For those of you who’ve met me, know that I am not only a former athlete but also an avid sports fan. Even though I did not make anywhere close to what today’s athletes make, I still managed to make boneheaded decisions with the little bit I had. After working in the finance industry for the last 15 years, it’s given me the opportunity to see the mistakes that I made and what I should have done differently. But with that said, I am still truly amazed to hear what the top players are raking in annually from their mega contracts and endorsement deals that potentially could enrich their future generations for eternity. Unfortunately the minute a lot of these athletes make their fortunes, (and sometimes before) they go out and spend it just as quickly. Finally being in the position to buy whatever their heart’s desire, from luxury vehicles, to lavish homes for family members and friends. Sadly, very few realize before it’s too late that life is not a sprint, but a marathon. They thrive off the attentions of being part of the elite, giving very little thought to their financial future.
The real issue is that these athletes focus, in most cases, on winning the highly competitive game of “show and tell” — neglecting to prepare for the most important competition of them all, the Game of LIFE. Many athletes, both young and old fail to fully comprehend that being a professional athlete has a far shorter lifespan than most careers and that they should use the opportunity to put up enough money for them and their loved ones to live comfortably when they retire, and not have to suffer a rude awakening when the money they thought would never run out, dries up completely.
In recent news, former NBA All Star Chris Gatling pled guilty to theft and forgery while squatting in a house in Arizona. After reading about this I immediately thought, “Wow, I just did a financial literacy seminar last year at the community center named in Chris’ honor in NJ!” Am I shocked? No! Here is just another example of a professional athlete that did not appreciate what he had, and squandered it all away, with nothing to show for it.
The list of fallen NBA heroes gets longer and longer every year.
One of the fastest ways to lose your money when you are an athlete is to father several children out of wedlock with several different women, and/or get divorced. Unfortunately for Kenny Anderson, he managed to do all of the above in a big way. The basketball legend managed to have three divorces, 8 children, and pay child support to five different women. Not surprisingly his career earnings of $60 million has all but diminished.
Another former NBA giant, Latrell Sprewell managed to make an estimated $100 million in career earnings. Any person with just a little financial discipline would have walked through life with a giant smile on their face knowing they were financially set for life, but not Sprewell. He chose a lavish lifestyle filled with a yacht and mansions that he couldn’t afford. I am sad to report that after losing his yacht in 2008, he is now renting this house in Milwaukee because ALL of his others have been foreclosed on.
The terrible reality of these former athletes is that they lived life for the present and not for the future. They blew their hard earned money on a lifestyle that brought them temporary happiness. Luckily for everyone, there is a shining star we can all look up to. Someone who had his head in the right place when it came to his money and future. The person I’m talking about is none other than Mr. “Air” Jordan.
Michael Jordan was not only gifted on the basketball court, but in the business world as well. He has always made sure that he had the right people on his team that he could trust with his riches. The kind of people that would invest his money well enough so that he could reap the benefits then and even now, 10 years after he retired. Yes, he quenched his thirst for competition with high stakes gambling which I would never recommend. But as you see, he has been somewhat responsible with the habit because he has not allowed it to financially ruin him. Incredibly today, Jordan still out earns most of the world’s highest paid athletes. He makes an average of $80 million a year through his corporate partnerships and business ventures, and is reportedly worth over $500 million.
Jordan’s story is truly an inspirational one to me. I see a man that wasn’t perfect in life but understood that the value was just not in being arguably the greatest professional athlete to ever live but that life went on after retirement, and managed his finances accordingly. He should be an inspiration to young athletes all over the world, I wish he was to me much earlier in my life. Young guns it’s not too late. Hire the right people, leave the competition on the court/field (whatever), and think about tomorrow and the next day, and so on and so on.
My advice to these young stars who are just focusing on being better than Mike on the court, should instead focus more on being like Mike off the court. Or they will be squatting like Chris (Gatling).
Sing with me — Like Mike, if I could be like Mike. I wanna be I wanna be like Mike, Like Mike if I could be like Mike.
Join my movement, end the Vicious Cycle of Financial Illiteracy.
Signed,
Bruce Wayne (And yes this is my real name!)
Bruce Wayne 