In a span of about three seconds last week, Joe Burrow went from being a guy living in his parents' basement to a multi-millionaire. That three-second span is how long it took the Bengals quarterback to sign his four-year, $36.2 million rookie contract, which is a deal that included a $23.9 million signing bonus.
Although many NFL players might go out and make a major purchase to celebrate a signing like that, that's not what the Burrow plans on doing. During a press conference that was held after the contract was signed, the Bengals rookie revealed his unique financial plan, which involves spending zero dollars from his new deal.
"I don't plan on spending any contract money," Burrow said, via Bengals.com. "I'm just going to live off the marketing money and let that accrue in my bank account."
It takes money to make money, and Burrow is going to make a lot of it by just letting it sit in his bank account or by putting it an investment account. Although Burrow's plan is unique, he's not the only NFL player who has gone this route before. Both Rob Gronkowski and Marshawn Lynch both famously said that they were going to live off their endorsement money while they were playing.
For Burrow, living off his endorsement money shouldn't be too difficult, and that's because he already has plenty of endorsements lined up with companies like Fanatics, Nike, Bose, Lowe's, Nerf, and Buffalo Wild Wings.
Burrow has also been getting marketing advice from one of the best endorsement guys in the business: Peyton Manning. The two-time Super Bowl winning quarterback offered Burrow a lot of advice when the two talked on the phone back in May.
"I couldn't have appreciated that more," Burrow said of the conversation. "I felt like we were in very similar situations coming in and he felt the same. He just gave me a lot of different advice when it came to marketing, how to handle the huddle, how to handle coaches, how assertive to be in your first year and how you build on upon that. It was a great conversation that I was very glad to have."
Another conversation Burrow was glad to have was the one he had with his parents. The rookie quarterback has been living in his parents' basement for the past few months, but that's all going to change now that training camp has started. After Burrow signed his new contract, his dad, Jimmy, was happy about one thing.
"We finally got him out of our basement," Jimmy Burrow said recently, via The Advocate.
Now that he's out of his parents' basement, Burrow is now in Cincinnati, where he's already on the field slinging passes at training camp. If he can end the Bengals' 30-year drought without a playoff win, his $36.2 million contract will be money well spent for the team.