West Chester native and Malvern Prep graduate Carl Nassib, a defensive end for the Tampa Bay Buccaneers, prefers saving for the future to living the high life, writes Michelle Fox for CNBC.
His rules for saving money are simple. He lives below his means and puts money away for the future by using investments that are easily available to the average American.
Younger people “have a much larger timespan to invest, so I think, with long-term investing, index funds are a great tool,” said Nassib.
He first became interested in finance after being drafted by the Cleveland Browns in 2016.
“I didn’t want to pay someone to manage my own money, so it took a while, but I educated myself,” he said.
Nassib, whose career earnings so far are $2.73 million, has set up a strict monthly budget. During the season, he allocates $3,500 to cover food, rent, and bills. During the offseason, he increases his monthly budget to $5,500, as he travels more to see friends and family.
He has also been so successful that he has now started giving financial advice to his eager-to-learn teammates.
Read more about Carl Nassib’s playbook for saving money at CNBC here.