Like long-time NFL tight end Rob Gronkowski, four-year veteran running back Alvin Kamara has found a way to pay his bills without touching his football money.
Appearing on Uninterrupted’s Kneading Dough series, Kamara said that he has not yet spent any of the money he has earned playing pro football.
“I got my signing bonus, I went and got some wings, and I was like, ‘Man, I’m not spending any of this money.’ . . . I still have not spent $1 of my football money -- new money or rookie contract money,” Kamara said, via Bleacher Report.
A player like Kamara, who makes money from endorsement deals, can live off that revenue while banking the football money. The challenge then becomes putting the football money in a place where it can earn good interest but that the principal remains secure.
It’s a good lesson for anyone who suddenly finds himself or herself with plenty of money. It’s very tempting to make a series of big expenditures. It’s smart to save as much of it as possible, to protect it, and to invest it wisely and prudently.