With an historic rate of foreclosed homes in our nation, professional athletes are not immune. NBA veterans, Vin Baker and Latrell Sprewell, the NFL's "Pacman" Jones, Major League Baseball's Jose Cansesco, all have been associated with homes in default or heading that way. What's sad is these athletes have scored in the millions and even tens of millions of dollars worth of income over the course of their careers. So how can this happen?
Many financial experts who work with high profile entertainers and athletes say one thing....PLAN AHEAD! The window of opportunity to make this kind of money is brief, at best. "Given the relatively short amount of time at peak earning potential, a comprehensive and customized financial plan is crucial," stated one New York investment broker.
Granted, life sometimes throws events and circumstances our way, making our financial life difficult. But planning ahead can make this fall shorter or softer than if unprepared for such an event.
The urge to spend or what I like to call "feasting" is very attractive and quite easy to do when the floodgates of cash are coming in. But it is imperative for an athlete to understand, this peak earning time is only temporary and at some point a new phase of their financial life must emerge without this large income.
Remember my credo....100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION! As difficult as it is during this time of living large, keep things in perspective. Plan Ahead! If you haven't already done so, contact a trustworthy financial group to assist. Just like I wouldn't expect to tell a doctor how to perform a liver transplant, I wouldn't pretend to know how to handle large sums of money if I haven't been previously educated or conditioned to do so. It'll be worth every penny you put into this planning now, while you are still playing. Plan Ahead to prevent the loss of income that will inevitably come and keep your house in order by doing so.
You can find out more about me, my book, and my transition consulting services at: www.fromglorydays.com
