Although he hit the jackpot with a massive $255 million contract in 2023, Philadelphia Eagles quarterback Jalen Hurts still lives like a humble college student. He rents an apartment in Cherry Hill, New Jersey, for just $2,000 a month, according to a report from The Sun.
“I didn’t buy a house or anything like that when I got drafted because it was just me,” the superstar told GQ in a 2021 interview. “I didn’t need this big place just for myself. I just got myself a little apartment. You know, something smooth that’ll last me for the time being.”
Hurts’ intentional choice to rent a bachelor pad rather than splurge on a luxury penthouse or sprawling mansion is a standout example of financial discipline and living within one’s means.
Here’s how a similar approach could help you chart a path to financial freedom.
Given that each NFL season lasts for just 18 weeks, athletes like Hurts don’t necessarily need to purchase property near their workplace. His deliberate decision to rent is an example of needs-based budgeting.
According to the [University of Pennsylvania, this budgeting technique focuses on securing essential spending needs first before moving onto saving, investing and indulging in luxuries.
For instance, you could decide to earmark 50% of your after-tax income for essentials such as groceries, rent, utilities and transportation. After dedicating 20% to savings and investment, your budget would leave 30% of net income for luxuries such as eating out, shopping and holidays.
Financial experts usually recommend spending no more than 30% of your gross income on housing and no more than 15% for car payments. Applying these limits while making purchase decisions could help you live within your means.
With your needs secured, you can turn your attention to saving and investing to achieve financial freedom as rapidly as possible.
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Although Hurts rents during the football season, he’s an active real estate investor off-season.
He purchased a $215,000 home in his hometown of Humble, Texas, for his father before purchasing another property for his mother in Houston, according to the NY Post. The MVP also owns a $6 million 6,000-square-foot residence in Texas along with the unit next door which cost another $2.68 million.
