimately it’s more about what you do with what you earn and less about what you earn.

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