Playing It Smart: How Makai Lemon Is Building Long-Term Wealth

Makai Lemon, the first-round draft pick of the Philadelphia Eagles, is looking to parlay his NFL earnings into long-term financial security, something that has eluded many professional football players. He took his first big step toward that goal when he bought a home during the off-season.

Not a big house, as might be expected of a high-profile professional athlete; not in Lemon’s home state of California; not even in Philadelphia, where he stepped onto an NFL field for the first time against the Washington Commanders. His new home is in Florida.

“It’s a tax-free state,” Lemon said, meaning there are no state income taxes. “That was a big plus in me finding where I wanted to purchase my first house.” 

Tax considerations also prompted Lemon to finance the purchase, since interest on home loans is tax deductible.

The 1,500-square-foot house, located along the Atlantic coast near Miami, features a wrap-around balcony, marble floors and plenty of natural lighting.

“I feel like that was just the perfect size for me,” said Lemon. “In the future, while I'm building up my wealth, then I can venture off and explore my options.”

While professional football players are highly paid, they tend to have shorter careers than athletes who play other team sports such as baseball, so outsize purchases early in one’s career could backfire.

Some estimates put the average NFL tenure at just over three years. A 2015 study by the National Bureau of Economic Research, the latest available, estimated that about 1 in 6 NFL players drafted between 1996 and 2003 filed for bankruptcy within 12 years of retiring.

The causes? Bad investment advice, poor planning, and lavish spending, including on friends and family, according to the American Bankruptcy Institute. Unexpected injuries can also cut careers short.

“Makai purchasing a ‘starter home’ was a great way for him to fulfill a lifelong dream while not over stretching his personal finances. We often see professional athletes purchase the biggest house they can afford after being drafted; however, Makai took a different approach and stayed committed to financial strategy set by his team. I am happy that he trusted City National Bank to assist him with his first home purchase,” said Charles Frazier, a senior vice president in City National’s Entertainment & Sports division, where Lemon is a client.

It’s All About the Team

Lemon has surrounded himself with trusted advisors, who he credits for stressing the importance of good habits — maintaining good credit, making a budget and saving and investing wisely.

He also comes from a tight-knit family that is helping him achieve success both on and off the gridiron. His mom, Brandy, and dad, Mike, a former UNLV running back, travel to his games, helped him pick his house and keep tabs on it while he’s away.

“The area has more of a family feel, not too touristy,” Brandy said of Makai’s new neighborhood. “I think it's just perfect.”

Asked to describe the difference between college football and the pros, Lemon said that “you're going against a lot of stronger, faster guys that process things faster. The margin of error is very slim.”

He said the key is to pay attention to the details and execute your job at a fast pace.
“I was really, really anxious to get out there with the team, to put on display what we've been working on through the spring training camp,” he said. “It was like a dream come true. But, you know, it all goes back just to playing football, what you've been doing since six years old. The game is still the game.”