Photo: Wikimedia Commons
The Pittsburgh Post-Gazette points out that a majority of retired pro basketball and football players go broke after their sports career ends, but retired pro-football player Eugene Profit has been bucking that trend. Profit, who was a cornerback for the New England Patriots and the Washington Redskins, now runs Profit Investment Management, which has ~$2 billion AUM, the report said.
Profit (that’s his real given name) has been running Profit Investment Management since 1997. He began working as a broker back in 1994 and had stints at Legg Mason and Securities America, according to FINRA records (PDF).
Anyway, he has some advice. [via The Pittsburgh Post-Gazette]
While his firm does not work directly with individual retail investors, Mr. Profit said he understands that delayed gratification often is the greatest obstacle for those who are new to the world of stocks and bonds.
“Let’s say you have $5,000 and the portfolio pays 10 per cent,” he said. “If I tell you it becomes $10,000 in a little over seven years, you’re not too excited about that. But the same principle works with larger amounts, such as $100,000.
“The trick is if you get started with the smaller amount, it opens the door for larger returns down the road. A lot of people don’t get started or they don’t stick with it.”