Financial Mistakes Made by Former NBA Player Evan Turner
Evan Turner, a former second overall NBA draft pick, faced financial hardship despite his multi-million dollar contract. He shares the biggest mistake he made: taking out a line of credit before receiving his first paycheck.
Turner emphasizes the importance of seeking professional financial advice. He found a financial advisor who educated him about investing and helped him manage his finances responsibly.
Turner stresses the need for open communication and a close relationship with a financial advisor. He recommends asking questions, understanding investments, and regularly auditing financial statements.
Despite his initial misstep, Turner learned from his mistakes and made prudent financial decisions. He retired from the NBA early and adjusted his finances to a lifestyle without his NBA income.
Turner advises professional athletes to prepare for retirement and shed the mindset of excessive spending when their high-earning days are over.
Key Takeaways
* Avoid taking on debt before receiving income.
* Seek professional financial advice to build a lasting financial footprint.
* Maintain open communication with your financial advisor.
* Adjust spending habits after retirement to align with a lower income.