Super Bowl champion Odell Beckham Jr. broke down the supposed financial perils of signing a lucrative contract in the NFL and what a $100 million deal really means.
Beckham appeared on “The Pivot” back in October and lamented not having the financial literacy to know the expenses that would come with a massive deal. The interview caught the attention of social media during the holiday weekend.
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“I’ve always explained this to people, bro, you give somebody a five-year, $100 million contract – what is it really?” he said. “It’s five years for 60 (million). You’re getting taxed. Do the math, that’s 12 a year that you have to spend, use, save, invest, flaunt, whatever. I’mma buy a car, I’mma give my momma a house. Everything costs money. So, if you’re spending $4 million a year – that’s really $40 million over five years – eight a year.
“Now, you start breaking down the numbers and it’s like that’s a five-year span of where you’re getting $8 million. Can you make that last forever? And you always hear the people who ain’t us and ain’t be in the position, like, ‘Oh that would last a lifetime.’ Yeah, this job I sacrificed my whole life for, they are giving me that. I didn’t ask for the certain dollar amount or whatever. But we weren’t taught about no financial literacy … We weren’t taught this skill.”
Beckham’s second contract with the New York Giants was worth $90 million over five years before he was traded to the Cleveland Browns, according to Spotrac. He then signed deals with the Los Angeles Rams worth $1.2 million, which he turned some of into Bitcoin.
The deal with the Baltimore Ravens was worth $15 million and his contract with the Miami Dolphins was worth $3 million. Through 2025, Beckham has made more than $101 million.
Former Dallas Cowboys offensive lineman Crawford Ker told FOX Business in 2022 that players coming into the league should be more conservative with their spending when they first come into the league.
