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Save 70%, Spend 30%

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  • Save 70%, Spend 30%

    I disagree with his choice of investments (no need to take any more risk if you've already won the game) but I admire his approach.

    I think there was another thread in the past discussing professional athletes with high financial literacy (Shaq, Kawhi Leonard)

    I think WCI has said something similar: the rules don't necessarily have to chance as you get wealthier, just the zeros.

    As an aside, I still proudly have Mr Quin beat ☺️ (spend 20%, 30% to taxes, saving the remainder) albeit on a much smaller income

    http://www.espn.com/blog/detroit-lions/post/_/id/26080/its-not-shark-tank-but-glover-quins-money-saving-plan-created-an-investor

  • #2
    Not exactly a Boglehead. The Fanduel and Draft King investments give me pause. The saving (investing) to spending ratio is impressive, though. I challenge physicians to Live on Half.

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    • #3
      Post tax, I used to save 50 % early in my career and at one point I even saved 70% when the reimbursement was good and I did not have many expenses.

      Now I live off my job as a physician and reinvest all my yearly distributions from my side business and stocks. Back to 50 % for another 5 years or so.

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      • #4




        I disagree with his choice of investments (no need to take any more risk if you’ve already won the game) but I admire his approach.

        I think there was another thread in the past discussing professional athletes with high financial literacy (Shaq, Kawhi Leonard)

        I think WCI has said something similar: the rules don’t necessarily have to chance as you get wealthier, just the zeros.

        As an aside, I still proudly have Mr Quin beat (spend 20%, 30% to taxes, saving the remainder) albeit on a much smaller income

        http://www.espn.com/blog/detroit-lions/post/_/id/26080/its-not-shark-tank-but-glover-quins-money-saving-plan-created-an-investor
        Click to expand...


        thanks for sharing, this is great. refreshing to read this. for every one Glover Quin there are hundreds of Latrell Spreewells, Allen Iversons, etc etc,

        http://financialjuneteenth.com/latrell-sprewell-made-over-100-million-but-now-has-no-house-no-family/

        "The Timberwolves were happy with Sprewell, but he did not have the same sentiments. When offered a $14.6 million extension that would have earned him $27-30 million over the next couple of years and kept him playing ball, Sprewell made the statement that became almost as famous as his coach-choking incident. When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.”

         

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