Former Cowboy Byron Jones Gives Rookies Financial Advice Ahead Of NFL Draft

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DALLAS (105.3 The Fan) - Byron Jones may have departed the Cowboys in the offseason, but the now Miami Dolphins cornerback is still very respected by his former teammates.
Jones is a very intelligent player on and off field, so it makes sense to see the five-year pro provide some advice to the players who will be selected in the NFL Draft, beginning at 6p tonight on 105.3 The Fan.  
"My advice to 2020 rookies: DO NOT SPEND YOUR MONEY. That number you see on your contract is fake," said Jones at the beginning of the thread. "You will pay roughly 40% to 50% in taxes, agent fees, union dues, 401k account + necessary insurance. Also, a large portion of your contract is NOT GUARANTEED.DO NOT SPEND YOUR MONEY. That number you see on your contract is fake. You will pay roughly 40% to 50% in taxes, agent fees, union dues, 401k account + necessary insurance. Also, a large portion of your contract is NOT GUARANTEED."

My advice to 2020 rookies: DO NOT SPEND YOUR MONEY. That number you see on your contract is fake. You will pay roughly 40% to 50% in taxes, agent fees, union dues, 401k account + necessary insurance. Also, a large portion of your contract is NOT GUARANTEED. (1/5)

— Byron Jones (@Byron31Jump) April 23, 2020

Jones, who just signed a five-year, $82.5 million deal ($54.5 million guaranteed) with Miami, went on to suggest to players that now isn't the time to buy their mother a lavish car or home, even if they deserve it. 

Do not live a lavish lifestyle. Although your mom may deserve it, she does not need a $100,000 car. She does not need a $1,000,000 house. It is not the time yet. If you protect your money early, you can live a comfortable life forever and provide for your family. (2/5)

— Byron Jones (@Byron31Jump) April 23, 2020

Jones earned just over $15 million on his rookie year deal with the Cowboy after they took him with the 27th pick in the 2015 draft. 

See the rest of the thread below:

You can raise the standard of living for your family (top education for your kids, healthcare, low crime neighborhoods) but you must be PATIENT. Come up with a modest monthly budget, learn + see the power of compound interest as you invest, understand tax implications. (3/5)

— Byron Jones (@Byron31Jump) April 23, 2020

Use the NFLPA to find credible financial advisors. Interview a few and ask honest, hard questions before you make a decision. Don’t use your uncle’s friend because he claims he can get you 50k on your tax return. (4/5)

— Byron Jones (@Byron31Jump) April 23, 2020

In the wise words of Marshawn Lynch “SAVE YO CHICKEN”. Welcome to the NFL. (5/5)

— Byron Jones (@Byron31Jump) April 23, 2020