NFL player Trent Richardson’s family blew $1.6 m
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Posted On: 08/05/2016 7:04:09 PM
NFL player Trent Richardson’s family blew $1.6 million of his money in less than a year
He had a $20.5 million contract, but is now out of the league — and millions of dollars
Running back Trent Richardson helped Alabama win two national championships and was the third pick in the NFL draft in 2012. But he lost millions of dollars and is now out of the league, in part, he says, because he was so stressed about taking care of his family and friends financially.
This is all depicted in an ESPN E:60 episode, during which the network talks extensively with Richardson about his career and his finances.
The 26-year-old Richardson grew up in Pensacola, Fla. His mom raised him and his siblings and didn’t have a lot of money. When he signed a four-year $20.5 million contract with the Cleveland Browns, he bought a six-bedroom house in Cleveland for $825,000 and rented his mom a house there, too. “I had a chance to make sure my mom never had to work again,” he said on E:60. He also bought his grandmother a house in Pensacola for $350,000.
After a successful rookie season, he was then on four teams in four years. And he is now out of the league.
In October 2015, he wasn’t on a team and had no income coming in and he reviewed his finances for the first time.
“I looked at my bank statement and thought, ‘where did this come from?’ they took advantage of me,” he said of his friends and family members.
They had paid for 11 Netflix accounts and eight Hulu accounts in his name. They also made many purchases on Amazon and charged him for bottle service at bars.
“I don’t get on the internet much — and I don’t drink,” he said, adding that he only spends about $300 every two weeks on himself.
Between January 2015 and October 2015, his family and friends had spent $1.6 million of his money.
His college coach, Nick Saban, told E:60: “He wants to please everyone. That makes it difficult to disappoint people with the word ‘no.’”
But then he stopped paying for everyone except his immediate family. He even took his brother Terrell off his payroll; he had been paying him $100,000 a year to be a personal assistant.
Terrell was so upset to hear how much the people in his life had cost Trent, that through tears he said, “I would never ask him for another dime.”
Richardson said he has enough money left to support himself and his immediate family. He will now live at his grandmother’s home and continue to rehab after knee surgery to try to get back into the league.
MarketWatch has spoken with several NFL players over the past few years about their finances. Former player Phillip Buchanon also had family members who wanted his financial help. His mom said he should buy her a million-dollar home, for example. He wrote a book called “New Money: Staying Rich,” in which he says athletes need to know the difference between “need” and “want,” and that it’s important for players to have a mentor, especially for financial advice if they didn’t grow up with a positive role model.
Also see:
This is how the NFL hopes to keep its players from ending up broke
Take the same finance class the NFL gives its players
Some players are fortunate to have family members that not only don’t want any of their money, they make sure extended family and friends don’t get any either. Armelia Rolle, the mother of Antrel Rolle, who played safety for the Chicago Bears last season, told MarketWatch, “My husband and I and my son and daughter, we’re Antrel’s offensive line. You can’t sack him unless you come through us.”
And some players set themselves up early in their career to make their money last long after they stop playing. Green Bay Packers punter Tim Masthay doesn’t have a money manager and invests his money himself in low-cost index funds. Former Detroit Lions wide receiver Ryan Broyles makes sure he doesn’t spend more than $60,000 a year, even though he made $600,000 a year as a player.
While discussing the challenges of coming into a lot of money after not growing up with much, Richardson said on E:60, “It’s scary to have all that money and still be unhappy. It’s like you’re broke — and brokenhearted.
He had a $20.5 million contract, but is now out of the league — and millions of dollars
Running back Trent Richardson helped Alabama win two national championships and was the third pick in the NFL draft in 2012. But he lost millions of dollars and is now out of the league, in part, he says, because he was so stressed about taking care of his family and friends financially.
This is all depicted in an ESPN E:60 episode, during which the network talks extensively with Richardson about his career and his finances.
The 26-year-old Richardson grew up in Pensacola, Fla. His mom raised him and his siblings and didn’t have a lot of money. When he signed a four-year $20.5 million contract with the Cleveland Browns, he bought a six-bedroom house in Cleveland for $825,000 and rented his mom a house there, too. “I had a chance to make sure my mom never had to work again,” he said on E:60. He also bought his grandmother a house in Pensacola for $350,000.
After a successful rookie season, he was then on four teams in four years. And he is now out of the league.
In October 2015, he wasn’t on a team and had no income coming in and he reviewed his finances for the first time.
“I looked at my bank statement and thought, ‘where did this come from?’ they took advantage of me,” he said of his friends and family members.
They had paid for 11 Netflix accounts and eight Hulu accounts in his name. They also made many purchases on Amazon and charged him for bottle service at bars.
“I don’t get on the internet much — and I don’t drink,” he said, adding that he only spends about $300 every two weeks on himself.
Between January 2015 and October 2015, his family and friends had spent $1.6 million of his money.
His college coach, Nick Saban, told E:60: “He wants to please everyone. That makes it difficult to disappoint people with the word ‘no.’”
But then he stopped paying for everyone except his immediate family. He even took his brother Terrell off his payroll; he had been paying him $100,000 a year to be a personal assistant.
Terrell was so upset to hear how much the people in his life had cost Trent, that through tears he said, “I would never ask him for another dime.”
Richardson said he has enough money left to support himself and his immediate family. He will now live at his grandmother’s home and continue to rehab after knee surgery to try to get back into the league.
MarketWatch has spoken with several NFL players over the past few years about their finances. Former player Phillip Buchanon also had family members who wanted his financial help. His mom said he should buy her a million-dollar home, for example. He wrote a book called “New Money: Staying Rich,” in which he says athletes need to know the difference between “need” and “want,” and that it’s important for players to have a mentor, especially for financial advice if they didn’t grow up with a positive role model.
Also see:
This is how the NFL hopes to keep its players from ending up broke
Take the same finance class the NFL gives its players
Some players are fortunate to have family members that not only don’t want any of their money, they make sure extended family and friends don’t get any either. Armelia Rolle, the mother of Antrel Rolle, who played safety for the Chicago Bears last season, told MarketWatch, “My husband and I and my son and daughter, we’re Antrel’s offensive line. You can’t sack him unless you come through us.”
And some players set themselves up early in their career to make their money last long after they stop playing. Green Bay Packers punter Tim Masthay doesn’t have a money manager and invests his money himself in low-cost index funds. Former Detroit Lions wide receiver Ryan Broyles makes sure he doesn’t spend more than $60,000 a year, even though he made $600,000 a year as a player.
While discussing the challenges of coming into a lot of money after not growing up with much, Richardson said on E:60, “It’s scary to have all that money and still be unhappy. It’s like you’re broke — and brokenhearted.
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