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Matt Bonner: How to NOT go broke after pro career

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Matt Bonner: How to NOT go broke after pro career

Postby BMF » Fri Feb 08, 2013 10:38 am

In light of the Jevon Kearse story, I remembered this old story about Matt Bonner being "cheap" and his teammates kidding him about using coupons at Subway. Good reading:

http://espn.go.com/blog/truehoop/post/_ ... att-bonner

He might be the only NBA player who walks to work, and I have to admit it makes me like the guy a lot.

As Andrew Lawrence writes in Sports Illustrated, the Raptor Bonner (who complains about the $2 for extra chicken at Subway) does it to save money.

Toronto forward Matt Bonner, a spendthrift in a world of frequent excess, has put off investing in a set of wheels. The car-less Bonner, 25, prefers to get around Toronto by streetcars, the subway or his own size 16 feet. Fans and teammates call the 6'10" Bonner "the Red Rocket" -- the nickname of the city's streetcar system. "I'd rather buy something that appreciates in value than something that loses half of it when you drive it off the lot," says Bonner, who majored in business at Florida.

If Bonner played for Phoenix, he could get an eco-friendly and affordable ride to work in a Hummer--because as SI reports, the Phoenix Gorilla, in full costume, straps on a harness and tows an H2 around the streets as part of his fitness regime. Takes 20 minutes to go 3/4 of a mile, but the guy in the costume is 41 so you can hardly complain at this point.

http://sportsillustrated.cnn.com/vault/ ... /index.htm

http://www.nba.com/spurs/features/sandwich_hunter.html

He parlayed his Subway sandwich story into a series for the Spurs, "Matt Bonner: The Sandwich Hunter"

He's still in the league making $3.945 million this year....

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Re: Matt Bonner: How to NOT go broke after pro career

Postby WobbleGator » Fri Feb 08, 2013 11:05 am

Smart man
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Class of '78 » Fri Feb 08, 2013 11:23 am

No joke, BMF, Bonner is the opposite end of the spectrum. :lol:

There is a happy median. Athletes are well advised to consider their short shelf life, not overextend themselves financially, consider the financial expertise of their agent, who is usually a lawyer and not necessarily experienced in financial affairs. This last point is where so many players get derailed, assuming their lawyer always has their best interest at heart and is capable of ensuring it. That isn't always the case.

If I were a player, I'd want to, first, lock up my college degree to give greater likelihood to a smooth transition after my playing days. I'd want to parlay my name not just through endorsement opportunities, but also through community involvement. Win-win. Does something good for the community, generates positive exposure through goodwill, which in turn creates endorsement and/or business opportunities now and/or down the road. And I'd invest now in either a well diversified portfolio and/or into business interests that could expand over time.

For every Jevon Kearse, there are an equal number of examples of athletes who've done a lot (and in some cases, more) of what I wrote above. Mike Schmidt did it, John Elway did it, Walter Payton did it, Lee Roy Selmon did it locally with a franchise of successful restaurants. It CAN be done.
Last edited by Class of '78 on Fri Feb 08, 2013 11:33 am, edited 1 time in total.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby oxrageous » Fri Feb 08, 2013 11:28 am

Hey 78, did you actually read the article this time?
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Class of '78 » Fri Feb 08, 2013 11:31 am

oxrageous wrote:Hey 78, did you actually read the article this time?


There was an article? :idontknow:
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Re: Matt Bonner: How to NOT go broke after pro career

Postby BMF » Fri Feb 08, 2013 11:38 am

78, what's funny about "restuarants" is that (if you watched it) the ESPN 30/30 story about players going broke one of the worst investments that many players who went broke made was investing in a restuarant that one of their buddies approached them about....

Bonner, has made a ton of money being a 6th man type player. His best year in the NBA is 8.2 ppg....and he's making nearly $4million this year! Unreal! He's done well saving his money and being frugal....

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Re: Matt Bonner: How to NOT go broke after pro career

Postby Class of '78 » Fri Feb 08, 2013 11:41 am

BMF wrote:78, what's funny about "restuarants" is that (if you watched it) the ESPN 30/30 story about players going broke one of the worst investments that many players who went broke made was investing in a restuarant that one of their buddies approached them about....

Bonner, has made a ton of money being a 6th man type player. His best year in the NBA is 8.2 ppg....and he's making nearly $4million this year! Unreal! He's done well saving his money and being frugal....

