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Despite making tens of millions of dollars throughout his NFL career, New England Patriots defensive end Michael Bennett said he saves most of his earnings and operates on a fixed budget.
Bennett revealed in a recent interview on the “Kneading Dough” podcast that he forgoes direct deposits and instead prefers to get his NFL checks by hand so that he can better manage his money.
“I keep my checks until the end of the season to make sure I don’t spend any money. And then at the end of the season, I deposit it,” said Bennett, who initially signed with the Seattle Seahawks in 2009 as a free agent.
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To survive, Bennett lives off the money he budgeted and saved during his previous years in the league. The three-time Pro Bowler’s total earnings will reach $59 million at the end of this season, according to CNBC.
Bennett, who is from Louisiana, said he learned the value of budgeting during his childhood when he worked odd jobs.
“I had different jobs, and I used to save my money to buy me and my brother’s school clothes,” he said. “I worked at a water park, a grocery store and most of the time I was a lifeguard. I was a lifeguard for four years.”
Bennett said those budgeting skills stuck with him throughout his professional football career, as he applied those same practices while in the league to ensure his financial security. In 2009 when he decided to settle down in Seattle after signing with the Seahawks, he was cut from the team just a few days later.
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“I was losing rent, and I couldn’t get none of my money back,” he said.
Bennett said that experience reinforced his decision to never tie himself to a city he doesn’t plan to live in permanently.
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