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Childers, I was compelled to elaborate a bit more on this subject matter of not only growing your wealth but also managing it and guarding it! He said that Sports Illustrated has said that 80% of NFL players are flirting with bankruptcy two years after their retirement and that 60% of NBA players are penniless 5 years after their retirement.
If you're like me, you're wondering, how the heck is that even possible? Is it because they didn't have enough money?! Well, I'd venture that it's safe to say that all of us know very well that just isn't the case for many of these athletes.
They are all paid very well within their industry.
So what gives? Personally, I believe that it is because of 2 potential reasons: a lack of understanding and what I like to call a "here and now" mentality.
Here's what I'm suggesting...
I'm suggesting that there is so much more to money than just making it.
Life oftentimes can be very busy.
We can be pulled in many directions and unfortunately, we can find ourselves more busy trying to make money versus understanding what to do with the money and the assets that we have already made/created.
You have got to know how to manage it and you have got to know how to guard it.
If you aren't aware of the tax benefits, if you aren't aware of cash flowing opportunities, if you're not protecting your assets within trusts and estates, if you are choosing to live lavishly, spending your money as quickly as you make it, thinking it will always be there (the "here and now" mentality) versus saving it and actively investing it, inevitably, at some point and time, you will lose it.
It may seem absurd to lose millions of dollars but learn from some of the athletes that it is very possible.
You cannot always live offensively, you have to live defensively.
You have to be prepared for the worse.
You have to make sure that the wealth you have created and are continuing to create is managed and guarded appropriately so that you can enjoy the lifestyle of your dreams.
I encourage you in these next couple of days to ask yourself: 1.
What is my ideal lifestyle? And what does my ideal investments look like that will support that lifestyle? 2.
How do I want to secure my wealth? And what am I doing today to ensure it's security for tomorrow? 3.
Do I want to be apart of a start up, do I want cash flow, what returns do I need to receive to have the lifestyle that I am looking to have? 4.
Am I being proactive in not only making money but truly guarding and managing my money? It is in asking yourself questions like these that will ensure that you will get to where you want to be.
How do you know what path to take when you don't know the results you're looking for? Know what you want, know why you want it, and take action as soon as the opportunity presents itself.
As my husband always says, "Opportunity comes to prepared people".
Don't be too busy making money that you miss opportunities to enjoy your money because it is working harder than you do!
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