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Intro

By Catherine Hicks

As an ex-college athlete, I have experienced the amount of discipline and drive athletes of tremendous caliber must have to accomplish their goals. When I played on the 2006 Rollins College Division II National Championship Women’s golf team, each member had her own individual goals along with our team goals. I have friends on the journey to succeed in their respected sports, and I have friends that have risen to the top of their sport. And like the NCAA commercials, I also have many friends including myself who have chosen to go professional in something other than sports. However, what I have learned that no matter what you are willing to achieve in life, you must set goals. And achieving the greatest things in life will be a marathon, not a sprint.

So what about those sports figures like Evander Holyfield, Mike Tyson, Lenny Dykstra, John Daly, John Clark? They are extremely accomplished in their respected sports, but somewhere along the way, they messed up. They purposefully didn’t squander their earnings, plan to get divorced, or even plan to spend jail time.

Why else would you pursue something that has such great odds of you failing. But we all have that dream. And you are the select few who have made it or soon will make it to the finish line.

They are similar to many other people who fail to properly plan.

Now, that we know you can accomplish extraordinary things, it’s time to set some other types of goals. Here’s the good news. In order to succeed in keeping that golden ring you’ve worked so hard to achieve in your sport and over your lifetime, it’s time for you to make sure you continue to reap the benefits from working so hard to achieve your goals. This time you must achieve other goals in life. This time you may not have a passion for knowing the markets, managing wealth, worrying about property and personal security. Wouldn’t you rather enjoy your life with little worries because you deserve this?

Often media, people, and culture honor the small percentage of athletes who ‘make it’.

The good news is you don’t have to be an expert or professional to achieve these goals. And 85% of the time, getting started is all of the work. No one purposely becomes Mike Tyson. It boils down to proper planning.

What will be the difference between you and Mike Tyson. Well yes, I hope you are as successful as him in your respected sport, but did Mike ever take the time to think about…

So when should I start? You should start now. Because want to spend things on

We all aspire to be that sexy sports star on the cover of ESPN magazine or to be the one with the top sponsorships and contracts. But often, we misconstrued having the newest Mercedes as being wealthy, but that’s only the surface.

Being Sexy vs. Rich

It isn’t always about you. What about when all of the sudden, your long lost cousin is your new best friend. What does she really want?

You have the potential to earn a substantial amount of money. However, you and millions of movie stars, attorneys, physicians and corporate gurus are at risk when it comes to managing wealth. You are not immune to financial burdens and life management pitfalls. In fact, professional athletes often experience more financial instability due to the limited lifespan of earning potential.

Athletes are frequently in the national news for failing financially. Mike Tyson, who earned over $300 million during his boxing career, filed for bankruptcy in 2003 for being $27 million in debt and owing $17 million worth of taxes to the United States and British governments.

Example: Joe Louis, Mike Tyson, Muhammad Ali - does that sound familiar? They all had financial problems. In fact, Mike Tyson lost almost $400 million dollars. Louis spent his final years running from the IRS. (Maybe it was Mike Tyson squandered $100 million dollars.) So if you're an athlete, get yourself educated. People like Bill Cosby and Oprah Winfrey don't go broke because they make sure they understand where their money is going. If you're an athlete, spend far less than you earn. Your life should be profitable and you should run your financial life like a business just like everybody else.

How about Lenny Dykstra, former baseball star? He had failed car washes, a magazine company, real estate investing, and a stock trading website. Yet, he owed more than $30 million dollars to creditors including $18 million on a house he purchased from Wayne Gretsky.

Latrell Sprewell. He turned down a $21 million dollar contract because he said it wasn't enough money to feed his family. He made over $96 million in his career, but lost his million and a half dollar yacht after the U.S. Marshall seized it for defaulting on the note payment. His $5.5 million dollar house went into foreclosure in 2008.

And of course, Mike Tyson squandered $350 to $400 million dollars. He spent $4.5 million dollars on cars alone. He had a $2 million dollar bathtub; a $140,000 for Bengal tigers. Tyson received much publicity that gave him a game changing outlook on life when one of his tigers was kidnapped by drunken bachelors in the lampoon film “The Hangover”, but don’t believe this will erase his debt.

What about Eddy Curry? He's currently earning $10.5 million dollars a year. He pays $6,000 a month to his personal chef, $17,000 per month in rent, $30,000 per month in household expenses. He gives his parents and his father-in-law $16,000 a month and has seen 12 of his cars driven off by relatives. In the year 2009, Eddy Curry asked his boss, the New York Knicks for an $8 million dollar advance to help with his financial problems, but the team only gave him $2 million dollars. He also sued a former agent for mishandling his money. His mansion is in foreclosure and he's borrowed almost $4 million dollars against the house already.

Or how about these statistics? The average salary in the NBA is over $5.5 million dollars yet an estimated 60% of players are broke within five years after retiring. Seventy-eight percent of NFL players are bankrupt or under financial stress because of joblessness or divorce within two years after retiring. Many baseball players struggle financially after retiring. In 2009, ten current and former baseball players, including Johnny Damon of the Yankees, Jacoby Ellsbury of the Red Sox, Mike Pelfrey of the Mets, Scott Eyre of the Phillies discovered that at least some of their money was tied up in the $8 billion dollar fraud allegedly perpetrated by Texas financier Robert Allen Stanford. In fact, Pelfrey said that 99% of his fortune is frozen. Eyre admitted last month that he was broke.

How (and Why) Athletes Go Broke. PABLO S TORRE. Sports Illustrated.: 2009 NCAA TOURNAMENT PREVIEW New York: March 23, 2009. Vol. 110, Iss. 12, p. 90

According to the SI article “Why pro athletes go broke”, ten of baseball’s big leaguers discovered that portions of their earnings were tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. One of the players told the New York Post that 99% of his fortune was frozen and another admitted his was bankrupt.

Consider the following statistics:

Following two years of retirement, 78% of former NFL players are bankrupt or under financial stress because of joblessness or divorce.

Within five years of retirement, an estimated 60% of former NBA players are bankrupt.

Depending on where you are in your professional career, your short term personal goals for athletic performance are set by you and your coaches -- but what about your short and long term goals for financial management?

What do you want to do when you retire from the game?

How do you plan to financially support your retirement lifestyle?

Who should be managing your investments now and in the future?

When do you want to retire from the game?

How do you choose a team of trusted advisors who will represent your best interest?

In this book, you will gain insight into how to manage your wealth. (Since the book does not just focus on management of wealth, expand this comment to include all) We have included findings from a variety of professional athletes who have discovered ways to successfully manage their money and life experiences. We have researched and presented ways to help you manage other aspects of your personal life. Chapters in this book cover:

Please enjoy the book and make it your Goal to be successful!

Contact:

Catherine Hicks

marycatherinehicks@gmail.com

(423)-645-9403