NFL players are blessed with fame and fortune, but it is a task to maintain a similar lifestyle once they retire. Players must learn to manage money wisely from an early age, alongside their sports training. Seeing the issue on the rise, former NFL stars Chad Johnson and Shannon Sharpe expressed concern for young players, giving them a reality check to be careful of their finances to avoid going broke later on.
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Chad Johnson, a former Cincinnati Bengals wide receiver known for his frugality, shared on the “Nightcap” podcast how many young athletes blow through their money during the NFL season. He pointed out that players often waste money to maintain their lifestyle during the season, only to run out of cash once the offseason hits.
He suggests there is a common pattern among players where their spending increases once their income rises. They start to live “cheque to cheque” despite earning millions and fail to save their earnings. Ocho stated,
“Sometimes it’s got them almost like living, cheque to cheque. Even if you make in millions that shit happens. That’s why the percentage of us when we’re done playing within two years, once some checks start rolling in, you ain’t got no money.”
This leads to financial instability and once their career ends the steady stream of income also stops. Johnson highlighted a two-year timeframe within which most players exhaust their savings or begin to face financial difficulties.
Chad Johnson in an interview last year, shared how he managed to save 83% of his NFL salary. He did this by opting for fake jewelry, staying at his team’s facility instead of expensive hotels, and choosing cheaper flights over private ones. He never spent unnecessary on luxury items during his playing days which allows him to live peacefully even after retiring and support his family.
Financial Wisdom from NFL Legend Shannon Sharpe
Shannon Sharpe related to what Ocho said, and explained how he manages his money. Sharpe expressed he always takes half of the money he earns and saves it in a bank. Additionally, Sharpe mentioned that he finds it easier to pay taxes in smaller amounts throughout the year instead of a large sum at the end. He believes it’s more manageable to pay quarterly installments than to face a hefty $4 million tax bill all at once.
“I paid my taxes quarterly. I got tired of writing $3-4 million checks at the end of the year. So, now you take this quarterly, because it will hurt my pride, that I got to pay that much.”
The legendary tight end-turned-media personality is known for his extravagant spending, but has maintained financial stability by saving money and diversifying his business ventures. He has entered into the entertainment industry with his podcast “Club Shay Shay,” which gained popularity, especially after an episode featuring comedian Kat Williams went viral.
the 3x Super Bowl champ revealed that the earnings from this interview surpassed any salary he received during an NFL season. Additionally, he also co-hosts ESPN’s sports talk show First Take and another podcast, “Nightcap,” with Chad Johnson.
