With a rumored lockout on the horizon, the National Basketball Players’ Association is communicating a proactive message: “Hope for the best, prepare for the worst.” According to Bloomberg, the union gave its members a Lockout Handbook to prepare them for a possible financial drought. Some of the hoopsters eschew the thought of being role models. Despite that, the handbook offers great advice that is valid for all people.Poor Decisions Lead to the Poor House
We already talked about the financial penalties of sports, sex, booze and emotional blackmail. Making shortsighted decisions can have long-term financial consequences. The union encourages players to avoid even traveling to gambling havens like Las Vegas and Atlantic City. Numerous legends have lost millions of dollars on the gambling tables. Some former-multimillionaire hoopsters must now contend with financial difficulty because of their reported gambling problems. We all have to avoid financial traps that may cause us to indulge our financial weaknesses. That may mean changing the route you drive to work, direct depositing your check into an online savings account and creating and using a living budget.
Avoid Costly Depreciating Assets
The handbook discourages players from buying clothing and jewelry because “when times get tough, you will not be able to liquidate it quickly.”Instead, the players are encouraged to save that money to protect themselves and their love ones. We have to remember that our families remain the enduring reason we grind, struggle and hustle. We all have to prioritize our resources and invest in assets that will grow in value.
Know and Demand YOUR Value
The ballers and their football playing counterparts are doing their best get all the information necessary to know their true value. Knowing your true value is important, because ignorance is expensive. Working for less than your true value is like volunteering to be exploited. Once you know your value, demand it and over perform.
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