Mark Brunell is all out of money

Bodie_Broadus · Nov 3, 2011

93Devil said:

Kyle Korver, Magic Johnson and Keyshawn Johnson are the names that pop into mind when I think of athletes that are good with money.
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I get Magic, but I know nothing of Korver and Keyshawn. Any links to read? I am genuinely curious.

I have been broke for most of my life and I know there is no way I could piss through $10 million much less $50 million. I can lead a very simple life and be incredibly happy.

poindexter · Nov 4, 2011

Keyshawn owned a restaurant in Beverly Hills a decade ago, but it didn't make it

http://articles.latimes.com/2003/jun/16/business/fi-reign16

Mizzougrad96 · Nov 4, 2011

lcjjdnh said:

lcjjdnh said:

Mizzougrad96 said:

RickStain said:

Living off just the interest on $1 million would be pretty tough. I'm not saying it couldn't be done, but it's tough.

Presumably you'd want something risk-free or close to it, and in today's environment you are looking at maybe 3% ROI. So $30k/year, most of us do or could live off that.

But each year that $30k becomes less and less due to inflation. You'd have to start eating into the principle fairly quickly, so at that point it's just a race between your money running out and your death.
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I have a friend who is doing it. I don't know what setup he has, but he has $1.5 million in the bank or in some fund where it is 100 percent protected. He gets between 6-7 percent interest, payback or whatever on it and lives very comfortably. Admittedly, I don't know all the details, but I grilled him about what level the money is protected and he assure me it's 100 percent. I don't know if he was being truthful, but he has no reason to lie to me. I was best man in his wedding and I'm the Godfather to his son, so I'd be stunned if he would lie about something like that, but you never know...
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No one that invested with Bernie Madoff would have been lying about what they thought if they had told their friends about their great investment, either.
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On a more serious note, I don't think long-term treasury rates have been above 6% since the early 2000s, and you're not getting any safer than that. And banks aren't "risk-free"--deposits are only insured up to a certain amount (unless you're banking on a government bailout).
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I know he has to have several different accounts because you can only have an account insured up to a certain amount. I don't know what that amount is, I've never had enough in my account for it to be an issue.

I do know his money is not "an investment" it's in an account drawing interest. It would not surprise me if he got some kind of special deal because his family has so much money there.

nmmetsfan · Nov 4, 2011

Looks like God didn't want him to be rich

Beef03 · Nov 4, 2011

If the journalism business has taught me anything it's about how to be frugal. The group lottery tickets were big at my last gig and whenever the jackpot got up to the 50 million mark (there were 20 or 22 of us in on it) I was the only one not retiring had we won. I would pay off my debts, buy a house, the rest would go into savings and I would keep working. Partly I think I would get bored with retirement this early, but I also know that with inflation sucks, interest isn't that great when it comes to you and shit always happens.

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Mark Brunell is all out of money

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Mark Brunell is all out of money

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