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Thursday, December 20, 2012

Smart Guys versus the Dummies

Made Bad Choices
Channel surfing the other night, I came across a documentary titled "Broke" - part of the ESPN 30 for 30 series. I know many of the stories of athletes making humongous amounts of money and totally blowing it - mentioned some on this blog. Still, seeing this documentary was extremely depressing. Choosing to have 9 children by 8 wives, choosing to hand over large portions of their wealth without having any idea what was being done with it, choosing to fall for the bimbos who obviously have well-thought out financial plans to bleed professional athletes for every thing they can - it's really (to use an '80s expression) truly mind blowing.

In contrast, you've got the smart ones. This is the man-bites-dog part of the story.  These are the ones you don't hear much about.  Here's a video of Brandon Lloyd of the New England Patriots from Yahoo Sports!  The Lloyd video is followed by Alfred Morris, running back phenom for the Washington Redskins (Go Skins!).

Where's the $100,000 sports car?
Both of these young men, in contrast to the dummies mentioned above, are well grounded and have excellent financial sense.

I have often wondered why so many professional athletes go off the deep end with their finances.  They have access to the best advisors and, if they reflect for a moment, have to realize they don't have to prove anything to anybody - they've already accomplished a remarkable feat even if they have only played one game at the professional level!

The bottom line is that it is about choices.  I wish the nation's teenagers could watch these videos together and then talk about who they would want to model their lives after.  After all, it is a choice everyone faces as they leave their teens.
Posted by Robert Wasilewski at 8:35 AM
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3 comments:

  1. The GrouchDecember 20, 2012 at 5:42 PM

    Let's be honest, many of the advisers are shady characters who know they are dealing with unsophisticated clients so they take huge risks and extract huge fees. Most of these guys would be better off just sticking their earnings in index funds..... at least they'd be set for life with the millions they earn.

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  2. diy investorDecember 20, 2012 at 7:44 PM

    I would hope that the NFL would provide decent advisors. Of course, many a young man who has just signed a $15 million contract can't handle being told he can't do certain things. They choose the sleeze bag advisors instead. Imagine them meeting someone like Warren Buffett and not knowing who is! They prefer the flashy advisor with the fancy car and fancy clothes etc.
    Imagine the reception to an index fund proposal.

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  3. Financial IndependenceDecember 24, 2012 at 8:36 AM

    I feel a lot more sorry for the humble people, who were putting away dollar after dollar all they life and had nothing at the end.

    Seen nothing, have nothing and the life is gone. At least those NFL lads had a chance to drive $100,000 car...Life is a collection of experiences after all.

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