Can you remember hearing of White-American Pro Athletes falling on hard economic times the way African-American Athletes do?
Is it that…
1- White-American Athletes have better money management skills than African-American Athletes?
2- White-American Athletes financial problems go unreported?
3- White-American Athletes are ushered into a private room where they’re taught about how money really works when African-American Athletes are not?
4- White American Athletes are taken better care of by managers, agents, etc. than African-American Athletes?
5- White American Athletes seek mentors athletic mentors who’ve been able to maintain and grow their wealth long after they stop playing professional sports while African-American Athletes don’t?
The list of questions could go on and on. To be fair not all African-American Athletes find themselves into financial troubles during or after their careers in professional sports.
Overwhelmingly, whenever there are mentions of a professional athlete having financial trouble it seems to be that of African-Americans. So, the question is asked… “Do White-American Professional Athletes fall on hard economic times just as some African-American Professional Athletes do?”
SOLUTION QUESTION: What actions are needed to ensure former, current and future African-American Professional Athletes don’t fall on hard economic times? Are these the same actions needed by African-American’s as a whole to ensure they don’t fall or reduce the chances they’ll fall on hard economic times?
SOLUTIONS: Learn to earn, save, invest and repeat the process over and over again. Always pay yourself first. Live below your means. Over time you’ll find these fundamental principles will greatly increase your opportunity for financial freedom.
Should you come into a large sum of money, continue to live close to your current lifestyle. Don’t immediately purchase new homes, cars, clothes, jewelry, etc. Don’t attempt to help all your family members and friends by giving them money or investing in their ideas. Don’t give all your money to any one financial consultant, money manager, agent, etc.