How much does an NFL player need to earn to be set for life?
MGLICKER
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in Sports Talk
Assuming a ten year career and a man who is reasonable about his expenditures.
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As an estate planning attorney I meet with clients of all wealth. For NORMAL people above $10m is pretty much a worry free life. I mean a GOOD life too.
NFL players get pensions of some variety on top of their investment income. Plus they can go make cash signing autographs whenever they want!
As long as they don't screw it up with some stupid business venture, or other overly risky investment, they should be great with $10m and can live very nice with $5m.
This does not mean 10 cars, 5 homes, etc.... This means 1 or 2 homes, 3 or 4 cars, etc....
Less than $5m you actually have to pay attention to your spending... especially in the current low interest environment.
<< <i>Is an NFL player different than anybody else? >>
Sure, their income is earned in a short period at a relatively early age. Probably some tax disadvantage to that. You would know better than me.
I figured $20MM in total income would be the magic number. About $10 million after agent and taxes. That would leave $250,000 a year disposable, from age 22 to age 62. Of course inflation and investment outcomes would affect that greatly.
<< <i>As long as they don't screw it up with some stupid business venture, or other overly risky investment >>
This, unfortunately, is the problem in many instances. The "supporting" cast often leaves a lot to be desired, and the next thing you know, money is flying toward all sorts of dubious endeavors and/or being flat-out embezzled like there's no tomorrow.
Financial prudence is the key. We've all heard about the horror stories (e.g., Mike Tyson and Allen Iverson), but there are actually a number of positive stories where pro athletes parlayed the hell out of their cards. One such individual is Junior Bridgeman. Solid NBA player for the Bucks for a number of years, but I don't think he ever made half a mil a year. Now? His net worth is ~$400 meelyun. When you own 160 Wendy's restaurants, that happens.
you'll never be able to outrun a bad diet
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<< <i>As long as they don't screw it up with some stupid business venture, or other overly risky investment >>
This, unfortunately, is the problem in many instances. The "supporting" cast often leaves a lot to be desired, and the next thing you know, money is flying toward all sorts of dubious endeavors and/or being flat-out embezzled like there's no tomorrow.
Financial prudence is the key. We've all heard about the horror stories (e.g., Mike Tyson and Allen Iverson), but there are actually a number of positive stories where pro athletes parlayed the hell out of their cards. One such individual is Junior Bridgeman. Solid NBA player for the Bucks for a number of years, but I don't think he ever made half a mil a year. Now? His net worth is ~$400 meelyun. When you own 160 Wendy's restaurants, that happens. >>
Ever smell your hand after eating a wendy's burger? Exactly the same as if you just changed a diaper ,