We've all heard these terrible stories of athletes who made millions of dollars in their playing career and then end up working regular jobs. Presumably after blowing the fortune. And at first glance, it could appear that this happened to Junior Bridgeman, who just recently sadly passed away.
In fact, in the 1980s, he could occasionally be spotted serving fast food at Wendy's in the Milwaukee.
That's a far cry from his days playing for the NBA's Milwaukee Bucks and LA Clippers where he averaged 13.6 points, 3.5 rebounds and 2.4 assists over 12 years. During that career, he made about $3 million. While that is a far cry from the mega-contracts in the NBA today, it still comes to about $9 million in 2024 dollars.
So what happened?
I'll fast forward to the end of the story. Bridgeman didn't just work at the Wendy's he could be spotted in.
He owned it!
In fact, at its peak, his businesses included more than 450 restaurants nationwide, a Coca-Cola bottling distributor with territory across three states and into Canada, as well as owner of Ebony and Jet magazines. His estimated net worth soared to nearly $600 million, behind just Michael Jordan, Magic Johnson and LeBron James, among NBA players.
And this trajectory actually started while he was still in the NBA. During his playing career with the Bucks, his then general manager was a McDonald's franchisee. Through that connection, Bridgeman also invested passively in a cable company that returned 5x his initial investment.
And it grew from there…
That was his first taste of not just working for money but having money work for you. Sound familiar?
He first bought a Wendy's in Brooklyn as a more passive opportunity. He lost $150,000. But he didn't let that discourage him. It was just an expensive lesson.
The next year, in 1988, he used the remainder of his NBA savings to buy 5 Wendy's restaurants in Milwaukee. That way he could actually learn the business. He would actually play in the NBA and then run over to flip burgers and get first hand knowledge of the business. He also took a Wendy's training course.
From there, Junior Bridgeman expanded aggressively.
In the end, he turned about $3 million of active NBA income into a net worth of $600 million.
And that's the goal…
For all of us. There are two broad ways to reach financial freedom.
- Save and invest enough money to create a nest egg big enough to withdraw from and cover expenses in retirement, or
- Turn enough of your active income into passive income that can cover your expenses in retirement
I use a combined approach which I think is best.
Regardless, Junior Bridgeman is a great role model for how to do this. In fact, most doctors will earn more than $9 million in their career, and certainly more than $3 million.
So, if Junior could do it, so can we!
Here are some more great resources on passive income for physicians:
- Physician Side Gigs to Make You Passive Money
- 3 Ways Side Hustles May Make You a Better Doctor
- Are Medical Surveys Worth It as a Side Gig?
What do you think? Can you be like Junior Bridgeman? Do you have any passive income streams right now? Let me know in the comments below!
