LAS VEGAS, NEVADA – NOVEMBER 15: Carl Nassib of the Las Vegas Raiders turns while smiling during warm up practice before a game against the Denver Broncos at Allegiant Stadium.
Ethan Miller | Getty Images Sports | Getty Images
Carl Nassib, who came out on Monday as the first openly gay player in the National Football League, has strict rules when it comes to his money.
The Las Vegas Raiders defensive lineman signed a three-year deal for $ 25 million with the Raiders in March 2020. However, the 28-year-old lives below his means and is saving for his future by using easily accessible investment options such as index funds and individual retirement accounts or retirement accounts.
“Since we’re young, we have a lot more time to invest,” Nassib told CNBC’s Power Lunch in 2019.
“Index funds are a great tool for long-term investments.”
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He’s also philanthropic. On Monday he announced that he was donating $ 100,000 to the Trevor Project. The non-profit organization offers LGBTQ + youth crisis intervention and suicide prevention.
“I’m a pretty private person, so I hope you guys know I’m not doing this for attention,” Nassib said in an Instagram post. “I just think representation and visibility are so important.”
He also believes helping others understand their finances is important. He gave advice to his Cleveland Browns teammates in the 2018 season of HBO reality sports documentary “Hard Knocks”. He played for the team in 2016 and 2017 before joining the Tampa Bay Buccaneers for two seasons.
During the show, he was seen teaching the players about compound interest, which is essentially interest on interest. It is calculated based on the initial capital and the interest accrued over the years.
“This is the easiest equation for getting you rich,” he said on the show. “It’s crazy.”
His interest in finance began after he was drafted by the NFL in 2016.
“I didn’t want to pay someone to manage my own money, so it took a while, but I did some training,” he said.
He told CNBC that he has a strict monthly budget.
During the football season, Nassib’s budget is $ 3,500 and includes food, rent, and bills. Off-season he has a higher budget of $ 5,500 because he travels more to see friends and family and no longer gets meals from the team.
“I try to at least get to where I have $ 400 or $ 500 for various expenses and then everything else gets settled,” said Nassib.
Correction: Carl Nassib plans to donate $ 100,000 to the Trevor Project. In an earlier version of this story, the amount was incorrectly stated.
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