I was watching a few videos from Alex Hormozi and came across a real gem. Another one of his blunt life lessons that everyone should hear.
Here is a link to the video called – The 28 Ways to Stay Poor.
No, you didn’t read that wrong. The concept is called Inversion Thinking. Basically, our brains are still wired to think of threats above all other things (survival instinct). Because of this we are better at paying attention to what NOT to do vs. what we should be doing. Through that lens, Alex decided to deliver tips about how to be rich by telling you how to stay poor. Really awesome video. Be sure to check it out.
His approach inspired me to do a list of my own for college players about to embark on their NFL careers through the 2023 NFL Draft.
So, for all the men declaring for the NFL Draft right now, here are –
The 5 Ways for an NFL Rookie to go BROKE!
Spend MORE money than you make
No matter how many endorsement deals you sign or how big your next contract is, if you keep spending more than you make - You will always be BROKE.
Prioritize looking RICH over actually being WEALTHY
Valuing what others think of you, over valuing yourself is a great way to go BROKE. As soon as you become an NFL player, there is a stigma that you’re immediately rich, so you have to start looking the part – clothes, cars, houses, parties, etc. Trying to show this to the world will cause you to go BROKE.
DON’T have a budget
Not knowing how much you’re spending is a great way to go BROKE VERY QUICKLY. Then you will wonder – Where did my money go…?
Give more money to your FAMILY, FRIENDS or the GOVERNMENT than you save for yourself
Why would you pay other people more money than yourself…the only answer is so you go BROKE and they get rich.
Do what 80% of NFL players are doing.
Statistically roughly 80% of NFL players spend all their money and go BROKE. If you follow the heard you will do the same.
Instead, if you start doing the opposite of these things RIGHT NOW, you are likely to achieve the ultimate financial goal using just your Rookie Contract – Financial Freedom or as some in the sports world would say – F-U Money.
The 5 Ways for an NFL Rookie to create Financial Freedom
Spend LESS money than you make
As your endorsement deals and contracts increase you will end up saving more money and build wealth without even investing a dime.
Be WEALTHY and look Basic
Value yourself more than valuing what other people think of you. Invest all your money and time in yourself (education, books and businesses you start) instead of the material things others put value on.
Create a budget
Knowing how much you spend will help you know how much you can save, invest and give back.
Pay YOURSELF more money than anyone else
Paying your present and future-self (by saving for retirement) first will allow you to care for more people in the future than you possibly can today as a Rookie.
Do what 20% of NFL players are doing.
Find the 20% who growing their wealth and do exactly what they are doing. Here are a few you could call right now - Aaron Donald, Kirk Cousins, Marshall Lynch, LeSean McCoy, Brandon Marshall and Rob Gronkowski.
There you have it, 5 ways to either go BROKE or achieve FINANCIAL FREEDOM as an NFL Rookie, it’s your choice. Obviously, this is a little tongue and cheek but if you really break this down the fundamental principal is – keep as much of the money from your NFL Rookie Contract as you possibly can. If you do that, so many more opportunities and doors will be open for you now and in the future.
If you are one of the players entering the 2023 NFL Draft and have a desire to achieve Financial Freedom, we are here to help. We know how to work with your agents and teach you how to maximize the money you make from your Rookie Contract. Giving you the best shot at Financial Freedom.