Author Topic: Detroit Lions player lives on 30% salary, Invests the rest  (Read 3147 times)

Dezrah

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Detroit Lions player lives on 30% salary, Invests the rest
« on: January 06, 2017, 03:53:38 PM »
http://www.businessinsider.com/detroit-lions-glover-quin-investments-salary-2017-1

Good. For. Him.

My favorite part:
"For the first three years of his career, Quin lived on $6,000 a month, and he invested the rest of his salary in well-known, publicly traded companies. His teammates called him cheap, but he stuck with his plan."

Dave1442397

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #1 on: January 06, 2017, 04:35:15 PM »
That's smart, and highly unusual. Good for him!

I met an ex-Miami Dolphin player who lived on a small percentage of his salary too. He said the other players laughed when he showed up to practice in his old Toyota, but guess who's laughing now?

meghan88

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #2 on: January 09, 2017, 09:28:23 AM »
Excellent story.  Good for him!!  Smart guy.

MrAlanBreck

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #3 on: January 09, 2017, 10:25:11 AM »
Any sensible player would.  Optimistically, an NFL player has ten good years.  By then he has to be FI and good with money or he'll be bankrupt within five years.

I think 30for30 had a documentary on all the professional sports players who went bankrupt.

Gyro LC

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #4 on: January 09, 2017, 10:53:56 AM »
Any sensible player would.  Optimistically, an NFL player has ten good years.  By then he has to be FI and good with money or he'll be bankrupt within five years.

I think 30for30 had a documentary on all the professional sports players who went bankrupt.

It's called "Broke."

There's a baseball player who makes $10 million a year but lives out of a VW van on the beach.

radram

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #5 on: January 09, 2017, 12:02:39 PM »
The article has some confusing information.

If he is "living on 30% of his salary", then isn't he spending 70%? That means he can retire after a 28 year NFL career. That would make him about 49 at retirement. Great age for an office manager, but about 23 years older than the average ex-NFL'er.

It also states he "doubled his money after 8 years". If he was saving 30% for 8  years, wouldn't he have increased his money by 240% with a 0% return? Did he really LOSE 140% in 8 years?

He should have doubled his money if he saved $0 more and invested whatever he had for 8 years.


Kriegsspiel

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #6 on: January 09, 2017, 12:03:49 PM »
The article has some confusing information.

If he is "living on 30% of his salary", then isn't he spending 70%? That means he can retire after a 28 year NFL career. That would make him about 49 at retirement. Great age for an office manager, but about 23 years older than the average ex-NFL'er.

It also states he "doubled his money after 8 years". If he was saving 30% for 8  years, wouldn't he have increased his money by 240% with a 0% return? Did he really LOSE 140% in 8 years?

He should have doubled his money if he saved $0 more and invested whatever he had for 8 years.

"Living on" is synonymous with "spending."

boarder42

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #7 on: January 09, 2017, 12:04:56 PM »
The article has some confusing information.

If he is "living on 30% of his salary", then isn't he spending 70%? That means he can retire after a 28 year NFL career. That would make him about 49 at retirement. Great age for an office manager, but about 23 years older than the average ex-NFL'er.

It also states he "doubled his money after 8 years". If he was saving 30% for 8  years, wouldn't he have increased his money by 240% with a 0% return? Did he really LOSE 140% in 8 years?

He should have doubled his money if he saved $0 more and invested whatever he had for 8 years.

living on 30% means saving 70% not the other way around.
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radram

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #8 on: January 09, 2017, 12:16:59 PM »
The article has some confusing information.

If he is "living on 30% of his salary", then isn't he spending 70%? That means he can retire after a 28 year NFL career. That would make him about 49 at retirement. Great age for an office manager, but about 23 years older than the average ex-NFL'er.

It also states he "doubled his money after 8 years". If he was saving 30% for 8  years, wouldn't he have increased his money by 240% with a 0% return? Did he really LOSE 140% in 8 years?

He should have doubled his money if he saved $0 more and invested whatever he had for 8 years.

"Living on" is synonymous with "spending."

Yes. Of course. That changes things. Thank you for pointing that out.

Now it is 8.5 years, which is a very realistic NFL career. But doesn't that now make my other comment even worse?

560% increase with a 0% gain, so he LOST 460% in 8 years?

boarder42

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #9 on: January 09, 2017, 12:18:36 PM »
i would assume doubling his money refers to gains on investments not the total amount invested.
PM me about how to save 6% on your annual grocery Bill!

There is a 35k starwood bonus right now as well. PM me for the info.

dycker1978

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #10 on: January 09, 2017, 12:52:07 PM »
The article has some confusing information.

If he is "living on 30% of his salary", then isn't he spending 70%? That means he can retire after a 28 year NFL career. That would make him about 49 at retirement. Great age for an office manager, but about 23 years older than the average ex-NFL'er.

It also states he "doubled his money after 8 years". If he was saving 30% for 8  years, wouldn't he have increased his money by 240% with a 0% return? Did he really LOSE 140% in 8 years?

