NFL star Michael Bennett spent his first big bonus on a $2 million policy for life insurance. (via CNBCMakeIt)
Michael Bennett #77 of the New England Patriots looks on from the sidelines during the preseason game against the Detroit Lions at Ford Field on August 8, 2019 in Detroit, Michigan.New England Patriots defensive end Michael Bennett is a three-time Pro Bowler who is in his 11th season with the league.
Not only has he appeared in several playoff games throughout his career, but he also won a 2014 Super Bowl with the Seattle Seahawks. That win, according to theUnlike some athletes who irresponsibly blow through their bonuses, Bennett revealed on the ""The first thing I did when I got one of my first signing bonuses is that I bought a $2 million policy for life insurance," he said.
Michael Bennett #77 of the New England Patriots looks on from the sidelines during the preseason game against the Detroit Lions at Ford Field on August 8, 2019 in Detroit, Michigan.As an NFL veteran who has earned millions throughout his career, Bennett said he often shares financial advice with younger players in the league so that they too can set themselves up for success."So getting them caught up, whether it's real estate, whether it's stocks, whether it's life insurance.
He emphasized that he often stresses to young players the importance of compound interest, meaning they can make an investment and see their money grow. "Compound interest is something I talk to a lot of athletes about, and it's something they don't really understand until you start telling them, 'It's the greatest thing in the world to be sitting on [money] and get a check from somewhere or look at your stock and see it jump exponentially every week or every year.'"he also offers financial advice to young athletes.
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