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LTHoo

Joined: 11/25/2003 Posts: 22914
Likes: 8127


If they are smart enough to pass a college course, they should be smart


enough not to piss all their money away but unfortunately, many of them are too stupid to manage money. I have zero experience as a financial advisor but I am going to give it a shot.

1. Don't have a entourage
2. Don't buy expensive cars
3. Don't buy expensive houses
4. Don't buy expensive boats
5. Don't buy expensive clothing
6. Pretend you "only" have an income of $100,000 and live off of that and put everything else in CDs. Don't invest in stocks, bonds, real estate, restaurants, bars, etc. Your financial goal is to avoid losing all of your money. Also, don't take any financial advice from your peers. Most of them are clueless about managing money.
8. Learn how to manage your money for a couple of years and then evaluate your financials position. When you get a couple of million in the bank, increase your annual income, rebalance your portfolio across conservative stocks, bonds and interest bearing accounts and consider buying a home that you can well afford.

It is unreal how many pro athletes border on extremely stupid, reckless, irresponsible, etc. when it comes to something as simple as not losing all your money. JMO











[Post edited by LTHoo at 05/10/2021 5:21PM]

(In response to this post by hooman#1)

Posted: 05/10/2021 at 5:20PM



+1

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Current Thread:
 
  
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