Evan Turner: From NBA Draft Pick to Financial Literacy Advocate
Evan Turner, former second overall NBA draft pick, shares valuable financial lessons he learned during and after his playing career.
Financial Pitfalls of NBA Retirement
Despite multi-million dollar contracts, 60% of NBA players face financial hardship within five years of retirement, according to Sports Illustrated. Turner highlights his biggest financial mistake: Taking out a line of credit ahead of his first paycheck.
The Importance of Financial Guidance
Turner emphasizes the significance of finding a trusted financial advisor. He advises athletes to be transparent about their lack of financial knowledge and seek guidance from experts who can provide personalized advice and insulate them from financial pitfalls.
Maintaining a Close Relationship with Your Financial Advisor
Turner stresses the importance of open communication with financial advisors. He recommends regular audits and updates to ensure transparency and accountability in financial management.
Adjusting to Post-NBA Finances
Retiring from the NBA seven years earlier than anticipated, Turner has adjusted his financial strategy to align with his current lifestyle. He is investing in his daughter's future and accepting the reality of a reduced income stream.
Lessons for Financial Success
Turner advocates for shedding the past reliance on inflated earnings and adjusting spending habits accordingly. Financial Freestyle, hosted by Ross Mac, features in-depth discussions with financial experts on building long-term wealth and financial literacy.