Quarterback Dak Prescott’s next contract will determine the Dallas Cowboys success in the near future. Maybe the Eagles have shown a path to a middle ground.
According to the Economic Policy Institute, a family in the United States with an annual income of more than $420,000 qualifies as being in the top one percent. Over a working lifetime, assuming 40 working years, this would equate to $16,800,000.
Dallas Cowboys quarterback Dak Prescott will become a lifetime member of the one percent club the moment he signs his next contract. Depending on the contract value, he may be in the 0.1 percent club.
The typical person that is not a highly paid NFL quarterback goes through five financial stages in a lifetime. The five stages, according to Reader’s Digest are:
- Post-Secondary and Early Career Years
- Family and Career Building Years
- Pre Retirement Years
- Early Retirement Years
- Later Retirement years
In the first phase, young adults are lucky if they have no debt and have a skill that can be monetized, i.e. get a job. Most will live pay check to pay check with the hope that tomorrow is better than today.
In the second phase, the typical American will look to buy a house, grow their savings, optimize their taxes. The non-one percent will begin to accumulate assets by leveraging their credit.
In the pre-retirement years, most will pay off a mortgage, grow their retirement savings and send kids to college. There will likely be a reduction in financial stress with more income allocated to savings.