I spent most of my childhood living in Miami rooting for the Dolphins. They haven’t been very good lately, but I still force myself to watch the horror show they call professional football. In the 2019 NFL Draft the Dolphins used their first round (13th overall) selection on a defensive lineman from Clemson named Christian Wilkins. I didn’t know much about Wilkins but did know that Clemson’s football team has enjoyed tremendous success over the last several years and had won the 2018 national championship game over Alabama. In fact, during his time (2015-2018) with the program, Wilkins helped the Tigers achieve an amazing 55-4 record and two national titles. He was named a unanimous All-American his senior year, and more impressively, he became the first scholarship Clemson football player to earn a degree in just 2½ years.
As you can see, Wilkins is a pretty impressive guy, but what grabbed my attention was an article by Rachel Bachman in The Wall Street Journal titled, The NFL Draft’s Most Frugal Player. The article shares that while most students go into debt during college, Wilkins managed to save more than $15,000. I couldn’t wait to read this story!
A Saver’s Mindset
Where does a saver’s mentality come from? For Wilkins, he was the youngest of eight children and grew up with very limited resources. A childhood of scarcity most likely caused him to realize how little he needed to survive. Wilkins bragged that his teammates knew he was the cheapest guy in the world.
“It’s simple: My mindset is just, save a whole lot more than you spend. And I’m not ever willing to spend much. I’m very low maintenance when it comes to my needs.”
Christian Wilkins (as told to WSJ)
The Wilkins Way
In addition to benefitting from a full-athletic scholarship, Wilkins creatively found other ways to maximize his frugality. Here are some of the lifestyle choices he cited regarding how he avoids spending to save money:
- Orders water at restaurants, takes lemon slices and sugar packets and makes lemonade
- While in school, rented the cheapest apartment ($300/month) because he knew he would rarely be there. He ate most of his meals and showered at Clemson’s football facility.
- Didn’t use credit cards
- Was on a family phone plan
- Didn’t pay for music or phone apps
- Wore team-issued clothes
- Received a monthly stipend for living expenses as part of his scholarship and also received federal Pell Grants for students with financial need
- During college worked as a substitute teacher earning about $80 a day
- Perhaps the biggest expense saved over his four years in college was not having a car. Wilkins rode his bike or bummed rides from teammates.
Unique Budgeting Approach
While most of us just have one bank account, Wilkins’s approach to budgeting was to segment his money into four accounts and follow a code for using each one. The first account was marked for everyday spending such as going out to eat. He budgeted $150 a month in this bucket and at 315 pounds you better believe that food cost was his greatest challenge. However, when that allotment was gone, he had the discipline to stop spending.
The second account was deemed for rent and big purchases. For example, airline tickets fell into this category. His third account was for savings and investments. This is where Wilkins put roughly half of his monthly check. The fourth account was for emergencies. For Wilkins, having dedicated, purpose-specific bank accounts helped keep him structured and focused.
Avoiding the Pro Athlete Stigma
Numerous pro athletes demonstrate poor money management habits and go bankrupt no matter how many millions they’ve made. Wilkins is living a life that is countercultural to how society portrays superstar athletes. He says his goal is for his future family to want for nothing while balancing his penny-pinching instincts. After signing a four-year deal with the Miami Dolphins worth about $15.5 million, Wilkins now has an awful lot more pennies to pinch!
Final Thoughts
In a world full of unscrupulous professional athletes, Christian Wilkins seems to be a young man who makes wise choices. He’s someone you can really respect and truly admire. A kind of guy you want to root for. It will be fun to see where his career takes him. I think he should be a financial advisor to all the other NFL players. I’m pulling for you Christian!
For more on my financial journey and thoughts from other unique individuals, check out my book Margin Matters: How to Live on a Simple Budget & Crush Debt Forever.