Yankee great Mark Teixeira 5 percent rule bank he uses about money



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New York Yankees' Mark Teixeira strikes during a game against the Baltimore Orioles at Yankee Stadium in New York, May 9, 2015.

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New York Yankees' Mark Teixeira strikes during a game against the Baltimore Orioles at Yankee Stadium in New York, May 9, 2015.

While last year's salary with the Yankees has cost him just over $ 23 million, it's a fact that most professional athletes' earnings are reduced in just a few years. Finally, it is estimated that 60% of former NBA players will go bankrupt within five years of starting the league. And these financial problems are by no means confined to the NBA. A reported 78% of former NFL players went bankrupt or under financial stress only two years after retirement. Some of the reasons: financial illiteracy, financial schemes and fraud, dishonest or unskilled counselors and irresponsible spending.

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With that in mind, Teixeira knew he needed to think long-term.

"There are things you want and there are things you need, and you have to find out, okay, how much money do I have in the bank now? What do I need to live?" What are the extra things that I like? is that there is a bucket for my nest egg that I put away and I never have to worry again. "So there is the bucket of opportunity."

To settle down after baseball, Teixeira pursued his second love: the real estate industry. "I invested in some companies, I created a real estate company, invested in some property and that generated huge dividends," he said.

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