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making-money-matter-300MAKING YOUR MONEY MATTER

The great book “The Millionaire Next Door” says that the key to being wealthy is something that athletes should be able to relate to – a person needs to play both good offense (make a lot of money) and good defense (spend little and protect what they have).

As an athlete I understand the urge to spend when you sign your first contract, especially if you play a sport where you get a signing bonus (NFL). Unfortunately, most NFL contracts aren’t guaranteed (even though they should be). Professional athletes need to figure out how to efficiently spend their money. Don’t be afraid to save your money, it won’t burn a hole in your pocket. Whether your career is a marathon or not your money can be. Don’t sprint through it, don’t rush into anything… take your time with big purchases so you can make the right choices.

I’m not saying don’t have fun with your money, go ahead and take the vacation you’ve always dreamed about or buy some nice things for your family but realize, the money you are making now may have to last you the rest of your life… [read more]