NFL baller Glover Quin understands the importance of investing your money. The Detroit Lions’ safety is in the fourth year of his five-year, $23.5 million dollar contract, but has managed to double his earnings by investing 70%.
Quin said being cautious and making savvy investments had allowed him to simultaneously earn two contacts at the same time.
“To sit here and say 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 told ESPN. “It’s kind of like having a double NFL career, you know.”
With so many athletes going broke, Quin has definitely prepared himself for the future. He majored in business at the University of New Mexico and told ESPN that even living on 30% of his salary still felt like a ton of money to him.
“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 you see so many guys around you buying cars, buying jewelry, doing this, spending money, talking about the money that they spend.
“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.'”
For the first three years of his career, Quin lived on $6,000 a month, and he invested the rest of his salary in well-known, publicly traded companies. His teammates called him cheap, but he stuck with his plan.
When he signed his contract with Detroit in 2013, he did not go out and spend wildly; he did not even buy a new car (he continues to drive his 2009 Yukon Denali). Instead, he diversified his portfolio and began taking more investment risks.
“After signing a free-agent deal in Detroit in 2013, Quin decided to venture into a more risky investment world — private equity, using 10 to 20 percent of his wealth to fund private, up-and-coming businesses …
“So far, the strategy has worked. Quin and [financial adviser Humble] Lukanga estimate a five-year projection where his private portfolio could match the money he has made in the NFL. When his contract expires after the 2017 season, Quin will have earned more than $21 million, before taxes, in his eight-year career.”
Quin insisted to ESPN that he was a football player first, but the time and research he puts into his investments certainly sound like a full-time job. He has a methodical four-step plan before investing, and he aspires to give money only to companies he believes are trying to change the world.