By Larry Chiang
I spoke at NFL rookie camp. I’m an expert on getting to a fico score over 800. At NFL rookie camp there are speakers who go over every aspect of succeeding
Bryon Jones advice to 2020 rookies:
DO NOT SPEND YOUR MONEY. That number you see on your contract is fake. You will pay roughly 40% to 50% in taxes, agent fees, union dues, 401k account + necessary insurance. Also, a large portion of your contract is NOT GUARANTEED. (1/5)
Do not live a lavish lifestyle. Although your mom may deserve it, she does not need a $100,000 car. She does not need a $1,000,000 house. It is not the time yet. If you protect your money early, you can live a comfortable life forever and provide for your family. (2/5)
There are three more tips at Twitter under Bryons handle, @bryon31jump.
To add credit score advice,
-1- Do not co-sign loans for relatives.
Lend your cash. Do not lend them your tax ID number (social security number)
-2- get a file-of-fax filled with files and facts
You will be lulled into a false sense of security by letting your agent / lawyer handle that. Manage your paper yourself.
-3- Read the source code.
Do not delegate reading contracts. Read the paper yourself. Do not outsource money and credit.
-4- Take notes. Take notes about your money in a money and credit notebook.
See the Alex Rodriguez mentorship of Holyfield.
Alex Rodriguez, SS-3B, would carry around a notepad and cheat sheets. This is why he’s still got money left over. He takes notes
Just having a notebook that people see becomes ROI. Return on Investment. Return on Effort.
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