- Don't spend money you don't have. Nothing in the
NFL, or in life, is a given, but people tend to spend money before they have it in the bank. This might apply when an annual bonus that's expected, or when waiting for a commission check to come through. Don't count it – and certainly don't spend it – it until it is actually in hand.
- Hire a team of trusted professionals, not an entourage. The same rules that should guide the rich to seek out a reliable financial planner and estate planning attorney apply across the board. It's best that these trusted advisors not be friends, and prepare to hear the word 'no' sometimes.
- Not all injuries make news. Unfortunately, we're all just as vulnerable walking down the street as anyone barreling down the football field. An unforeseen accident can put a person's life, and their loved ones' financial security, in jeopardy, but the ramifications can be less severe if there is an advance plan in place.
- Learn from the mistakes of others. It seems hardly a day goes by without headlines regarding divorce, bankruptcy, scam artists, or other scandalous sports news. Pay attention to these cautionary tales. No one wants to live in a shadow of doom and gloom, but when it comes to finances and future planning it's best to follow the old adage "hope for the best and prepare for the worst." That's where asset protection and estate planning provide protection.
Whether you play a storied career in the
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