Are you in a financial position to save 90% of your income? CNBC’s Kathleen Elkins published a story this weekend, “NFL player who saves nearly 90% of his income teaches a money class at Penn called ‘Life 101.’” New York Giants linebacker, Brandon Copeland, has developed a savings plan where he is able to live on 10% of income and save 90%.
Copeland realizes that his time playing professional football will end long before retirement age, and he needs a way to still make it financially. He has dabbled in some side businesses like flipping houses and opening a real estate company.
Who is Brandon Copeland and What is ‘Life 101’?
Copeland is a Wharton School graduate and for his latest side job has chosen to teach a financial literacy seminar at Penn that he has nicknamed “Life 101.” His class this spring semester covers, “the realities of life we all have to deal with.”
His course covers how to invest, plan for retirement and build credit. His idea behind the class is that no matter what career you have, you will encounter a need for some basic skills of how to spend and save money. He is very upfront in telling the students he is not an expert.
The 50-30-20 Rule
The article also points out a commonly used financial theory called the “50-30-20 rule.” So, if you cannot save 90% of your income, you can try this method. This rule means that with your personal finances, 50 percent of income goes to necessities like rent and groceries, 30 percent is for discretionary expenses like entertainment and 20 percent goes to savings.
Contact a Bankruptcy Attorney for Financial Help
The majority of us do not make $1.2 million per year, so living on 10 % of income is not possible and even trying to follow the “50-30-20 rule” can be impossible. Maybe you just need a fresh start so you can become more financially stable.
If you have mounting debt and want a fresh start to begin saving for those rainy days and retirement, please contact one of our offices. We offer a free, no obligation consultation.
Heather Ellis Banks is an Associate Attorney at the Bond & Botes Law Offices in Knoxville, Tennessee. She holds a Bachelor of Science from the University of Tennessee Knoxville, and a Juris Doctorate from the University of Memphis, Cecil.C. Humphreys School of Law. She has been helping consumers to navigate through the bankruptcy process since 2005. Read her full bio here.