What Is Bobby Bonilla Day And Did The Mets Get The Better Financial Deal?

 Bobby Bonilla Day is July 1st. On that day every year, Bobby collects a check of $1.19 million.  And he has not played for the Mets since 1999.

Instead of receiving a one-time payment for $5.9 million, Bobby negotiated one of the best retirement packages in history.

The Mets wanted to get substitute Bobby Bonilla. But they still owed him $5.9M on his contract. 

Based on what I have read, the fantastic deal was put together by Bonilla’s agent, Dennis Gilbert. 

Have A Trusted and Knowledgeable Advisor

Opt for Annual Payments Instead of a Lumpsum

Taxes are calculated on annual income; If you make $1 Million in a year, then you will lose almost half of it to taxes. 

Tax Planning Flexibility

If Bobby would have collected the $5.9M in 2000, he would also be paying New York state and city taxes.

Guaranteed Returns

Bobby Bonilla Plan is a guaranteed 8% return on an investment every year and without the volatility or risk present in other assets.

Cut Your Losses

 The Mets decided to cut their losses and get their front-line starter. With the savings created by the deal, the Mets could trade for Houston Astros ace Mike Hampton.

Investment Returns Are Not Guaranteed

Another reason the Mets jumped on the deal because the Wilpons assumed that they could invest the $5.9 million with Bernie Madoff.

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