The 2020 NFL draft took place virtually on Thursday night. The Cincinnati Bengals selected former LSU standout Joe Burrow with the first pick. The 23-year-old quarterback, who is among a select few to have won the Heisman Trophy and a national championship in the same season, celebrated from his home in Athens County, Ohio, with his family.
The Washington Redskins selected Ohio State’s Chase Young with the second overall pick. His teammate Jeff Okudah went next, to the Detroit Lions.
Burrow, Young, Okudah and the rest of the first-round picks are about to sign multi-million dollar contracts. Burrow’s deal may come with a $23.9 million signing bonus.
Current NFL player Byron Jones, who was drafted in the first round of the 2015 draft and now plays for the Miami Dolphins, took to Twitter to offer some money advice for the incoming rookies through a series of five tweets.
First of all, “do not spend your money,” writes the 27-year-old cornerback. “That number you see on your contract is fake. You will pay roughly 40% to 50% in taxes, agent fees, union dues, 401(k) account and necessary insurance.”
He encourages them to think long term. As tempting as it may be, don’t live a lavish life right now. “Although your mom may deserve it, she does not need a $100,000 car,” Jones writes. “She does not need a $1,000,000 house.”
“It is not the time yet,” Jones continues. “If you protect your money early, you can live a comfortable life forever and provide for your family.”
Get educated about money, says Jones. Understand the power of compound interest and put your money to work.
You don’t have to figure it all out on your own, either, Jones says. He recommends they spend time to find a trustworthy advisor. “Interview a few and ask honest, hard questions before you make a decision.”
Jones closes with a final nugget of wisdom from his financially savvy peer, Marshawn Lynch: “SAVE YO CHICKEN.”
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