He should have doubled his money if he saved $0 more and invested whatever he had for 8 years.

"Living on" is synonymous with "spending."

Yes. Of course. That changes things. Thank you for pointing that out.

Now it is 8.5 years, which is a very realistic NFL career. But doesn't that now make my other comment even worse?

560% increase with a 0% gain, so he LOST 460% in 8 years?

I took that to mean that he has invested 70% of the 21MM he has made, and it is now work twice that much

radram

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #11 on: January 09, 2017, 01:09:25 PM »
i would assume doubling his money refers to gains on investments not the total amount invested.

I would think so as well, but the article sure sounds like listening to a financial advisor with a 1% asset under management fee. A bunch of numbers that alone sound impressive, but might not be quite as such when compared to other metrics.  He entered the NFL in 2009. The market has tripled since 2009. If the point of the article is to show his investing genius, I am not convinced of yet.

And then there was this:

""To sit here and say I've played for eight years and made this much money, I was in a couple investments for five years and kind of made the same amount of money," Quin told ESPN. "It's kind of like having a double NFL career, you know.""

followed by this:
""So far, the strategy has worked. Quin and [financial adviser Humble] Lukanga estimate a five-year projection where his private portfolio could match the money he has made in the NFL. When his contract expires after the 2017 season, Quin will have earned more than $21 million, before taxes, in his eight-year career."

So he "kind of made the same amount" after 5 years, and then he "could match" the amount he earned in the NFL 5 years from now. Which is it, did he make it in 5 years, or he WILL 5 years from now (12 years from the start of his career). It almost sounds purposefully confusing.


Of course, I not have an NFL contract. I do believe I still have my NCAA eligibility, so that is nice.

Shor

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #12 on: January 09, 2017, 05:32:52 PM »
Someone's gotta talk to this guy about blowing 6k a month every month...
I'm not so sure I can survive face-punching a professional football player though....

Quote
He wouldn't share his full portfolio with ESPN, but some investments listed were Health Warrior, which makes food out of chia; pawTree, a pet nutrition company;
he could have done so much better with a fiduciary financial adviser.. Oh well, at least he has a plan.
« Last Edit: January 09, 2017, 05:36:04 PM by Shor »

swashbucklinstache

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #13 on: January 09, 2017, 06:46:47 PM »
I think too that they're saying 21 million before taxes and that is taxed at the highest marginal rate and he probably has to pay a somewhat absurd percentage to his agent too. I'd guess they are saying he's made 21 million in investing off of significantly less than that invested.
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Fishindude

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #14 on: January 09, 2017, 07:00:35 PM »
I've always wondered how those agents charges work?   Anyone in the know on this?

TheBeardandTheBohemian

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #15 on: January 24, 2017, 06:30:52 AM »
I read that article too he lives off 800 a month during the offseason in Walmart parking lots. He now pitches for the Detroit Tigers
Any sensible player would.  Optimistically, an NFL player has ten good years.  By then he has to be FI and good with money or he'll be bankrupt within five years.

I think 30for30 had a documentary on all the professional sports players who went bankrupt.

It's called "Broke."

There's a baseball player who makes $10 million a year but lives out of a VW van on the beach.

BuffaloStache

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #16 on: February 06, 2017, 05:50:35 PM »
great read- thanks for this
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talltexan

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #17 on: February 14, 2017, 10:00:15 AM »
I actually think this makes wayyyyy more sense for these low-duration, high-earning type careers than the rest of use. We're different than the rest of the world in arguing that it makes sense for the rest of us, too ;-), but that's a heavier lift.

clarkfan1979

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #18 on: February 18, 2017, 10:30:56 PM »
Any sensible player would.  Optimistically, an NFL player has ten good years.  By then he has to be FI and good with money or he'll be bankrupt within five years.

I think 30for30 had a documentary on all the professional sports players who went bankrupt.

average career is 3.5 years. I'm thinking maybe 3-5% of NFL players make it to year 10.

v8rx7guy

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #19 on: February 18, 2017, 10:47:33 PM »
Sounds like he is an 8-1/2 year career away from being able to retire and continue his lifestyle for the rest of his life.  If he makes it only 3 or 4 years, hopefully he will just be smart and cut his lifesyle to match his returns.

Doggybutt

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #20 on: March 12, 2017, 09:42:52 PM »
I sat next to the fiance of a young NFL player on an airplane.  She said he was living in a townhome with 4 other players, and if he could stay in the league for 5 years they'd be set for life.

BuffaloStache

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Re: Detroit Lions player lives on 30% salary, Invests the rest
« Reply #21 on: April 03, 2017, 01:50:35 PM »
Since my other post I actually got to meet an ex-NFL player. He was in the league for 4 seasons, but got out before he destroyed his body too much. He wanted to be able to play with his kids and not be hurt all the time.

He seems to have a good head on his shoulders, and invested a lot of his earnings. He's taking some time off of working now to help his wife raise 2 kids, but he does have plans to get into some other work once they get into school. In his words, "mostly to keep my mind active more than anything".
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