Written by: Alex D.
NFL players on average make about $2.7 million. NBA players make a lot more with an average of $7 million. These numbers are inflated though due to high salaries in the $30-40 million mark in both leagues. This may not be crazy numbers for people in the league, but average people like us are always astonished by how much these professional players make. With salaries like this you’d think that they would either be spending all of their money, or saving all of it. According to Bleacher Report, “A typical NBA player spends about $42,500 per month (or $510,000 a year)”. This is a reasonable number given how much they make but this stat does not go for everyone as it is not uncommon to see professional players go bankrupt years after retirement. Fortunately for NBA player Jayson Tatum and NFL player Rob Grownkoski this will not be the case for them.
Jayson Tatum, a forward for the Boston Celtics, signed a 4 year / $30 million contract. This means that he is guaranteed to make $30 million over the course of 4 years from just playing with his team. On top of this he also makes millions from his ongoing track record of endorsement deals. With a career not guaranteed tomorrow or next year for him he decided that all of the money he makes from the Celtics will go right into his savings account. This same approach was taken by another Boston athlete, Rob Gronkowski when he was playing in New England. Rob Gronkowski signed a 6 year / $54 million contact back in 2012 with the New England Patriots and claims that he hasn’t spent a dime of it yet. Like Jayson Tatum, Gronkowski lives only off his endorsement earnings.
With injuries always occurring and not being able to guarantee the next contract, Jayson Tatum and Rob Gronkowski have become the most financially literate people in their respective leagues. This is something extremely uncommon to do as well because not all players get the opportunity to do endorsement deals and many pro athletes are not financially literate.
Works Cited
Barrabi, Thomas. “How Much Do NBA Players Earn?” Fox Business, Fox Business, 7 Mar. 2020, www.foxbusiness.com/sports/how-much-do-nba-players-earn.Leger, Justin, and Darren Hartwell. “Tatum Wise beyond His Years with His $7.8M Salary.” NBC Sports Boston, 26 Nov. 2019, www.nbcsports.com/boston/celtics/celtics-jayson-tatum-saves-every-dollar-his-78-million-nba-salary.
Pate, Kelli. “Patriots Player Rob Gronkowski Is Retiring from the NFL with $54 Million of His Career Earnings. Here Are 5 Money-Saving Tips You Can Learn from Him.” Business Insider, Business Insider, 25 Mar. 2019, www.businessinsider.com/nfl-patriots-money-saving-tips-rob-gronkowski-2019-2.
I think that this was interesting to hear about and almost refreshing to see some notable professional athletes making financially sound decisions because I feel like a lot of professional athletes might not fully consider the lack of security that their jobs can have, even though they make a lot of money.
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even though they make a lot of money. คาสิโนออนไลน์
ReplyDeleteI found it really crazy that Rob Gronkowski still hasn't spent a dime from his contract back in 2012 with New England. Almost anybody in the world would spend so much money if they signed a 6 year $54 million contract, but it's crazy that Rob was able to be that smart with his finances. I also think it would have been great if you included some stories of pro athletes not being financially stable and going bankrupt, because that would help emphasize really how smart Gronk and Jayson Tatum actually are!
ReplyDeleteThis is a very interesting article. I think it is very financially responsible that they are both putting their contract earnings into their savings. They still make a lot of money off endorsements alone, but the fact that they can recognize that and then make a conscious decision to save the majority of their earnings is smart because in their line of work, you never know what can happen, which has been proven by the recent COVID-19 outbreak.
ReplyDeleteI think that it was pretty interesting how you looked at a rookie player in the NBA and also how your looked at a NFL vet and compared how they were saving their money. It is very intriguing how both of these athletes are saving their money which is interesting because you would think that the players would spend all of their money and buy a lot of things right when they get a pay check but it is cool to see that their are some athletes that are smart with their money. Overall, I think that you did very well on this piece and it was very interesting.
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