We always hear stories of how professional athletes go broke just years after their playing days are over. Some plays constantly spend and fail to realize that the money they are making won’t be the same once their careers are over. Safety Glover Quin has a plan in place that will set him up long after his playing days are over. Quin shared some of his financial advise with ESPN’s Michael Rothstein.
“I’ve always trusted in the plan and never really let other people sway me away from it. 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 so many guys around you buying cars, jewelry, doing this spending money, talking about the money they spend.”
“And then you’re like, “Man I’m living off this much money every month and this cat spending this much money every day.”
Quin saved 70 percent of his take home money and invested it in well known publicly traded companies. He and his family lived on the other 30 percent which was about $6,000 a month, and $72,000 per year.
Quin and his financial adviser estimate that when his contract expires after the 2017 season that he will have earned more than $21 million before taxes in his eight year career. More athletes could definitely learn from what Quin is doing, but it’s hard to tell some people what to do with their money.