You’re Spending How Much?

I just read about a former NFL player who retired a couple of years ago and, after making tens of millions of dollars in a short career, has declared himself broke and living with his parents. How in the world does this happen? It certainly isn’t due to making a minimum wage salary. Obviously, there are some circumstances of which we are unaware, but, there are certain conclusions one can make.

  1. He didn’t watch expenses. Heck, he probably had to hire people to spend money for him.
  2. He bought things he didn’t need.
  3. He didn’t save anything.
  4. He didn’t plan for his retirement.
  5. He didn’t get expert advice (notice I said ‘expert’), although he probably listened to the wrong people on what to do.

There’s a lesson to be learned from this.

  1. Watch your expenses.
  2. Differentiate between wants and needs.
  3. Start a saving plan.
  4. Plan for retirement.
  5. Get expert advice.

If you want, you can get a free consultation about retirement and investments by calling us at 264-4806.

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