How to save a fortune
I don’t consider myself particularly business-savvy, but in light of former Celtic star Antoine Walker’s financial troubles, I thought I’d throw out a potentially lucrative idea for the League’s would-be financial gurus.
Every few months, it seems we read another story about an athlete who manages to piss away a fortune in career earnings. Every few months, we incredulously ask ourselves, “How did he manage to blow all that money?”
To be honest, I find guys like Walker pretty sympathetic (granted, I’m not a Celtics fan). Players from low-income backgrounds are probably less financially literate than your average working stiff. The single-minded pursuit of a professional sports career also makes it difficult to acquire basic life skills. And as the article on Walker makes clear, getting awarded a $100 million contract doesn’t exactly incentivize careful money-management.
So why don’t more athletes outsource their savings and investment decisions? I’m sure individual players have brokers and advisers, but as a group, I think professional athletes would benefit from some very specialized financial assistance.
Top tier pros are generally well paid and financially ignorant. Shouldn’t there be a financial organization that caters to this demographic? An outfit that gives these guys a generous monthly allowance for partying and womanizing but also ensures they set aside money for retirement, injury-related complications, their kids’ college funds, and big purchases down the road? Your clientele would be pretty limited, but I imagine you’d earn a fat commission for some competent financial oversight. I also suspect that in this context, “competent financial oversight” is a pretty easy service to provide. I mean, how hard can it be to set up a few lucrative, low-risk investment portfolios for millionaire athletes?