Chris Bosh recently said two things that are very profound to me that most players are afraid to say:
* “I have millions and know nothing about money.”
* He can understand why former NBA players go broke. “Guys spend all their money trying to capture that feeling again.”
Here is my advice to players who may go through this. I applaud him and as a community, we need to surround them not prey on them.
1) Find coaches for investing and money the same way you do for hooping, working out and eating. Keeping and growing money are as important as making it.
2) Become the General Manager of your own finances. You don’t have to execute trades or read research reports, but you have to put a team together that can execute your plan. You have to own the strategy, performance, and wins/losses.
3) Learn while on the road. Turn off the music and play podcast or audiobooks like “The Intelligent Investor” or a podcast from Marc Andreessen. Feel free to reach out for more recommendations!
4) They taught you to be conservative because they don’t expect you to become an expert investor. However, being conservative reduces your returns to 2-5% each year. Billionaires are trying to get 20-30% returns and double their money every few years. Learn more and earn more just like sports.
5) Vet where you get investment opportunities from. For example, if I had a great real estate or cannabis idea, don’t heed my advice because I’m only a tech expert. Make sure the person giving you advice has skin in the game, has a track record of making money in that sector, and passes a background check.
6) While on the road, have lunch or dinner with different business advisors, coaches and investors to pick their brain and network. Every time people play my home team, I meet with them and explain the market, investments and discuss their portfolio.
7) Each year, pay someone to review all your investment docs and audit the people managing your money if you won’t do it yourself.
8) When you retire, either limit your spending to what you earn in the income of your investments OR find investments that yield more so you can maintain quality of life when your income drops 90%.
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