1. #1
    Mr KLC
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    Detroit Lions Safety Shows Other Players How You Should Use Your Money

    Detroit Lions safety Glover Quin is in the fourth year of his five-year, $23.5 million contract. But by living on just 30% of that salary and investing the other 70%, Quin has managed to double his money.

    In a fantastic story from Michael Rothstein of ESPN, Quin said his frugal tendencies and savvy investments — from the moment he entered the NFL in 2009 — had allowed him to effectively earn two contracts simultaneously.

    "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."

    Whereas so many professional athletes blow through their huge contracts and quickly go broke, Quin has set himself up nicely for the future. He majored in business at the University of New Mexico, and he told ESPN that even living on 30% of his salary still felt like a ton of money to him.

    From ESPN:

    "I like to call it tunnel vision. It's not good to have tunnel vision on the field, because you need to know what's going on around you, but when you're in life, especially in this field, you need to have tunnel vision, because you see so many guys around you buying cars, buying jewelry, doing this, spending money, talking about the money that they spend.

    "And you're sitting there like, 'Man, I'm living off this much money every month, and this cat spending this much money every day.'"

    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.

    When he signed his contract with Detroit in 2013, he did not go out and spend wildly; he did not even buy a new car (he continues to drive his 2009 Yukon Denali). Instead, he diversified his portfolio and began taking more investment risks.

    From ESPN:

    "After signing a free-agent deal in Detroit in 2013, Quin decided to venture into a more risky investment world — private equity, using 10 to 20 percent of his wealth to fund private, up-and-coming businesses ...

    "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."

    Quin insisted to ESPN that he was a football player first, but the time and research he puts into his investments certainly sound like a full-time job. He has a methodical four-step plan before investing, and he aspires to give money only to companies he believes are trying to change the world.

    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; and PeerWell, whose PreHab mobile app helps patients prepare both physically and mentally for surgery to recover faster.


    http://www.businessinsider.com/detro...salary-2016-10

  2. #2
    Mr KLC
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    Several of the NFL's biggest stars have lost a total of $43 million in a risky venture brought to them by a financial adviser registered by their own union

    Away from the NFL limelight, there’s mounting concern that young, rich and unsophisticated players in the league are falling through financial trap doors, often led by the very advisers paid to protect their new found wealth. Tonight, we’re going to focus on how one financial adviser ensnared dozens of NFL players in a risky investment that saw them lose tens of millions of dollars and how the players’ own union didn’t sound the alarm until it was too late. For the first decade of this century, Jeff Rubin was one of the most prominent financial advisers in the NFL, with clients that included some of the game’s biggest stars until he gambled on a deal that blew up spectacularly.

    What was supposed to make the players crazy rich was Country Crossing, an entertainment and gambling complex to be built, oddly enough, near the cotton fields of rural southeastern Alabama. Underpinning the project financially was a modern version of one of the oldest games: Bingo.

    Electronic Bingo resembles a slot machine, takes only seconds to play and by 2008 was sprouting throughout Alabama. Country Crossing planned to install nearly 2,000 electronic Bingo machines, a number that excited Jeff Rubin.

    Fred Taylor decided to make an initial investment of half a million dollars in Country Crossing. So did tight end Vernon Davis, then on his first contract with the San Francisco 49ers. Davis bought into Rubin’s pitch.

    Rubin had a four percent ownership stake in Country Crossing. 60 Minutes has also obtained documents showing that 10 percent of the money Rubin raised from players went into Pankas Holdings, his personal corporation. Jeff Rubin desperately needed the money because in April 2008 the IRS filed a federal tax lien against him in the amount of $440,000. On top of that, he was underwater on his $3 million house.


    http://www.cbsnews.com/news/60-minut...ky-investment/

  3. #3
    Mr KLC
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    Rob Gronkowski is known as perhaps the NFL’s biggest party boy, but that hasn’t prevented the New England Patriots star from being smart with his money.

