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Food for Thought

February 6, 2015 by Victor Delerme

How can athletes avoid struggling financially? Well before I can tell give you some ideas, let me tell you some things that occur that causes them to struggle. When an athlete starts their career, they usually start at a young age.  As a professional player, these athletes start making millions their first year in the league. So what tends to happen is that they start to spend money on whatever they want and not consider how much they spend. Once they’ve started their future off with a bad habit of spending a lot of money, it will snowball into a giant boulder that haunts them at the end of their career. So when they retire, they are either in debt or have to file for bankruptcy… Now for a solution: if they start from the beginning with a financially mindful lifestyle, where sound investments are made, they control their wants and needs, and they be a little more aware of what and how much they spend, they will be successful financially after their career has phased out. Although some pro athletes are an example of financial downfall, this can definitely happen to anyone. This is why trusted advisers, like Delerme CPA, provide help. Hopefully this post provides some food for thought. “Rule #1 in financial management, don’t lose money. Rule #2, don’t forget rule #1.” –Warren Buffett

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