One of the hardest things to do for retired athletes is to generate enough income after they retire that can cover their expenses so they don’t have to spend their savings. Why would someone with $10-20M at retirement have to worry about this? Because sticking it in bonds (the safest thing) will only generate 1-2%, or $100-200k. Most retired millionaires spend more than that, so they pick away at the principal. But more income from new careers or higher returns on passive income in addition to cutting costs is the key!
I would study #DavidRobinson if I wanted a blueprint on how to build something amazing in business as a retired athlete. He runs a very successful real estate private equity fund and is a co-owner of the @spurs . ⠀⠀⠀⠀⠀
His fund is called Admiral Capital, focuses on private equity and real estate deals that can “make a positive social impact”. The firm says it has invested more than $300 million in over 50 deals with total transaction value of over $1.5 billion. However, you never hear about him because the press likes to focus on those who don’t successfully transition, or who haven’t made enough to live off of for the next 40 years.
I see the next generation of guys following in his footsteps, and it would be great if we could get David to speak to 25-50 current and retired athletes who want to be real estate gurus like him, much like we did with the head of real estate at JP Morgan. Jr Bridgeman just spoke to a big group of athletes recently. Josh Kopelman as well. Use this quarantine to study people doing what you want to do, and even reach out!