NEW YORK (TheStreet) --Roughly 80% of National Football League players go broke within their first three years removed from the league, according to Sports Illustrated. With contracts paying players millions of dollars it begs the question of why this is taking place.
One reason often pointed to is a lack of financial understanding or the absence of a knowledgeable financial adviser. One player looking to reverse that trend is Detroit Lions safety Glover Quin, who saves 70% of his salary and then invests between 10% and 20% in private equity companies.
"The plan for me is to save as much money as I can and spend as little as I can in the time I have in the league, so that I can maximize my future," Quin said on CNBC's "Halftime Report" today.
The average career in the NFL lasts about three years, according to the Pro Football Reference.
He says investing and saving money is something he's always wanted to do. Entering the NFL, Quin had a goal in mind of how many years he hoped to play and quantified how much he would need to save over that span to retire comfortably.
His investment strategy is simple, find a company with goals and products aligned with principles he is passionate about in his life.
"Finding something that we love, and something that we wanted to be a part of," Quinn explained.
One company Quin has invested in is called Health Warrior, a maker of chia bars and other super foods. He invested in this company because of his commitment to living a healthy lifestyle.
"I see so many guys who come into the league, and if you ask them how long they want to play, some of them tell you they'll play until they can't anymore. I always felt like if I had that approach, I would probably spend or treat my money like I'm going to play for a long time," Quin said.