NFL players who make millions of dollars only to go broke shortly after retiring are commonplace. They wouldn’t be if more players lived like Lions safety Glover Quin.
Quin is in the fourth year of a five-year, $23.5 million contract, but he’s still driving the same car he bought before he signed that contract, and he and his family live on just 30 percent of his take-home pay, with the other 70 percent going toward investments.
“You see so many guys around you buying cars, buying jewelry, doing this, spending money, talking about the money that they spend,” Quin told ESPN. “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.'”
Quin invests 50 to 60 percent of his take-home pay in blue-chip stocks, and 10 to 20 percent in higher-risk private equity. He estimates that his investments have earned about as much for him as he’s earned from his NFL contracts.
“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 said. “It’s kind of like having a double NFL career.”
Quin said that early in his career, some of his teammates accused him of being cheap. By living comfortably if not lavishly, Quin is setting himself up to be rich for the rest of his life, long after some of those teammates have gone bankrupt.