Browns rookie Joe Haden signed a five-year contract worth a maximum of $50 million and a guarantee of $26 million last week, which should mean he’s set for life — or set for many lifetimes — financially.
Then again, Mark Brunell made more than $50 million in his career and declared bankruptcy this offseason.
Haden says he’s aware of the poor financial decisions that so many professional athletes make, and he vows not to make the same mistakes.
“One thing a lot of people have been telling me – my parents, my financial adviser — is that 80 percent of the league, after 20 years out of the league, is broke or bankrupt,” Haden told the Canton Repository. “So one thing I’m doing with my money is, I set it up so me and my family and my brothers and my kids — if I have children — are set financially.”
The mere fact that Haden has parents and a financial adviser telling him to be careful with his money is a positive sign, although plenty of athletes have had problems with family members bleeding them dry or financial advisers leading them astray.
Ultimately, there’s probably not any 21-year-old anywhere who’s prepared to suddenly be handed tens of millions of dollars. But Haden says he’s prepared to handle his money responsibly.
“It definitely means a lot,” Haden said. “I just know that I’m set.”