    Although the All-Pro tight end has been involved in his fair share of controversies—from taking risqué pictures with a porn star to reportedly being offered a role in a porn movie himself to taking his party persona to the club—his carefree attitude hasn’t hurt his wallet.

    Gronkowski reveals in his new book “It’s Good to Be Gronk” (h/t ESPN) that he has saved literally all of the money, $10 million-plus, that he’s made during his five-year tenure as a member of the Patriots. An excerpt from his book reads:

    “To this day, I still haven’t touched one dime of my signing bonus or NFL contract money. I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry or tattoos and still wear my favorite pair of jeans from high school… I don’t hurt anyone.”


    http://www.forbes.com/sites/blakeoes.../#419d314f39fb

  4. #4
    Mr KLC
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    The average National Football League player salary in 2016 is $1.9 million, according to Spotrac.com, though the minimum salary is $435,000 a year. So not all players in the league could afford to buy a home with cash. But as you’ll see below, even some of the highest paid players in the league have taken out mortgages.

    According to loanDepot, an online lender in Foothill Ranch, Calif., that used public information to gather data on NFL players’ mortgages and home purchases, many top NFL players who could afford to buy their homes with cash took out mortgages instead.

    ”Wealthy people typically love cheap money and to keep their cash on hand, and financing homes, despite their ability to pay for it in cash, plays into this,” said Douglas Boneparth, a financial adviser and partner at Longwave Financial LLC in New York. “In the context of NFL stars, the same can hold true — plus the additional risk that their cash flow can be disrupted due to injury. Therefore, financing might make even more sense to them,” he said.


    In addition, most players probably don’t want to get locked into a house they might have to sell quickly at a loss, said Brandon Averill, partner at the Athlete Wealth Management Group in Los Angeles and a financial adviser to many professional athletes. “If they get cut or traded, they might have to sell quickly and if you tie up your money, and something happens, it’s hard to get your money back out.” Earlier this month, Seattle-based Redfin noted that celebrities often have to sell multimillion-dollar properties at a loss — typically $1 million under the asking price — especially in cases of divorce.


    http://www.marketwatch.com/story/the...teid=rss&rss=1

  5. #5
    Mr KLC
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    NEW YORK (TheStreet) --Roughly 80% of National Football League players go broke within their first three years removed from the league, according to Sports Illustrated. With contracts paying players millions of dollars it begs the question of why this is taking place.

    https://www.thestreet.com/story/1389...ng-saving.html

  6. #6
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    Andre Iguodala is on a mission to change how his fellow NBA players get in the game of investing their millions -- particularly in tech.

    The Golden State Warriors swingman and 2015 NBA Finals MVP has become quite tech savvy as well, becoming an investor in several companies along with his business partner, Rudy Cline Thomas. On Monday, they shared their methods during a question-and-answer session with startup owners at LinkedIn headquarters in San Francisco.

    Iguodala said he joined the Warriors in 2013 not only because it was a team on the rise, but also because of its proximity to Silicon Valley tech companies, especially startup investing. Now he wants his basketball peers to seek similar interests.

    "I'm just trying to get my colleagues to understand that there is a space for us outside of our normal investing," he said. "You normally see [players investing in] the barbershop. You see the music companies. You see a lot of real estate. You don't see many go outside of their comfort zones.

    "We want to change that."

    Iguodala has absorbed himself in the Silicon Valley tech scene like a sponge since joining the Warriors four seasons ago. He's not the only pro basketball player deep in tech. Iguodala's teammate Stephen Curry has invested in a online coaching service, an app and a social media platform, among others. L.A. Clippers All-Star Chris Paul co-created Game Vision, and app that uses games it claims will increase court vision awareness.

    And there's recently retired L.A. Lakers great Kobe Bryant, who is running a $100 million venture capital fund investing in tech, media and data companies with Jeff Stibel, a longtime entrepreneur and investor who previously ran Web.com.


    https://www.cnet.com/news/heres-what...tech-investor/

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