Financial Mistakes and Lessons from Former NBA Player Evan Turner
Evan Turner, a retired NBA player, reveals the financial mistakes he made after signing his first NBA contract and the lessons he learned from them.
Signing a Line of Credit Prematurely
Turner took out a line of credit before receiving his first paycheck, an unwise move that led to significant debt. He emphasizes the importance of avoiding impulsive spending and scrutinizing financial decisions.
Seeking Financial Guidance
After realizing his financial mistakes, Turner consulted a financial advisor. He recommends finding an advisor who effectively communicates complex financial concepts and understands their client's financial background and goals.
Maintaining a Close Relationship with the Advisor
Turner stresses the significance of regular communication with a financial advisor. He suggests auditing statements and discussing investments frequently to stay informed and make informed decisions.
Adjusting to Post-NBA Life
Turner retired from the NBA at 31, earlier than expected. He advises professional athletes to plan for the transition to a post-sports career, including managing finances and establishing resources for future expenses.
Key Takeaways:
* Avoid impulsive financial decisions and seek professional guidance.
* Establish a close relationship with a financial advisor for tailored advice.
* Regular financial audits and communication with the advisor are essential for financial well-being.
* Professional athletes should prepare for a post-sports career and adjust their finances accordingly.