You are currently viewing The worst financial decision I have ever made

The worst financial decision I have ever made

Rick Osentoski/AP/Shutterstock

NFL wide receiver Calvin Johnson retired from the league in 2016 after nine seasons with the Detroit Lions. Johnson, whose first job was grocery shopping, had a lot to learn about finance when he started making big money as a professional football player. He now has a net worth of $45 million, according to Celebrity Net Worth.

See: How much money to have hidden at home at any time
Discover: 9 bills you should never put on automatic payment

Here’s how Johnson handles his wealth, plus his biggest regrets when it comes to money.

The worst financial decision he ever made

During his appearance on “In Depth With Graham Bensinger,” Johnson said he regretted loaning money to family and friends.

“You lend money and you think you’re going to get it back, especially [from] people who are close to you, but I would say to anyone now, if you lend money to a friend or someone close to you, just know that you won’t get it back,” he said. -he declares. “I lent a lot of money to people and grew. I’m just like, ‘OK, I know I’m not going to get it back.’ It’s cool with me now, but what it does is it degrades relationships. The money you can always get back, but the relationships you have to cherish.

Johnson said to avoid involving money in family and friendship relationships, if possible.

“Money can easily ruin a relationship,” he said.

Take our survey: Do you tip for service?

The best financial advice he received

As an NFL player, Johnson had many contracts under his belt – and he quickly learned that those contracts were best left to the pros to review.

“[The] Probably the best financial advice I’ve ever received is from my lawyer: “Just let me read everything you get,” he said. “These lawyers, they come out like, ‘OK, this is not right. This little phrase here can make the difference, you get your money or you don’t. Stuff like that, stuff I wouldn’t see not.

How he manages his money

Much like his legal paperwork, Johnson turns to professionals to help him manage his money.

“I have a great team,” he said. “They’ve been around for a very long time, and one thing they’ve done that others haven’t done is just be very, very big on education. Everything I need, everything I don’t know, everything I might not know, I have people there who are awesome at explaining everything I need to know.

How he saved money before he found success

When asked how he saved money before becoming financially successful, Johnson said he didn’t.

“I had no money,” he says. “It just went from having nothing to having something. My first job was bagging groceries at Publix and my second job was actually working at Delta, putting the bags on the plane. The money we made from that, I probably spent pretty quickly. I try to think [about] what happened to that money in college. We didn’t make a lot of money, maybe a few thousand dollars, but it’s going fast!

More from GOBankingRates

This article originally appeared on Former NFL Player Calvin Johnson: Worst Financial Decision I Ever Made

Leave a Reply