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.
- He didn’t watch expenses. Heck, he probably had to hire people to spend money for him.
- He bought things he didn’t need.
- He didn’t save anything.
- He didn’t plan for his retirement.
- 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.
- Watch your expenses.
- Differentiate between wants and needs.
- Start a saving plan.
- Plan for retirement.
- Get expert advice.
If you want, you can get a free consultation about retirement and investments by calling us at 264-4806.