Steve Yzerman Shows Dylan Larkin THE (MONOPOLY) MONEY
How pro athletes (and you) can keep from going broke
(Listen to audio version of me reading👆)
Signing for lots of monopoly money.
Captain Dylan Larkin has been negotiating with the GM of the Detroit Red Wings Steve Yzerman over the last few months.
Ironically, the deal just got wrapped up in the past 36 hours for $8.7 million/year for 8 years.
I was asked recently, “how much money does the player get?”
After fees, taxes, union dues, agent’s cut, etc. Larkin may take home around $4-5 million each year.
Now that is a healthy chunk of change and most never make that kind of money.
Mind you this is the 8th year Larkin has played in the league.
So what was he doing with his cash the first 8 years?
Hopefully he wasn't blowing it all and saved up a bit for himself.
He could save the next two years of checks and bet set for life.
We’ll explain how he could be set for life in a minute.
I know a guy…
I have a buddy who handles the investments for a lot of athletes in the NHL, NFL, and MLB.
His job is to meet with his clients and make sure they are allocating their resources carefully.
Make sure their client has trusts, wills, insurance, and investments made so that when the player is retired they and their family can live without the paycheck coming in every two weeks and not miss a beat.
This is easier said then done.
He has told me stories of guys spending $100k+ a month on their credit cards and getting private jets back home for tens of thousands of dollars instead of just buying first class for a couple grand.
As you can imagine this is among the more benign questionable decisions…
This process is VERY simple and easy but takes a small dose of financial and emotional discipline.
Turning ordinary income to passive income.
We have often talked about phase 2 here in our monthly newsletter updates.
Taking ordinary income (paychecks that are taxed the most) and turning it in to passive income you don’t work for and taxed the least, if at all.
The investments we have made in bitcoin, gold, silver, etc will be taken and lent against (tax free) to buy assets that work for you:
Dividends
Cashflow
Royalties
Interest
Finishing the convo I just had recently…
Larkin could save $10 million total ($5 million each year) over the next two seasons.
Live off what he hopefully has from the first 8 years of playing, (and the remaining 6 years of his contract) if need be.
He takes that $10 million and puts it in to a handful of good solid dividend paying stocks that pay him 4% on average.
This would give him $400,000/year in dividend checks where he does absolutely nothing but receive $100,000/quarter (or $33,000/mo.)
He literally could live the rest of his life in luxury as he has assets paying his lifestyle while he does nothing.
He could even step this up a notch by getting in to real estate or partnering with people who know how and lending money to investors anywhere from 8-16% and make ridiculous returns.
He could buy whole life cash value insurance and get 4-5% and have the insurance death benefit backing him and be able to lend against and control the asset.
He could buy franchises or other small businesses. All managed by other people. You need to manage the managers or have a team of managers do it all for you.
You get the idea.
“Brandon, that is awesome but what can the average person do?”
Glad you asked, it is rather simple and average person can easily do this.
Much of it starts with understanding how money works.
Inflation is institutionalized theft and is only really a possibility in a fiat currency system that is backed by nothing but confidence.
So that means the dollar is debt. Each dollar is owed back to the central bank, with interest.
That goes for every currency in the world, they are ALL “monopoly money.”
Knowing that, you must get rid of your dollars and turn them in to assets.
Your dollars are liabilities on your balance sheet. Most people save liabilities they think are assets.
So this whole process starts with moving your liabilities in to assets.
I hope Dylan is taking some of that fake cash and turning it in to real money by purchasing bitcoin with it.
This is why I save long term in bitcoin, and a little gold and silver.
Cash is used in a 6-12 month horizon to pay bills and buy more assets.
As you grow your income and buy more assets through turning ordinary income to passive income you will find yourself freer and less encumbered in the “rat race.”
Once your passive income eclipses your expenses each month you are finically free.
This could take 1 month, 1 year, 1 decade, or 1 lifetime.
Isn’t the pursuit and reward of becoming the person you must be to obtain this, worth it?
At the very least, Dylan and his fellow pro athlete peers have a simple plan to retain their wealth for generations, and not end up like the statistics above.
Stay strong,