There is a old saying that if you treat money with respect money will respect you, but if you disrespect money money will disrespect you. I have live to see that old saying come true, when you start to make money before you start to spend it please learn about money management. The main rule in money management is simple spend in your limit which simple means don't spend more than what you earn, you don't need a financial consultant to tell you that. That's simple maths you learn in basic school.
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What causes most athletes and musician to go broke is there lifestyle, when you are at the peak of your career you are earning millions so you take on a lifestyle to match your income the flashy cars, the big mansions and the jewelry etc. When there careers are over the millions spot to flow in but what you they continue to do is live the same lifestyles, then what you find out is that they are now spending more than what they earn and that spell disaster.
One of there biggest down fall is bad business deals, people come to you everyday with the best business ideas and they are telling you how we are going to make millions together. And guess what they are going to use your money to do these business deals. If a person has a great business deal come on lets be realistic will they come to you with it.
Stay away away from clothing lines and restaurants you will loose every single penny you have in these business deals. My advice to any musicians or athletes is to let your money stay in the bank and attract those boring interest rates than to invest in falling business or flashy lifestyles.
What causes most athletes and musician to go broke is there lifestyle, when you are at the peak of your career you are earning millions so you take on a lifestyle to match your income the flashy cars, the big mansions and the jewelry etc. When there careers are over the millions spot to flow in but what you they continue to do is live the same lifestyles, then what you find out is that they are now spending more than what they earn and that spell disaster.
One of there biggest down fall is bad business deals, people come to you everyday with the best business ideas and they are telling you how we are going to make millions together. And guess what they are going to use your money to do these business deals. If a person has a great business deal come on lets be realistic will they come to you with it.
Stay away away from clothing lines and restaurants you will loose every single penny you have in these business deals. My advice to any musicians or athletes is to let your money stay in the bank and attract those boring interest rates than to invest in falling business or flashy lifestyles.
You can learn a lot more by looking at the guys who didn't go broke (Like George Foreman) than the ones who did.
ReplyDeleteGeorge Foreman has been married to the same woman since before he got to be really big. His weekend hangout is a church and he spends his time (and money) on his kids.
That leaves less opportunity for shady deals to come his way. Less chance to get into drugs or an expensive lifestyle and the kind of personal center and council of advisers (Legal, financial, etc...) you need to spot the good business deals that are out there. (Yeah. he made more money wearing an apron, than he did wearing boxing gloves)