One athlete who spent his money wisely was Michael Jordan. Jordan was a six time NBA champion winning three consecutive championships. Michael Jordan didn’t necessarily spend his money in the smartest ways, but he spent it so he will have an amazing retirement. Michael Jordan also known as “MJ” has a great retirement plan as well as the fact that he’s still making billions of dollars from his NBA franchise the “Charlotte Hornets.” MJ has some of the coolest things ever. Imagine if you had a custom private jet, three, thirty million dollar houses, a private golf course, custom golf carts, and a one hundred fifty million dollar yacht. Plus another one billion dollars. How would your life be?
Now imagine you have a twenty million dollar grill, a gold lamborghini, fifty million dollars worth of gold chains, you don’t pay taxes, and you’re broke and in debt. Now how would your life be? Believe it or not. This is how retirement goes for most athletes. Allen Iverson, an iconic point guard for the Philadelphia 76ers, is a great example of someone who blew all their money on useless stuff. Although lots of athletes spend their own money poorly, sometimes money managers are at fault. One example of someone who’s money manager blew all of their money was Scottie Pippen, teammate of Michael Jordan and carrier of six NBA title rings. Scottie Pippen invested more than twenty million dollars in a money manager who ended up stealing lots of money from Pippen and committed bank fraud. He will eventually be arrested. The money manager may be wrong in this situation. Although, Pippen should have searched for better money managers.
Ways to manage your money
To prevent becoming bankrupt, there are many ways to manage your money. It’s not only athletes who have to manage money, it’s you guys too. So I’m going to teach you. One good way to to manage your money is to hire a good trustworthy money manager. Not any money manager will work, they must be trustworthy. As I said before, Scottie Pippen made the mistake of spending a lot of money on a not so trustworthy money manager. Another way to manage your money is to limit yourself on usage. What I mean by this is to limit the amount of money you use for a certain amount of time. The last way to manage your money is to rethink buying certain items. Meaning, give yourself a little test on usefulness of the time. Here are five questions you can ask yourself:
Do I know anybody who has one? If so, ask about it.
Does this seem like something I will use in ten plus years?
How expensive is it? Can I find it for cheaper?
Will this make my life easier?