How to Retire on $277,686 per month (chart)

[marmar]

http://toomuchonline.org/

[jonno99]

1. Or - maybe become a pro-football player! (ducks!)

[A HERETIC I AM]

2. You probably know this already, but the average career in the NFL is 3.3 years...

according to the NFL Players association ( source )

It is also true that many former players don't have millions in the bank to draw on and as such, do not live high on the hog by any stretch.

http://espn.go.com/nfl/story/_/id/7983790/life-nfl-struggle-many-former-players

[jonno99]

3. Yep, you're right - and it's a shame. Many of them come from nothing, live like rock stars for a few

fews years and return to a meager living.

They ought to make "Money Management 101" a requisite for these guys (and maybe hold their earnings in a trust...).

[Orrex]

4. How might that be done?

These are adults, no?

Making it a requirement seems more than a little patronizing, as does putting the money in a trust. Resources to help with money management could be made available, but they'd almost certainly have to be voluntary.

[jonno99]

5. Your right - and I have no good answer...nt

[Orrex]

7. Your heart's in the right place, though.

Sad that a multi-billion dollar industry can't take better care of the people who make it possible. As you note, a lot of these players come from rough backgrounds with no idea of how to handle a seven-figure salary. That kind of money should set them up for life, but they can burn through it in less time than it took to earn it.

[A HERETIC I AM]

16. I was a Stock Broker from '06 through '09 and investigated representing pro athletes.

It's been a while, but if memory serves, all 4 of the major leagues (MLB, NFL, NBA and the Hockey Players association) have VERY strict requirements on brokers who wish to solicit players as clients.

I was in Ft. Myers at the time and because there are so many players in the area during Spring Training, I looked into the requirements for Major League Baseball and the NFL.

They required a minimum number of years in the business, a minimum amount of assets under management and several other things (like holding a CFP designation, for instance) that disqualified me from seeking them as clients.

But you're absolutely correct. It is most certainly voluntary and if they decide to eschew professional financial advice, they very often can and will blow through millions in a very short time.

[Orrex]

18. Interesting information--thanks! (nt)

[beac]

12. And not one of the CEOs is risking traumatic and life-shortening brian injury. n/t

[Omaha Steve]

14. Qualifying for NFL pension a big deal for players

During the last NFL strike several players got a pension BTW.

http://savannahnow.com/adam-van-brimmer/2006-09-29/qualifying-nfl-pension-big-deal-players#

Posted: September 28, 2006 - 11:30pm

By Adam Van Brimmer

Snip: Williams became fully vested in the NFL's pension system by playing in Atlanta's loss to the New Orleans Saints. Players get credited for a full season after being on the active roster (or on injured reserve or the physically unable to perform list) in three games.

And Monday's game was Williams' third of the season.

Williams is now guaranteed to receive at least $1,275 per month in today's dollars from the NFL Players Association pension fund starting on his 55th birthday. And his benefit grows with each season he plays, as do other features of the NFL's retirement plan: A player is eligible for an annuity after his fourth NFL season, and the league's 401(K) plan matches $2 for every $1 contributed.

The 10-year veteran who retired in 1998 would receive $51,000 a year, according NFL Players Association Web site.

And: But for the lesser players - the ones whose careers are closer to the NFL average of 4.5 years - the pension is a foundation for future financial security.

FULL story at link.

[DirkGently]

6. KNR. Says a lot, right there. n/t

[Waldorf]

8. I've been trying the mega lottery solution but it hasn't worked so far.

$277k a month. Must be tough living on that amount.

[B Calm]

17. Same here, and it's so disgusting when I check for the winning numbers. .

[Octafish]

9. What a billionaire makes an hour.

From FY 2013:



Warren Buffett: He made $12.7 billion this year or ~$37 million per day; ~$1.54 million per hour; or ~$25,694 per minute.

Bill Gates: He earned $11.5 billion this year which works out to be ~$33.3 million per day; $1.38 million per hour; or ~$23,148 per minute.

Sheldon Adelson: The casino mogul earned $11.4 billion this year which means he made ~$33 million per day; ~$1.38 million per hour; or $22,946 per minute.

Jeff Bezos: He made $11.3 billion this year or ~$32.7 million per day; $1.36 million per hour; or ~$22,745 per minute.

Mark Zuckerberg: The Facebook founder made $10.5 billion this year or ~$30.4 million per day; ~$1.27 million per hour; or ~$21,135 per minute.

Masayoshi Son: He made $10.3 billion this year or ~$29.86 billion per day; ~$1.24 million per hour; or $20,732 per minute.

Sergey Brin: He made $9.3 billion this year which works out to be ~$26.9 million per day, $1.12 million per hour; or $18,719 per minute.

Larry Page: He made $9.3 billion this year which works out to be ~$26.9 million per day, $1.12 million per hour; or $18,719 per minute.

Lu Chee Woo: He brought in $8.3 billion this year or ~$24 million per day; ~$1 million per hour; or ~$16,706 per minute.

Carl Icahn: The billionaire investor made $7.2 billion this year, which works out to be ~$20.87 million/day; ~$869,565/hour; or ~$14,492/minute.

SOURCE: http://www.businessinsider.com/what-warren-buffett-makes-per-hour-2013-12

So, a billionaire makes about as much as the average schmuck working three part-time, minimum wage jobs for a year, per minute. Then, they move it offshore.

[joeybee12]

10. I'd have to give up one of my yachts in order to make that work...

Such a sacrifice!

[HughBeaumont]

11. I shared this on FB.

Surprisingly, not a single like or comment.

Why do Americans not at all give a shit about wealthy system gamers but rah rah rah like cheerleaders at a jock-o-rama when someone inflates the pittance EBT recipients get to a king's ransom? Do people have this dream that they're going to be rich someday?

[jwirr]

13. My whole family could retire on that.

[B Calm]

15. As a stockholder, this kind of shi.. turns my stomach!