Kayne West, Marshawn Lynch Offer Contrasting Money Lessons

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To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity.

Dear Chuck,

This week the always vocal Kanye West has been tweeting that he is $53 million in “personal debt,” and asking billionaires involved in charities to support him because he is “the greatest artist of all time,” meanwhile I’ve been intrigued by the example of Seattle Seahawks running back Marshawn Lynch who has reportedly not spent any of his $50 million salary, living quietly instead on his endorsement income. Do you see some financial advice for the rest of us in the headlines?

Intrigued by Celebrity Headlines

Dear Intrigued:

The mistake that many of us make with money — rich or poor, famous or unknown — is spending more than we make while failing to save for the future. This is true whether we are living on $50,000 a year or $50 million. The number coming in needs to be more than the number going out and debt needs to be settled as quickly as possible.

I grew up with a simple saying: If your Outgo exceeds your Income, Your Upkeep will be your Downfall.

Solomon said it this way in Proverbs 13:7: “One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth.”

The contrast between Kayne West and Marshawn Lynch highlights this simple truth.

Marshawn Lynch should be commended for his financial decisions, not only for saving the bulk of his income, but for avoiding the traps that have ensnared so many other great athletes who prospered — short term — in football.

According to Forbes, Lynch made about $5 million from endorsement deals with Nike, Pepsi, Skittles, Progressive, and Activision, choosing to live on that income while saving his salary. As the 12th pick in the 2007 draft, his starting salary was modest for professional football — a $19 million rookie contract with the Buffalo Bills. But he was smart about keeping his spending in check, looking for ways to hold on to his money rather than get caught up in the trappings of wealth, and now has a reported nest egg of about $50 million.

I also find it interesting as well that the famous football player did all of this while keeping a low profile, unlike Kanye West.

Forbes reports: “Lynch is hardly your prototypical corporate spokesperson. He hardly ever speaks to the media and has an adversarial relationship with the Fourth Estate (media) … But he has carved out a niche with sponsors that churn out some of football’s funniest commercials ….”

Perhaps he’s familiar with Proverbs 27:2, “Let another praise you, and not your own mouth; a stranger, and not your own lips.”

His accomplishment — keeping his spending in check — stands in stark contrast to the alarming poverty among his peers, other professional football players whose financial lives rise and tragically fall quickly and often.

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SOURCE: The Christian Post
Chuck Bentley is the CEO of Crown, the largest Christian financial ministry in the world, founded by the late, Larry Burkett. He is an author, host of My MoneyLife- a daily radio feature and a frequent speaker on the topic of Biblical financial principles. Follow him on Twitter @chuckbentley and visit Crown.org for more help.