After earning nearly $80M during his NFL career, Logan Ryan is making an urgent plea to his fellow athletes
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Ryan, who won two Super Bowls during his 11-year career, shares in a LinkedIn post that he never spent a dollar of his salary.
Logan Ryan might not be the first name that comes to mind when anyone thinks of NFL stars. But at 35, the former two-time Super Bowl Champion has, like many, seen clips of athletes explaining why millions of dollars isn’t a lot of money and has offered a small piece of advice.
In a LinkedIn post, Ryan, who played collegiately at Rutgers before being drafted by the New England Patriots in 2013, explained that, even as a third-round pick, he found ways to manage his money, even as his career would lead to bigger contracts down the road.
“Most guys who hit that number are broke a few years after their last check,” Ryan said after revealing what he’d earn on the field. “I’ve watched it happen up close.”
He added, “I got drafted 14th among corners in 2013, and that chip never left. It made me suspicious of any dollar that felt too easy to spend. So I never touched the paychecks. I live on a strict budget off my portfolio, and I still ask my financial advisor more questions than anyone else on his books.
“Here’s the part people chasing a big number keep missing. Chasing a big number was never the point. What actually bought my freedom was saving relentlessly, year after year, while everyone around me spent.”
The spent aspect has generated numerous clips from former and current athletes who have been outspoken on the topic, suggesting that millions aren’t enough and can be gone in a flash.
“I retired at 33 and answered to no schedule but my kids’. For those working toward financial freedom, remember what that freedom is really for,” he concluded.
While conversations among fellow athletes offer a bit of insight into the pressures of being a big-time athlete ranging from lifestyle choices and who needs to be taken care of, the general public has offered groans and side-eye upon hearing about the various expenses athletes incur that the average non-athlete can’t relate to in many ways.
Following the release of ESPN’s documentary “Broke” in 2012, which highlighted that 78 percent of NFL players go broke three years into retirement, there was a prevailing belief that it would be a wake-up call for several athletes who had just come into their first big check. Instead, more athletes are running into similar problems.
Ryan’s story is similar to one famously shared by Marshawn Lynch. The former Seahawks running back and all-time great revealed that he barely touched the $56.7 million he earned in his NFL career, instead using money from endorsement deals and appearances to maintain his lifestyle.
“On my off days, I’d go work with these brands and get a bag, bring in a couple 100 bands, and I could just eat off that and not worry bout my game check,” Lynch told fellow NFL player Ndamukong Suh on the “No Free Lunch” podcast earlier this year.
The question of financial literacy and not keeping up with the Jonses became a much-discussed topic this summer, egged on by comments made by Odell Beckham Jr. and other athletes, including Draymond Green, CJ McCollum and more. Beckham’s comments, however, are the ones that have been widely circulated, given his star persona and lifestyle.
The wide receiver, who recently re-signed with the New York Giants, was highly criticized for suggesting that $100 million was not a lot of money for an athlete and could be gone quickly.
“I try to explain this to people. When you give somebody a five-year, $100 million contract, what is it really? It’s five years for $60 million,” Beckham told “The Pivot” podcast last October. “If you do the math, it’s $12 million a year that you have to spend, use, save, invest, flaunt. I’m just being real, I’m gonna buy a car. Give my mom a house. Everything costs money.”