There are five lessons to be learned from Joejuan Williams’ money mastery. He lives off 10% of his multimillion-dollar income, and I’m not sure I’ve ever been more proud of a stranger.
Learn good habits early
Joejuan Williams credits a finance course he took in high school that helped him form his good practices as a millionaire. He learned about 401(k) plans, certificates of deposits, and mutual funds, budgeting, and completing a tax return. The Boston Globe quotes Joejuan saying that one class “completely changed [his] life,” and he hopes to start a financial literacy program for students in disadvantaged neighborhoods. He went on to study economics at Vanderbilt University where he learned money management and furthered his love for saving.
You can teach your kids about money and give them a head start.
Invest as much as possible
Joejuan says he is sacrificing now for the greater good. He says that watching his mother live paycheck-to-paycheck made him stingy at a very young age. He knew what it was like to struggle in low-income housing and started working as soon as he was old enough. After joining the league, Joejuan hired a financial advisor through a strenuous interview process.
Some banks or other financial programs offer free financial advice. Take advantage to see how you can save and invest.
More money doesn’t make you happy
Joejuan is not the highest-paid athlete, and he only spends so much, but yet he still seems satisfied and has a comfortable lifestyle without splurging. The only big purchase he’s planning is to buy his mother a home one day. Joejuan said he could buy the stereotypical trappings of an NFL player with the large home and expensive car, but he rather “live like a king” later.
Determine your priorities and what type of lifestyle you want, now and later in life. Then, make choices that reflect those priorities.
You shouldn’t spend all you make
Joejuan doesn’t seem unhappy living on less. On the contrary, after helping his mom with her student loans and buying her a car, he seems very content to watch his money grow. Also, he uses credit sparingly and waits a couple of days before making purchases. He says waiting reduces the desire for the objects, and he won’t spend any money.
You can try no-spend days, weeks, or months to see if you can go without purchasing unnecessary items.
Save for the future
No matter what your income is, put some funds aside for a rainy day. You never know what could happen or what you’ll need. He’s a rookie, yet Joejuan has seen how quickly an NFL career can end. He decided to play the long game instead by saving the majority of his money and watching it grow. He knows he may not get another NFL contract since he is not a regular on the field.
Anything could happen in life, so set up an emergency fund for extra coverage.
If I had to sum up Joejuan Williams’ money theory, it is to have a slice and save the pie. You still get to enjoy your money now, just not every bit. This way, you can have some of it for later.
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