You would think money at a young age would mean financial success. So, why do so many young, professional athletes end up in financial trouble? Turns out, they fall into the same common traps that derail the average Joe’s finances everyday. Let’s break down how you can avoid these mistakes!
In this episode, you’ll learn:
- Two crucial components to wealth creation
- Common expenses that can easily get out of hand without a plan
- How good intentions without planning can cause financial chaos
- Why overconfidence has caused a lot of heartache in the long-run
- The smartest athletic deal in sports history (arguably)
Research and resources in this episode:
- The Five Main Reasons Professional Athletes Go Broke (WealthManagement.com)
- Nearly 75% of parents help their adult children financially (USA Today)
- 2015 Expenditures on Children By Families (USDA)
- Average number of own children under 18 in families with children in the United States from 1960 to 2020 (Statista)
- The Economics of Marriage and Divorce (FEE)
- ALFRED MORRIS’ 1991 MAZDA 626 (Inside Mazda)
- What is Bobby Bonilla Day? It demonstrates the magic of compound interest, for one thing. (Market Watch)
- Bobby Bonilla Day explained: Why the Mets still pay him $1.19M today and every July 1 (ESPN)
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