The power of the american football player before the game.

We always hear stories about players getting huge salaries with mega payouts. And of course, we hear about the 10,000 square foot houses, fancy cars, and anaconda skin-wrapped couches. (Who doesn’t love a cushy anaconda-skin couch?)

 

But let’s face it, being a pro athlete is a tough career. If you get injured – you’re done. If you miss a few too many big plays – you’re done. If you’re old, well… don’t get old.

The average pro football career is just 3.3 years. So you need to be smart with your earnings. Even then, Sports Illustrated estimated that 80% of retired NFL players go broke in their first 3 years out of the League.

So with the odds of a lengthy career against you – how do you make your money last?

Meet one man who’s doing it differently: Glover Quin – a safety for my hometown favorite Detroit Lions. #reversethecurse

Apparently, there are 2 traits Glover possesses that most do not: He keeps his expenses low by spending only 30% of every dollar he makes, and he invests 70%. That’s pretty incredible.

According to an ESPN article, Glover estimates he has made nearly as much investing as he had playing football for the past 8 years. If this is true, that adds up to quite a bit of cash. Because as of 2017, he’s earned more than $21 million, before taxes, in his 8-year career.

Um, how can he save that much?

Supposedly Glover is really careful about spending money. Really, really careful. As stated in ESPN, “for the first 3 years of his career, Glover 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.”

The lesson for all of us:

Even though some players get big paydays, it comes down to the same issues that pertain to everyone: You have to be smart about your money. Here are three simple tips:

1.) Make a budget:

What are you making each month? What are you spending? What are your short and long-term debts (credit cards, car loans, mortgage, etc.)? Once you know these numbers, set a budget and stick to it.

2.) Create a financial plan:

Chart out your future needs and goals. At what age do you want to retire? What do you expect your income and expenses to be in 5 years, 10 years, 20 years? Don’t forget to consider family expenses if they apply, will you be paying for a child’s education, wedding, etc.?

3.) Put your money to work:

Save and invest at least 10-15% of your income. (If you can pull a Glover and save 30% – great.) Invest through a retirement savings account to reduce your taxes and help ensure your retirement.

Takeaway:

We leave you with this quote from Robert Kiyosaki which sums it up nicely: “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” And remember Glover – No huge houses, no fancy cars, and no snake-wrapped couches. Just living modestly, and building an empire.