Why the NFL’s Calvin Johnson is a financial planning role model

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Photo by [http://jmhphoto.net/ Jamie Howell]

Photo by [http://jmhphoto.net/ Jamie Howell

Detroit Lions wide receiver Calvin Johnson recently signed one of the largest contracts in NFL history – 7 years and $132 million, with $60 million guaranteed.

Nicknamed “Megatron” for his leaping ability and hand-eye coordination, Calvin Johnson is one of the best players in the NFL.

But along with his wealth and football skills, it appears that Calvin Johnson is a pro at financial planning as well.

According to this article, Calvin Johnson’s financial planning rule is to take care of his family first, and say “No” to everyone else who might ask him for money. Calvin Johnson said that he even had to change his phone number because he had so many people calling him asking for money after he signed his big contract.

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This is a great idea for pro athletes, who are often vulnerable to unscrupulous financial advisers and targeted by risky investment offers. Pro athletes, despite their fame and big paychecks, are often at high risk of going bankrupt, as we wrote before in this article about Money Lessons from Bankrupt Athletes.

Photo credit: Jamie Howell. Available under free attribution license according to Wikipedia Commons