This is the backup savings fund Alex Rodriguez recommends you have.
Despite bringing home massive paychecks, a surprising number of former professional athletes end up insolvent. NFL players, for example, make an average of $1.9 million a year, yet a full 15 percent of them go broke.
Rodriguez, who now runs his own company, A-ROD CORP, says pro athletes would benefit from what he calls an"oops fund." And, like a 401 and IRA, there would be an early-withdrawal penalty:"You can't touch it until you're 45, because we have to make a bet that they're going to make better decisions at 45 than they will at 25."
While the notion of an"oops fund" for athletes would need to be more fleshed out, the basic idea is that athletes would benefit from a vehicle that encourages automatic saving. If they can pay themselves first and take advantage of compound interest early on, says Rodriguez, they're much more likely to hold onto their wealth in retirement.
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