Financial mistakes plague all of us, from the everyday, regular Joes to glamorous celebrities. There are so many stories about people who have undergone financial hardship, and often as a result of poor financial decision-making. Terrell Owens is a former NFL legend, who retired after amassing career earnings of around $80 million, and then proceeded to lose everything soon after!
Owens is the classic case of someone who did well, and earned a lot of money but kept making poor decisions with his cash. Owens has been pretty candid about his past financial problems and has vowed to try to help others who might be experiencing the same things. This is some of the great advice the former wide receiver offered to people wanting to make better financial decisions.
Stop keeping up with the Joneses
It’s very easy to covet somebody else’s lifestyle and try to live the way they are living. This is especially the case when you have quite a lot of money already, but you want to stretch even farther. You become accustomed to living a certain way, and it becomes natural to want more. Owens strongly advises against this, suggesting that athletes, and fans, is to make sure you aren’t trying to live beyond your means because this sets you off on a dangerous road.
When you have a lot of money, it’s easy to listen to what other people say and to seek help and advice where possible. Whether it’s an accountant or a financial advisor, everyone will want a slice of the pie, and you need to be careful. There are going to be people who will want to take advantage of you, and, by taking ownership of your money, you reduce the risk of this happening. Sure, you can let your advisers take charge of your money, but always show an interest, and always be aware of the decisions they are making.
Don’t be afraid to ask questions
Not everyone is a financial expert, and it can be a pretty complicated area to discuss. There’s likely to be a lot that you don’t know or are unsure about. And, the best thing to do is to make sure you ask questions if you’re unsure about anything. Don’t be afraid to ask, and give yourself peace of mind by understanding decisions that are being made, and what everything means. The same goes with investments – make sure you know what you’re getting into before you decide to invest money.
You might find you have a lot more disposable income now that you’re a little wealthier, but you still need to be sensible. There are a lot of frivolous purchases that people often make, and these are the ones that can fritter away your money. Think about whether a purchase is necessary before spending money on it. Sure, you can treat yourself now and again, but make sure you aren’t spending vicariously all the time.
This is some pretty sound advice from a guy who has had it all and lost it all. There are so many things out there that you don’t know about, and it’s sometimes hard to see the risks to your money. You have to be careful with who you trust, and the decisions you make with your cash. This is the best way of protecting your assets and making sure you are fine in terms of the money you spend. Use Owens’ advice today, and get a better handle on your money right away.