{"id":30351,"date":"2023-07-02T04:16:30","date_gmt":"2023-07-02T08:16:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bobby-bonilla-day-how-the-former-mets-players-financial-feat-illustrates-the-magic-of-compound-interest\/"},"modified":"2023-07-02T04:16:32","modified_gmt":"2023-07-02T08:16:32","slug":"bobby-bonilla-day-how-the-former-mets-players-financial-feat-illustrates-the-magic-of-compound-interest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30351","title":{"rendered":"Bobby Bonilla Day: How the former Mets player\u2019s financial feat illustrates the magic of compound interest"},"content":{"rendered":"
\n

If you see Bobby Bonilla popping up all over your social media feeds on Saturday (as it tends to this time of year), it\u2019s because July 1 marks the annual $1.2 million payday for the former third baseman \u2014 an event that has increasingly attracted interest from average Americans, even some who don\u2019t know anything about baseball. <\/p>\n

That\u2019s because Bonilla and his agent, Dennis Gilbert, engineered a contract payout that has become one of the more talked-about feats of finance in sporting history. <\/p>\n

\n

On Saturday, Bonilla, now 60, will collect a check for $1,193,248.20 from the New York Mets, as he has and will every July 1 since 2011 and running through 2035, as ESPN has detailed. <\/p>\n

Commentary: <\/strong>How to have your own Bobby Bonilla Day <\/p>\n

Some have described Bonilla\u2019s payout as one of the great examples of compound interest, because the baseball player opted to defer a $5.9 million payment in 2000 in favor of spreading payments out over 24 years, starting in 2011, with an 8%\u00a0annual\u00a0interest rate. Compounding is when you earn interest on your earned interest, which can have a powerful impact over time. <\/p>\n

The net payment for Bonilla (and his agent) will be about $30 million when the baseball player turns 72. That amounts to a heck of a retirement plan if you are fortunate (or smart) enough to score it.<\/p>\n

Related: <\/strong>Retirees on edge over inflation and stock volatility can take these 5 steps<\/p>\n

To be sure, we have written about this time and time again. But it is worth reiterating, as compounding is a key concept for investors, including those investing in equities or in such stock benchmarks as the Dow Jones Industrial Average
\n DJIA,
\n +0.84%<\/bg-quote>,<\/span>
\n the S&P 500 index
\n SPX,
\n +1.23%<\/bg-quote>
\n and the Nasdaq Composite
\n COMP,
\n +1.45%<\/bg-quote>,<\/span>
\n even with stocks getting crushed in recent months as inflation and rising interest rates buffet markets. <\/p>\n

Read: <\/strong>Bobby Bonilla Day: This retired baseball player\u2019s contract is the perfect example of the power of compounding<\/p>\n

Compounding holds true regardless of whether you are a Mets fan, or if you loved or hated Bonilla. <\/p>\n

Opinion:\u00a0<\/strong>Money lessons from Bobby Bonilla\u2019s steal of a multimillion-dollar deal<\/p>\n

Read on:<\/strong> The Mets are paying Bobby Bonilla over $1 million a year because of Bernie Madoff<\/p>\n

This article was originally published in July 2021 and has been updated.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you see Bobby Bonilla popping up all over your social media feeds on Saturday (as it tends to this time of year), it\u2019s because July 1 marks the annual $1.2 million payday for the former third baseman \u2014 an event that has increasingly attracted interest from average Americans, even some who don\u2019t know anything […]<\/p>\n","protected":false},"author":1,"featured_media":30352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-30351","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBobby Bonilla Day: How the former Mets player\u2019s financial feat illustrates the magic of compound interest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"If you see Bobby Bonilla popping up all over your social media feeds on Saturday (as it tends 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