My 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)— Byron Jones (@Byron31Jump) April 23, 2020
Jones, who just signed a five-year, $82.5 million deal ($54.5 million guaranteed) with Miami, went on to suggest to players that now isn't the time to buy their mother a lavish car or home, even if they deserve it.
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)— Byron Jones (@Byron31Jump) April 23, 2020
Jones earned just over $15 million on his rookie year deal with the Cowboy after they took him with the 27th pick in the 2015 draft.
You can raise the standard of living for your family (top education for your kids, healthcare, low crime neighborhoods) but you must be PATIENT. Come up with a modest monthly budget, learn + see the power of compound interest as you invest, understand tax implications. (3/5)— Byron Jones (@Byron31Jump) April 23, 2020
Use the NFLPA to find credible financial advisors. Interview a few and ask honest, hard questions before you make a decision. Don’t use your uncle’s friend because he claims he can get you 50k on your tax return. (4/5)— Byron Jones (@Byron31Jump) April 23, 2020
In the wise words of Marshawn Lynch “SAVE YO CHICKEN”. Welcome to the NFL. (5/5)— Byron Jones (@Byron31Jump) April 23, 2020