Latest news with #moneystruggles
Yahoo
01-07-2025
- Business
- Yahoo
Cam Newton says there's 1 reason rich athletes go broke and he no longer makes $20M/year in 2025 — here's why
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. At the height of his career, Cam Newton, former NFL MVP and Carolina Panthers quarterback, says he earned roughly $20 million a year. However, in a recent video on his YouTube channel, Newton confessed he was making online content 'to keep the lights on.' Newton's candid admission pulls back the curtain on a common struggle retired athletes face: managing money once the big paychecks stop. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 4 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how He points to his own situation as 'the No. 1 reason' why so many wealthy players end up broke, failing to scale back spending when their income takes a hit. Here's how untamed expenses can gobble up even eight-figure salaries. Newton insists he did a better job managing his money than the average athlete. 'I never really had a financial advisor, but I never really was a splurger either — still to this day,' the 36-year-old says. Federal and state income taxes ultimately reduced his take-home pay to roughly $12 million a year. Newton estimates his annual expenses were between $5 and $6 million, leaving some room for savings and investments. Although he no longer makes eight figures a year, he says his expenses have stayed more or less the same. Some of the big-ticket items draining his savings include private schools, home maintenance, alimony and luxury purchases. 'Those things never leave,' Newton says. 'Your overhead never really changes.' The problem Newton — and many other celebrity athletes — can struggle with is that when your income changes, your expenses have to change with it. This rapid lifestyle inflation during prime earning years is one of the key reasons why even high-income families can struggle financially. Roughly 36% of consumers who earned $200,000 or more a year were living paycheck to paycheck, according to a PYMNTS survey. The only way to avoid falling into that trap is to keep a tight lid on expenses, according to Newton. Cutting down on your monthly expenses is a good place to start, with insurance payments being one of the biggest cost culprits. With you can compare multiple insurance providers at once, ensuring you're getting the lowest rate possible. The process is 100% free and won't affect your credit score. Make sure to pay special attention to liability coverage, optional coverage options and deductibles. If your insurer knows that you shop around, they may also be reluctant to raise rates in case this makes you change providers, according to reporting by NPR. But car insurance is just the tip of the savings spear. If you have pets, a single visit to emergency care can cost between $90 and $240 on average just to be seen, according to CareCredit. And that's before any overnight stays, additional tests or medication. BestMoney is an online marketplace that lets you compare pet insurance policies offered by reputable providers like Spot Pet Insurance, ASPCA and Pet Best — to name just a few. You can compare the coverage benefits, any deductibles, geographical availability and reviews all in one place. Many of the featured insurance providers offer tailored coverage plans, ensuring your pet's needs are met. Get started and find offers starting at just $10 per month. Read more: This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. 'You can live a couple years like a king or, with the right money decisions, you can live the rest of your life like a prince,' according to Newton Beyond cutting your household expenses, another key to living within your means is buying a house within your budget in the first place. Nearly 11% of homebuyers exceeded their budget while purchasing their home, according to Clever Real Estate. Meanwhile, 39% exceeded their budget for upfront costs. Another angle to tackle is your home insurance. Much like with pet and car insurance, shopping around a little bit can save you month-to-month. From here, you could funnel your home insurance savings into paying down your mortgage. Building a reputation with your provider as someone who shops around can also make them hesitant to raise rates, according to reporting by NPR. If you want to play the field a little, one option is to use to help you shop around for the best rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers, for free, and find the best deal in your area. The process can be done entirely online as well. A big risk of lifestyle creep is ending up without money set aside for your loved ones when you pass. Life insurance can help you avoid that nightmare scenario by helping you try to find a way to maximize your estate while passing on more money to your heirs. High net-worth individuals in particular can benefit from these policies, allowing you to pass on your wealth to your beneficiaries. Ethos Life Insurance is a modern life insurance company that offers a seamless, online process for purchasing term life insurance. Ethos has simplified the often complex and time-consuming process of buying life insurance, making it quick, transparent and accessible. They aim to provide affordable, straightforward life insurance policies with no medical exams required for most applicants, ensuring peace of mind and financial protection for your family. Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs Elon Musk just endorsed Warren Buffett's '5-minute' fix for America's multi-trillion debt problem — and 1 Senator is drafting a constitutional change to make it real. Do you think it'll work? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here's how much the average 60-year-old American has in retirement savings — and 5 critical ways you can secure your nest egg Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. 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Yahoo
31-05-2025
- Business
- Yahoo
Woman Gets Unexpected Payout. Then Rent-Free Boyfriend Calls Her ‘Selfish' for Not Buying Him a New Car
A woman recently came into some money, and now her boyfriend expects her to spend it on him He insisted that she should buy him a new car, despite her car being on it's last leg Now, the boyfriend is sulking around the house and guilt-tripping herA woman is turning to Reddit for advice after getting into a heated disagreement with her boyfriend over her recent financial windfall. In the post, she details the strain that money and expectations have put on their relationship, questioning if she was in the wrong "for not buying [her] boyfriend a new car and getting mad at him for asking." 'So I recently came into some money. Not lottery-level but enough that I can finally afford to take care of a few big things like getting a decent car and paying off some debt,' she explains, noting that her current car is barely running, while her boyfriend's, though old, is in much better shape. The couple's finances have always been lopsided, as her boyfriend is currently unemployed and has been living with her rent-free for some time. 'I cover food, bills, and everything else. I've been okay with that because I make enough and I do care about him,' she admits. However, everything changed when her boyfriend learned about her new financial situation. 'As soon as he found out I came into money his first reaction was that we should upgrade our cars. Not just mine. Ours. As in he wants a new car too,' she writes. When she told him she planned to replace her own car first, he got upset and accused her of not being generous. 'He got kind of sulky. Said I 'never think of us as a team' and that I 'wasn't being generous,'' she shares. Her boyfriend's tantrum didn't stop there. Since their conversation, he's been making passive-aggressive comments, such as that it 'must be nice to have money and only think about yourself." His attitude is especially shocking given that she was willing to get him a new car in the future. 'For the record, I never said I wouldn't help him with things down the line. But right now I need a car that won't fall apart on the motorway,' she clarifies. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. 'It's making me question things and I honestly don't know if I'm overreacting by being annoyed,' she confesses. She wonders if she's being selfish or if her boyfriend's sense of entitlement is a red flag. The Reddit community was quick to weigh in, with one commenter bluntly remarking, 'he lives with you rent free AND wants you to buy him a car?? That's not your boyfriend, that's your son.' This sentiment seemed to resonate with the poster, who replied, 'The more I think about it the more I'm like… 'why am I the one feeling guilty here?' I didn't realize basic boundaries were such a high bar.' Read the original article on People
