We have all heard the phrase “keeping up with the Joneses,” but for the NFL Family this can be very dangerous. One of the first things I tell my clients is “contrary to popular belief everyone in the NFL is not a millionaire.” Matter of fact, most players are not millionaires and most won’t ever be in that tax bracket solely based on their NFL contracts. From private flights to the infamous red bottom shoe wall, the stereotypical NFL life can be every family’s dream. Honestly, who wouldn’t want to fly private? No pesky security lines or stress of fitting your entire life into 50 pounds or less. But the reality is sometimes flying commercial now prevents you from being broke later. The Athlete
Immediately after players declare for the draft, they are propelled into a life of temptation. From expensive watches or loan advancements for new cars, the stereotypical NFL life seems to be a dream come true. Most players are instantly persuaded by agents, homeboys, family members and even some NFL teammates that they should live like a baller. The irony in this is that most of those influencers who push for the elaborate lifestyle would not be able to live the lifestyle without the generosity of the player.
For the athlete, the pressure to live a lavish lifestyle is very real. They must have the latest Jordan’s and designer brands including the famous Louis belt. Yes clothes, cars and bags are important but the true burden comes from nightlife spending. During the lockout, several players flocked to Miami to train but to also party. We have all heard of “Liv on Sunday,” and Liv was definitely aware of all of the NFL money that was in town. Players spending between $7,000 and $10,000 on a table every weekend was the norm, and complaining about it was simply unacceptable. No one cares about “how their accounts are set up.” If they are in the club, then they are buying tables because once they become a NFL player the expectation of high end living is the new standard.
The athlete isn’t the only one facing the pressures of living high. NFL wives are judged by their bags, shoes, cars and even eyelashes. Yes even eyelashes! From elaborate weddings and discussions about who has the biggest ring, the standards are high even if your accounts are low. Eyes are watching and unfortunately this is the downfall of a lot of NFL families. Wives aren’t the only ones who fall victim to the extravagant life, family members and homeboys who all of a sudden can no longer take care of themselves and assume the player is now responsible for their existence are some of the biggest culprits in perpetuating the bravado.
The truth is some players don’t learn that they can’t keep up with the Joneses until they are already knee deep in debt. Car payments, multiple mortgages, high credit card limits, and countless depreciating assets create unnecessary stress on both the athlete and the family. Someone who is making $500,000 a year can’t live the same lifestyle that someone who is making $10,000,000 a year without some pretty crafty investing. Unfortunately, I have witnessed it all from selling all they had to sending out mass texts to people they barely know asking for $20,000 loans.
The reality: Don’t let the time in the NFL be a waste. Become the Jones don’t try to keep up with them.
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Tenisha Patterson Brown, Esq.
Forever Fierce, Fabulous & Flawless