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From Mark Ford, founder, Palm Beach Research Group: Recently, a friend sent me a Sports Chew article that provided some amusing examples of professional athletes’ out-of-control spending habits:
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Former football player Vince Young’s rookie contract with the Tennessee Titans came with a $26 million paycheck. Like Mike Tyson, he was brilliant at spending it…
He’s made dozens of crazy purchases, but one is typical of this mindset: He spent $22,000 on a Southwest Airlines flight from Houston to Nashville. Why? He wanted some “alone time”… so he bought every seat on the plane.
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After making millions as an NBA player, Latrell Sprewell was offered a $21 million contract extension by the Minnesota Timberwolves. He was offended by the “lowball offer,” saying, “I have a family to feed.” So they countered with another offer: zero.
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Curt Schilling, a longtime pitcher for the Boston Red Sox, probably thought he was “investing” when he put his $50 million life savings into video game company 38 Studios. It promised titles that would compete with mega gaming companies EA Sports and Activision. His total return? Zero.
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Terrell Owens has made about $80 million playing for the NFL. But today he’s broke. He spent much of his income on the usual things—mansions, luxury cars, big champagne bills. But a good deal of it went to “investing”… like the $2 million he spent on a bingo hall, which violated NFL gambling policies and returned him nothing.
Making more income—like these professional athletes did—is the best way to build wealth… so long as you don’t spend it as fast as you make it.
In other words, the shortcut secret to getting wealthy quickly and efficiently is to:
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Increase your net investable income.
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Save the lion’s share of that extra income.
What do I mean by “the lion’s share?” Save between 70% and 90%.
For more guidance, read my fundamental essay on saving and investing: “The Secret of the Golden Buckets.”
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