'What I learned early is there is a bucket for my nest egg that I put away and I never have to worry about again. Then there is a bucket for opportunities,' says former New York Yankee Mark Teixeira.
From the first day he became a pro ball player, Major League Baseball All-Star Mark Teixeira knew he had to be smart about his money."The first thing that my dad said was, 'hey let me show you what a spreadsheet looks like ... let me show you where your check is going,'" he said in an interview with CNBC's"Fast Money: Halftime Report" Friday.
Now he is co-founder and partner at Urban Creek Partners, a real estate development company. He also wants to help others learn how to become financially secure.That means 70 percent in stocks, 30 percent in bonds or 60 percent in stocks, 40 percent in bonds — depending on where you are in your life."Get blue chip stocks and index funds and then just leave them alone," Teixeira explained.
Thanks to his baseball income and smart planning, he's able to take some chances. He said his best investment was buying a piece of property in Atlanta between 2008 and 2010. That property is now being developed into Quarry Yards in Atlanta and will include office, retail and hotel space, as well as apartments.For professional sports players, it's particularly important to think ahead since their careers don't last very long and they retire early.
And having a financial advisor can only do so much — they advise, and the players can chose not to listen and still make bad decisions.
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