Team Frugal: Derrick Rose
Being frugal is about more than being stingy with your money. It means being prudent, smart and economical with your finances and career decisions. Every Tuesday, we share profiles of athletes that exemplify what it means to be A Frugal Athlete.
In some cases the biggest detriment to your financial situation can be the people closest to you. Whether it's your family or friends, intentional or not sometimes they don't have the best interest in how you should spend your money in order to last for the long run. Phillip Buchanon in his book stressed how important it was to cut off friends that didn't have your best interest at heart. Kobe Bryant also stressed the important of investing in your family instead of enabling. One athlete who has used his financial situation to create avenues for his family in the right way is Derrick Rose.
Derrick Rose using his leverage as the youngest NBA player to win the MVP award was able to negotiate deals for family members through his endorsement deal with Adidas. The deal was a reported 14 year, 185 million dollar extension. In the contract, he secured consulting deals for his older brother who serves as his manager and best friend who serves as his assistant. He also was able to secure annual funding for his charitable contributions.
Rose gives the blueprint on how to be frugal. He's able to help his family and close circle by giving them their own lane while not digging into his own pot. Professional athletes need to understand how important it is to have the resources to take care of yourself first in order to take care of your close circle. Derrick Rose was able to do that and has reaped the benefits.