In this episode, we’re discussing Bobby Bonilla and his agent’s strategy for deferred payment and the importance to thinking long term.
Are you saving in a way that shows consistency and financial health? From your retirement savings to 529 plans, are you making strategic decisions and continuing to invest over time?
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
Sometimes it’s not about what you’re earning now, but what you’re able to keep. As baseball starts back up again, we look at Bobby Bonilla whose agent negotiated a deal for deferred payment. On July 1st of each year, he gets paid and some have taken to calling it Bobby Bonilla Day.
Is there a way you can create a deferred payment? A lot of physicians and business owners look into this strategy, but is it the right one to pursue? What is the danger with deferred compensation? Does it match your long-term strategy and goals?
Speaking of long-term goals, are you investing in a 529 plan for your children? There’s not one simple trick, there’s saving and investing wisely. Same with losing weight, you need to be consistent with your goals and strategy. Instead of working out once a month, you need to regularly put in the time and energy to workout and eat healthy. With your finances, you can’t make one decision and expect everything to happen
Retirement is saving stretched over many, many years. Are you making consistent and healthy choices with your money?
Listen to the entire episode or click on the timestamps below to skip ahead.
[0:17] – Major league baseball is coming back.
[0:50] – Why does Bobby Bonilla, who has been retired for over two decades, still get paid every year?
[3:03] – What’s the problem with deferred compensation?
[5:52] – How can you better invest into a 529 plan?
[7:57] – Being intentional about saving is key.