When you hear from a former NFL star is suffering a severe financial crisis, it is not much of a surprise.
It used to be you want to know someone who has done millions of dollars annually could lose it all so quickly. Now we know: they spend too much. They have an expensive divorce. They get bad advice and make a terrible deal.
For many people, their career is very short – only three to six years.
Some of the epic by the NFL star
However, even seasoned superstars can run into trouble failure. In 2010, the Denver Broncos Super Bowl-winning quarterback and current general manager John Elway, with dozens of investors who got a Ponzi scheme, and lost one of millions to catch up. When the Cleveland Browns quarterback Bernie Xhosa filed for bankruptcy in 2009, he owed $ 97,000 yuan to the banks for the failure of real estate transactions, $ 3 million ex-wife, as well as thousands of individual loans. Even the late, great quarterback Johnny Unitas, beloved in Baltimore, and it filed for bankruptcy last fall, 60 minutes reported that in 1991, several players – including Ray Lewis and Owen Sri Lanka – after the investment, has lost millions of a failed electronic bingo casino and entertainment complex in Alabama.
In other words, these people make mistakes, just like average Joes who filled the stadiums to watch. They just did a more ambitious scale.
Where they went wrong
As doctors, dentists and construction workers, athletes with their own hanging, they tend to invest in the same way. They often bear their names that Li Ke businesses, improve their personal data, and to feed their self-esteem – and when they do invest, they tend to go big, to put all the money to car dealers, restaurants and sports privileges. Some work out …… but a lot of them are not.
Professional football players are good at what they do, but when it comes to planning for the future is clear that many do not get the right advice. If the NFL players today walked into my office and asked me if I need help, I would sitHim down and began to ask questions.
- You develop a plan to protect your assets, and they grow up?
- You put a trust?
- Have you thought about your future medical expenses and all those who may have taken a toll on your body and your brain hurt?
- You see what friends or stock market investment and the stock is telling you the real payoff?
While we were chatting, I took around three points:
- Inflation: This is a man who has become a habit, hope maintain a high-end lifestyle particularly important factor. To keep up, he will have 15 years to his income every 10 years, it will not be easy, once these large salaries stopped doubled. But there are things we can put in place to do that
- Taxes: This is necessary when it comes so much money, especially in long-term planning, taking taxes into account. I propose to establish the foundation of a family, and with the players money can be tapped, while he is still alive but has also entered into forever, support charities, he believes that he can relate to his family, to his children a chance to learn to people. He can give his name Foundation
- Guaranteed income: restaurant times, stocks fell and endorsement deals may dry up, but there are ways to make sure his money, as long as sustained, because he indeed, including different types of annuities.
These are the young tough who has been the topic of a new car or a dream laid the cash to help friends and family get past the issue of their money. Of course they are not used to have a healthy self-inflated. However, if these guys want to come over memories of their careers, they would be wise to find a consultant who can help them solve a plan’s risks associated with LESS and more long-term returns.
Lesson the rest of us
Fans can learn their favorite high-profile superstar explore some experience. After all, they are not the only part of who has to overcome setbacks. Yes, we have had to face similar retirement.
Find the coach you can trust: yourConsultants can help you put a game plan to address inflation, taxes and your level of play required income.