7 Cats Inherit a Florida Woman’s $2.5 Million EstateJuly 20, 2023
August is National Make-a-Will MonthAugust 5, 2023
Chad Johnson, also known as Chad Ochocinco for wearing the number 85 during his NFL career, has recently made headlines for the frugal spending habits he used to hang onto his wealth. Over the 11 seasons he was in the NFL, he made $49 million and saved 83% of it. Many professional athletes overspend, and a lot of them end up broke shortly after their careers are over. But that didn’t happen to Ochocinco. Here are five things to consider when you want to make sure your wealth is preserved.
1. Choose Lower Cost “Bling”
Ochocinco wore a lot of fake jewelry, giving the impression of wealth and extravagance without spending a lot. There are plenty of ways to look great and not buy something that’s going to bankrupt you or be hard to pay for.
2. Consider Affordable Housing
Chad chose to sleep at the Bengal’s stadium for two years when he was with that team, to save money on housing. You don’t have to sleep at work, but it’s important to be mindful of the home you’re buying or how much you’re paying for rent.
3. Think About Transportation Costs
Driving an exotic car is common for an NFL player. Ochocinco drove one, too, but it was leased. By not purchasing the car, he got the use of it, but the payments were lower and he could trade it for something else at the end of the lease term.
4. Fly the Friendly Skies – For Less
It’s great to fly in a private jet, but budget airlines will get you to the same place for a lot less money. Ochocinco frequently flew budget airlines to save money, even though he didn’t have to.
5. Understand Where Your Money is Going
Because Chad knew a lot of people in his profession went broke after their career was over, he chose to be proactive and avoid that. The bottom line is to live below your means, to help protect your financial future. It’s possible and important, whether you’re a pro athlete or not.
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