Evan Turner's Financial Journey: From NBA Stardom to Retirement Planning
Evan Turner, a former second overall NBA draft pick, shares insights into his financial journey and the lessons he learned along the way.
Early Mistakes and Financial Struggles
Upon signing his first NBA contract with the Philadelphia 76ers in 2010, Turner made a costly mistake: withdrawing a line of credit before receiving his first paycheck. This decision plunged him into significant debt.
Financial Awareness and the Role of Advisors
Recognizing his financial vulnerability, Turner sought guidance from a financial advisor. He emphasized the importance of finding an advisor willing to educate and support him despite his initial lack of financial knowledge.
Building Strong Relationships with Advisors
Turner stresses the critical nature of open and frequent communication with financial advisors. He believes that advisors should act as "best friends" who provide constant updates and insights. Regular audits and discussions are essential for staying informed and making informed decisions.
Retirement Planning and Lifestyle Adjustments
Turner retired from the NBA at 31, earlier than anticipated. This required him to reassess his finances and adapt his spending habits to his current lifestyle without NBA income. He is actively planning for his daughter's future education and expenses.
Financial Success Beyond Basketball
Despite leaving the NBA, Turner emphasizes that financial well-being is achievable beyond professional sports. He encourages individuals to embrace financial literacy and seek support from competent advisors.
Key Takeaways:
* Avoid hasty financial decisions that can lead to debt.
* Seek professional guidance from financial advisors who prioritize education and communication.
* Maintain a close relationship with your advisor for regular updates and oversight.
* Adapt your financial strategies to life changes, including retirement.
* Financial success can extend beyond professional athletics through sound planning and support.