“the only way not to think about money is to have a great deal of it.”
From Edith Wharton’s 1905 novel “The House of Mirth”
Life isn’t easy. It doesn’t matter if you are living pay-check to pay-check or if you are a millionaire. Everyone has problems.
There’s a really interesting article on ESPN.com today about the challenges faced by retired NFL players and it’s not related to the physical abuse they take on the field. It’s financial ruin off the field and the emotional trauma that results from it.
(Click here to read: Life after NFL a challenge for many)
The issues these pro football players are faced with are similar to those most of us are faced with in our 40’s and 50’s. It’s in our peak earning years that we both must realize that big contracts and high salaries come to an end. It’s at this time, when things are the best, that we need to realize that it can get worse and prepare for the future.
Sometimes I think I’m too young to worry about these things, then I’ll read an article like this. There are real consequences for not thinking about the future now.
– The most damaging part of such financial ineptitude is the ripple effect it creates. Money woes strain marriages and leave many players scrambling for cash to pay for child support, back taxes or homes and cars purchased for loved ones. –
Money can cause the most devastating hangover.
– “If a guy is in his second contract, you can see the debt he’s incurred by the time he’s in his sixth or seventh year,” said Bryan Dennie, director of sports for CFO4ThePro, a firm that manages finances for pro athletes. “That’s the guy who you know will be broke. If a guy is spending $29,000 or $39,000 a month and has $2.5 million in the bank, it’s hard to make him understand that you can’t keep spending like that.” –
I don’t want to have any regrets. So the time is now. With the right plan in place I can travel and enjoy life, while paying down the mortgage and save for retirement.
How do you plan on avoiding the Money Hangover?