Imagine being an 18- or 19-year-old Black male athlete. You get drafted by one of these organizations to play for their team. You go from having no money to making millions of dollars. You start buying all types and kinds of material possessions. You support your entire family and play professionally for about five years. Then one day, you get a career-ending injury. And your windfall is gone. What would you do?
This is an all too familar story in the world of professional sports and entertainment. For every wanna-be Michael Jordan and Magic Johnson, you need to learn a lesson from the real ones. They invested their money well and kept an eye on it.
They didn't depend solely on their careers. They started businesses, made endorsement deals, invested in banks and attended business seminars, sought out financial advisors, and life coaches. They put themselves first.
A bunch of my friends wondered why don't these organizations offer a course on money management for all these rags-to-riches stories. I have an answer for that: they won't do it. Why bother? Black people are consumers. we aren't savers or investors and we should be. There's an old saying, "If we can't wear on our back; we don't want it." Professional athletes usually have about a five-year span. They never plan on getting traded or hurt.
Seriously, how many cars can one man own let alone drive? Talk show host Jay Leno owns 200 cars; that's ridiculous, but he can afford it. Leno lives on what he makes working night clubs; his Tonight Show salary is invested. He doesn't touch that income. Why would Allen Iverson need that many? He can't afford it; he's looking for a new team right now.
How much bling do you need? How many homes? And then there's Sir Charles. He has gambled away millions of dollars...why??? Look how long it took him to earn it. I just shake my head. Then I remember Thomas "Hollywood" Henderson. He played for Dallas, won a Super Bowl, made millions, and lost it all. He then played the lottery years later and got it all back. However, this time he gave most of it away because he didn't need it.
Professional athletes need to plan for their futures when they are away from the bright lights and the cheers of adoring fans. Save wisely, invest smartly, but always have something set aside for a rainy day.
Posted By: Marsha Jones
Tuesday, March 30th 2010 at 2:31PM
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