Why Many Athletes Go Broke?

I heard it said many times that wealth is a state of mind, or the creation of wealth requires a certain mindset. I believe so. Why? I have read of many people who were fortunate to acquire large sums of money suddenly (inheritance, law suits payouts, insurance payouts, sports contracts etc.), and then have lost it all within a short period of time, usually a few years. I have also read of people who had tremendous wealth, lost it all, and were able to create more wealth in a few years’ time. The people who had it, lost it, and remained financially challenged did not have the wealth mindset before acquiring the wealth. The people who had wealth, lost it and were able to re-create wealth, had a wealth mentality or mindset (Donald Trump). How does someone get a wealth mentality or wealthy mindset you might ask? Well, there are many things that need to be done simultaneously to insure that wealth is created and maintained. Here are a few:

  1. Have a budget and stick to it.
  2. