Why NFL player Ryan Broyles lives like he made $60,000 last year, and not $600,000
“His goal is to spend $60,000 a year, so his monthly budget is $5,000. The budget, which he says is post-tax money, is allocated like this: 50% on fixed expenses like mortgage and car payments; 30% on variable expenses like food and gas; 20% toward savings. He read that a mortgage should be 28% or less of income, so his is $1,600 — about 30% of the $60,000 budget.
He keeps track of his spending on a piece of paper, and has also started using the budgeting website Mint.com this year. ‘I love it,’ he said.
Here are some specifics of his monthly budget:
- 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.
He also has a Trailblazer that’s fully paid for. Add in insurance and a few other expenses, and he’s at a little over $4,000, which gives him some wiggle room in keeping his spending under $5,000 a month. …
It was clear after we spoke for a while that his wife is a big part of the reason they are so smart with their money. ‘Sometimes I think, ‘let’s just pay full price for something,’ but my wife talks me into finding a deal,’ he said. …
‘Agents and advisers come after you’ when you’re a top collegiate athlete, he said. ‘I interviewed four or five guys and knew the type of investor I wanted to be and adviser I wanted to work with.’ … He said initially he was ultra conservative, but his adviser coached him. ‘As I got more comfortable, I understood P/E ratios and things like that.”