July marks a great time for people all around the country. Summer is in full bloom. Some are going to celebrate the 4th of July with barbecues, cookouts, cocktails, music, laughs and good times. However, this pales in comparison to the July’s Bobby Bonilla enjoys.

Every July 1st the former MLB superstar receives a total payment of just short of $1.2 million dollars from the New York Mets and the Baltimore Orioles.

From ESPN New York:

Near the end of Bonilla’s playing days, the New York Mets agreed to pay him $1,193,248.20 annually on July 1 for 25 years, beginning in 2011.

Near the end of Bonilla’s playing days, the New York Mets agreed to pay him $1,193,248.20 annually on July 1 for 25 years, beginning in 2011.

Bonilla was owed $5.9 million when the Mets agreed to that buyout.

The agreement called for deferred payments at an 8 percent annual interest rate. At the time, Mets ownership did not mind that interest rate because their investments with Bernie Madoff were returning comfortably more than that figure.

Hats off to Bonilla for having the forsight to accept a crafty financial deal that will ensure you are well taken care of well into retirement. Instead of being like many athletes who get their money upfront and blow it, your family will be secure.

The yearly payments don’t end until 2036. Bonilla will be 72 years old.

SOUND OFF: What do you think of Bonilla’s yearly $1.2 million dollar payment?