The Detroit Tigers announced triple crown winner Miguel Cabrera's new contract today, and it's a doozy: Cabrera will earn a major-league record $292 million over the next 10 years. How are you doing on your retirement savings, by the way?
Ignoring baseball's many caveats (Cabrera stays healthy, continues producing at a high level for the Tigers, doesn't pine away without Prince, etc.), the All-Star third baseman will earn more than $43,000 per plate appearance. Fun fact: The average annual U.S. wage in 2012 was $42,498, and Cabrera will earn at least $500 more than that each time he picks up a bat and heads for home plate.
Even more striking: The median household in Detroit earns just $26,955 per year.
So, what does one do with that much money? Cabrera's already got a few options, which he recorded in a video promoting MLB's Fan Cave last year. Basically: Buy a lot of baguettes, or quit renting snorkel gear. --Sarah Eberspacher