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Agree, the restaurant biz is high stakes investing. In Selmon's case, he had a solid concept mixing a sports bar atmosphere with a menu that ranges from good 'ol southern to more modern cuisine. More importantly, his name is golden in the Tampa Bay area.

Is there a sport with a higher per player salary average than the NBA? Good for Matt. Good guy, solid teammate, able to knock down the midrange J. Teams usually have room for a guy like that.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby GatorMark86 » Fri Feb 08, 2013 12:12 pm

Matt is the MAN! One Gator down...another steps up!
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Re: Matt Bonner: How to NOT go broke after pro career

Postby vulcan_alex » Fri Feb 08, 2013 12:22 pm

Now this is great, but as long as you are reasonable you can live well while playing, have passive investments after your playing time is over and have money forever.

So say you make 2M, pay 1M in taxes, spend .4M and save .6M per year. Work for 5 years and you have 3M in investments and perhaps some paid for real estate. You can live off the income forever if even half way invested properly.

Now you can't live the high life, but can live a middle class life style on 100-150K per year of gross income.

Simple it requires saving and investing conservatively, not being excessively cheap, even though I admire someone who is.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby MatthewM. » Fri Feb 08, 2013 12:41 pm

Matt Bonner is a **** beast. A legend.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby BoomTown » Fri Feb 08, 2013 12:52 pm

I've got 2 former MLB players in my neighborhood and both essentially retired in their early 30s using Vulcan's formula. They both "work", but it's more to fight bordom than necessity. They spend most of their time coaching their kids teams, hanging out at the pool, and probably banging all the MILFs in the neighborhood while their working stiff husbands are off trying to make the mortgage. God, I hate them. :)
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Re: Matt Bonner: How to NOT go broke after pro career

Postby swampmonster » Fri Feb 08, 2013 12:57 pm

That article was from 2006. I have a feeling with $24 million in the bank since then ( 6 x 4 = 24) he may have bought a car. LOL
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Re: Matt Bonner: How to NOT go broke after pro career

Postby MatthewM. » Fri Feb 08, 2013 12:59 pm

Bonner rides a Segway
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Re: Matt Bonner: How to NOT go broke after pro career

Postby SwampedGator » Fri Feb 08, 2013 1:04 pm

I was listening to ESPN radio the other day and Jamal Mashburn was on talking about his big dream was being a business man, not an NBA player. So he took the time to prepare himself for after his NBA career. He now owns over 34 Outbacks, 37 Papa John's and several dealerships in Kentucky. That's smart business right there...
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Jbossgator9 » Fri Feb 08, 2013 1:15 pm

How hard would it be to put some money in the bank and watch it roll over a few times over the years??
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Re: Matt Bonner: How to NOT go broke after pro career

Postby The RH Factor » Fri Feb 08, 2013 1:17 pm

Has anyone ever heard of Junior Bridgeman?

http://www.celebritynetworth.com/riches ... net-worth/
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Class of '78 » Fri Feb 08, 2013 1:20 pm

Jbossgator9 wrote:How hard would it be to put some money in the bank and watch it roll over a few times over the years??


You mean at .0001% interest? Oh yeah. :lol:
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Jbossgator9 » Fri Feb 08, 2013 1:23 pm

Lol, you know what I mean. These guys have no sense of investment whatsoever it seems. They could easily set aside a few million and watch it grow over the years and have no problems.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby Class of '78 » Fri Feb 08, 2013 1:25 pm

Jbossgator9 wrote:Lol, you know what I mean. These guys have no sense of investment whatsoever it seems. They could easily set aside a few million and watch it grow over the years and have no problems.


Just having fun, Jboss. Agree with the premise. Most of them are so new to money, they have no concept how to manage or budget themselves. The smart ones surround themselves with good advisors.
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Re: Matt Bonner: How to NOT go broke after pro career

Postby I Have No Friends :( » Fri Feb 08, 2013 1:29 pm

Class of '78 wrote:
Jbossgator9 wrote:How hard would it be to put some money in the bank and watch it roll over a few times over the years??


You mean at .0001% interest? Oh yeah. :lol:


Hey you can get a CD that will pay over 1.7% :lol: :lol:

I mean we're talking about people who are absolutely terrible with money. $8-10 million invested even in that crappy of a return rate would allow these guys to live comfortably.

How hard is it to set aside $10 million as a NBA player? The white guy on the bench is easily making a couple million a year.
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