One Million Dollars.
That’s what San Francisco 49ers cornerback, Richard Sherman, received for his 2020 Pro Bowl selection.
After facing a season ending injury in the 2017 NFL season, Sherman was released from the Seattle Seahawks. After sitting out the 2018 season to recover, Sherman negotiated his own contract (saving him agent fees) and suited up with the 49ers. In his contract, Sherman negotiated what we like to call a win-win. Since the 49ers were skeptical about his health and performance abilities coming off a gruesome injury, Sherman gave the 49ers an out after a year, but Sherman also loaded up his contract with incentives incase the opposite occurred.
Fast forward to Week 16 (out of 17 weeks) of the 2019 NFL season, Sherman was announced a 2020 Pro Bowler. For this accomplishment, Sherman received a $1 million dollar bonus. What’s noteworthy from this story is his comments on what he will do with it!
A Stanford graduate, and obvious forward thinker, Sherman had this to say about his bonus:
"It's getting invested in something that gives me a decent return," Sherman said. "So the kids will end up having it to enjoy. I don't get to spend it."
It’s obvious Sherman isn’t set on the now. He’s a long-term thinker that has said no to instant gratification. Difficult to say no to the now, Sherman sees the value and seems to have considered the long-term impact of his decisions.
Not only will his kids get a nice financial jumpstart in the future, Sherman is modeling the valuable lesson of stewardship to his kids and the world.
For more financial literacy thoughts, here’s a link to a LeConte blog post on financial literacy and tips for parents http://bit.ly/2ty4XZj