{"id":7786,"date":"2016-08-10T05:39:46","date_gmt":"2016-08-10T12:39:46","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7786"},"modified":"2016-08-10T05:39:46","modified_gmt":"2016-08-10T12:39:46","slug":"why-you-and-nba-players-need-a-financial-plan","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/why-you-and-nba-players-need-a-financial-plan\/","title":{"rendered":"Why You (and NBA Players) Need a Financial Plan"},"content":{"rendered":"

In recent weeks, we\u2019ve witnessed an obscene amount of money being dealt to NBA free agents.\u00a0 Dwyane Wade signed a 2-year contract with the Chicago Bulls worth $47.5 million.\u00a0 Not to be outdone, Kevin Durant signed a 2-year contract with the Golden State Warriors worth $54.5 million.\u00a0 Most of us can\u2019t comprehend earning that kind of money.\u00a0 (These athletes are little economies).\u00a0 But what\u2019s even more incomprehensible is the notion of these athletes losing it all.\u00a0 According to a Sports Illustrated<\/em> report, 60% of former NBA players are bankrupt or near bankrupt within the first five years of retirement<\/strong><\/a><\/span>.<\/p>\n

Take Charles Barkley.\u00a0 He\u2019s doing well these days, but at one point he was flat-out broke despite earning $40 million during his career.\u00a0 Barkley blamed his money woes on a disreputable agent and an appetite for gambling, admitting to losing $10 million to his pastime.<\/p>\n

After earning $100 million during his career, Vin Baker ended up training for a managerial position at Starbucks.\u00a0 The list goes on of former NBA superstars who are broke.\u00a0 Dennis Rodman.\u00a0 Shawn Kemp.\u00a0 Scottie Pippen.\u00a0 And Allen Iverson.\u00a0 During a divorce hearing, Iverson lamented to the court that he didn\u2019t even have enough money to buy a cheeseburger!\u00a0 Iverson earned $200,000,000 million during his career.<\/p>\n

Of course, the usual suspects plague these athletes:\u00a0 lavish expenditures on homes, yachts, private jets and exotic cars.\u00a0 No need to worry about LeBron James with that one, though.\u00a0 He drives a KIA (even to play a little professional basketball).\u00a0 Also, we can be certain that a lot of professional athletes are the attraction of untrustworthy people; the money\u2019s too easy to get at.\u00a0 What it all comes down to, though, is a gross lack of planning.\u00a0 Iverson, for instance, was still spending a mind-boggling $300,000 a month after retiring.<\/p>\n

Everyone needs a plan, even if you\u2019re making millions during your career.\u00a0 It\u2019s critical to having control over your financial future.\u00a0 These athletes had no plan in place after they retired.\u00a0 Most of them behaved as if they were still collecting millions in salaries and endorsements.\u00a0 A good financial plan, though, will take you from where you are today long into your retirement.\u00a0 It will ensure (if you stick to it) that you don\u2019t run out of money, and a trusted financial advisor will hold you accountable to your plan.<\/p>\n

A good financial plan gives you options.\u00a0 Options of how you want to live, not how you have <\/em>to live.\u00a0 It lets you choose how you want to spend your time.\u00a0 I don\u2019t think any of us want to be applying for a job at Starbucks after we\u2019ve retired.\u00a0 Moreover, a good financial plan is one that you won\u2019t outlive.\u00a0 It will sustain you and <\/em>your lifestyle.\u00a0 Financial planning is ultimately about financial freedom.\u00a0 The freedom to choose between a cheeseburger or a steak if you\u2019re hungry for one.<\/p>\n

To learn more about Jeffrey Bogart, view his<\/strong> Paladin Registry research report<\/a><\/span><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

In recent weeks, we\u2019ve witnessed an obscene amount of money being dealt to NBA free agents.\u00a0 Dwyane Wade signed a 2-year contract with the Chicago Bulls worth $47.5 million.\u00a0 Not to be outdone, Kevin Durant signed a 2-year contract with the Golden State Warriors worth $54.5 million.\u00a0 Most of us can\u2019t comprehend earning that kind of money.\u00a0 (These athletes are little economies).\u00a0 But what\u2019s even more incomprehensible is the notion<\/p>\n","protected":false},"author":89,"featured_media":7788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"class_list":["post-7786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\nWhy You (and NBA Players) Need a Financial Plan<\/title>\n<meta name=\"description\" content=\"Everyone needs a financial plan, even if you\u2019re making millions during your career. 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