Miami Dolphins cornerback Byron Jones used some financial advice for those college stars who are about to enter the NFL through the draft on Thursday.
Jones, who recently signed a five-year, $82 million deal to sign up with the Dolphins in the offseason, sent a series of tweets detailing what the future rookies ought to do with their cash and what to anticipate when signing their very first agreement.
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” DO NOT INVEST YOUR CASH. That number you see on your contract is fake. You will pay approximately 40%to 50%in taxes, representative fees, union charges, 401 k account required insurance. A large portion of your contract is NOT ENSURED,” Jones initially tweeted.
He then warned the children against living a “extravagant way of life.”
” Do not live a luxurious lifestyle. Your mom may deserve it, she does not require a $100,000 vehicle. She does not require a $1,000,000 house. It is not the time yet. If you safeguard your money early, you can live a comfy life forever and attend to your household.”
He then urged future NFL gamers to budget their money and utilize the tools the NFL Players Association provides to help manage the funds.
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” You can raise the requirement of living for your household (leading education for your kids, healthcare, low criminal offense areas) but you need to be PATIENT. Create a modest month-to-month budget plan, find out see the power of compound interest as you invest, understand tax implications.
” Utilize the NFLPA to discover trustworthy monetary advisors. Interview a few and ask truthful, difficult concerns prior to you make a decision. Don’t utilize your uncle’s friend because he claims he can get you 50 k on your tax return.”
Lastly, he added: “In the sensible words of Marshawn Lynch ‘SAVE YO CHICKEN’. Invite to the NFL.”
First-round draft picks can make as much as $6.2 million to $1.9 million, according to Over The Cap. Seventh-round draft choices can earn more than $632,000 need to they get an agreement.
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Jones was drafted by the Dallas Cowboys in the first round of the 2015 draft. According to Spotrac, he signed a four-year, $8.6 million novice agreement with a $4.5 million signing benefit. He made a base salary of $435,000 in his first season and an $825,900 base pay in his 2nd season.
Considering that entering the NFL, he played in 79 video games and taped 2 interceptions and 349 deals with.
