NFL safety Malcolm Jenkins on making over $70 million and being frugal

Wealth


New Orleans Saints safety and two-time Super Bowl champion Malcolm Jenkins says despite making more than $70 million in salary and bonuses throughout his 12-year NFL career, he’s pretty thrifty.

“I’m usually a frugal person,” Jenkins tells CNBC Make It. “I don’t blow my money too much. I’m probably more of a saver.”

Jenkins, 33, says he grew up with mentality to “buy everything in cash,” which came from his grandfather.

While he doesn’t put himself on a strict budget plan, he is thoughtful with his spending.

“I’ve accumulated a good enough nest egg to kind of rest, but I’m more interested in how do create stability for not only me but my children and how do I have a greater impact in my community,” Jenkins says.

But Jenkins says he made “plenty of mistakes” around money early on, a lot of which were around poor investments.

“You hear invest, invest, invest, but you really don’t know what that means,” Jenkins says.

Jenkins says he would see a PowerPoint presentation and make a decision without really knowing the infrastructure of the company or asking the right questions.

After his rookie contract with the New Orleans Saints was over in 2013, Jenkins says he took a deep dive into his finances and realized he was doing something wrong.

“The harsh reality I had is that I would be broke probably in five or 10 years,” he says.

“So for me, it’s been a journey to learn how to not only save your money, how to plan, how to budget but also how to grow your money.”

“Lucky for me,” says Jenkins, “I’ve been in this league long enough where I’ve been able to make enough money to withstand the mistakes that I’ve made.”

These days Jenkins prefers to spend on experiences with loved ones and better investments.

Recently, Jenkins announced the formation of his new holding company Malcolm Inc that will include all of his investments and philanthropic ventures.

In October, Jenkins, who has been outspoken on racial injustice for years, launched a venture capital fund Broad Street Ventures with fellow Black NFL players. It focuses on technology and consumer products to help get more Black men and women access to the world of venture capital. The company’s investments includes Airbnb, ZenWtr and Epic games.

Jenkins is also the cofounder of Disrupt Foods, which operates 12 Papa John’s locations in the Northeast.

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