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Mark Teixeira of the New York Yankees strikes in a game against the Baltimore Orioles at Yankee Stadium in New York on May 9, 2015.
Although his Yankees end-of-year salary brought in just over $ 23 million, it is undeniable that most of the gains for professional athletes are reduced to just a few years. The latest news is that about 60% of former NBA players went bankrupt within five years of leaving the league. And by no means these financial problems are not limited to the NBA. According to reports, 78% of former NFL players went bankrupt or suffered financial hardship just two years after their retirement. Some of the reasons: financial illiteracy, financial schemes and scams, dishonest or unskilled advisers and reckless spending.
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In this spirit, Teixeira knew he needed to think long term.
"There are things you want and things you need, and you have to somehow determine, OK, how much money do I have at the bank right now? What do I need to live? What else I learned very early on was that I put a bucket for my nest egg and that I do not have to worry about anything anymore, then there is the bucket for opportunities. "
To get ready after baseball, Teixeira continued his second love: real estate. "I have invested in companies, I have created a real estate company, invested in properties and this has yielded huge dividends," he said.
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