Marshawn Lynch recently announced his retirement from the NFL. He will be missed and never forgotten.
Marshawn Terrell Lynch is a former American football running back who played in the National Football League (NFL) for the Buffalo Bills and Seattle Seahawks. He was drafted by the Bills in the first round of the 2007 NFL Draft. He played college football at California, where he became the school’s second all-time career rusher.
Lynch was nicknamed “Beast Mode” for his aggressive running style, propensity for breaking tackles, and consistent ability to run over defenders. He was also known for his famous statement during interviews, “I’m just here so that I won’t get fined.”
At that time people thought he was arrogant, defiant and disrespectful for not answering questions and still may think that today. After hearing Lynch was retiring and found out that he never spent a dime of his NFL earnings, I realized why he acted as he did. Unlike many other athletes and entertainers who live outside their means, spend every penny earn and invest in most business venture that’s offered, Lynch didn’t have to beg for the next contract and compromise his beliefs. Lynch did what he was hired to do with the Seahawks and that was to be the best running back during his era for the franchise.
He knew something that none of us knew…he didn’t have to shuck, jive and do anything he didn’t want to do. He had already created generational wealth.
When his retirement was announced articles circulated that Seattle Seahawks star running back Marshawn Lynch had made $49.7 million in nine NFL seasons and had saved all of it. Impressive or not, Marshawn Lynch is a businessman. He wasn’t blinded by the dollar signs.
As noted in Yahoo Finance, Lynch has been living the last nine years off of endorsements and other business ventures. Lynch is estimated to earn about $5 million per year through endorsement deals with Nike, Pepsi, Skittles, Progressive, and Activision, according to Forbes.
Lynch habits are what all should practice if you have plans to build wealth. He treated his NFL contract like a prudent businessman–as he should.
You can learn five tips from Marshawn Lynch
Create a financial plan and follow. Before signing the first contract you should have an idea where your money will be invested, saved and spent. Make sure the financial plan addresses your investment goals and tolerance. Your financial planner should be on the same page as your goals, not theirs. Be an advocate for your future.
Don’t spend every penny you earn. Your financial plan should include your living expenses, spending and discretionary income. Establish your needs, wants, desires, goals, and then follow through with your plan to execute. Save more than you spend! Ideally, you should save/ invest fifty percent of your income. It’s feasible to save fifty percent of your income if you begin with a plan of accountability.
You don’t have to share your business with everyone. As much as people want to know your next move, it isn’t their business. Only reveal what you want others to know and only if it is necessary to divulge. You are your personal PR and control what is released.
Leave while on top of your game. Whether you are a player in the game or the coach, leave when are at your best.
Never Mind what other people say about you. Do what makes you happy and what is conducive to your beliefs. People will always want you to compromise who you are so that they are rewarded. Make sure your actions allow you to sleep at night without regrets.
You may wonder, how was Lynch able to not spend his NFL earnings. Through planning, discipline, goals and accountability anything is possible. Besides, if you don’t live like a ‘Broke Baller’ you won’t retire as such.
Kudos Lynch! We hope other athletes and entertainers follow your lead.
Bahiyah Shabazz is the President of Shabazz Management Group, Fabulous & Money Savvy and BROWN GIRLS DO INVE$T. She has appeared and given financial advice on various media outlets, and is the author of Women Building Wealth.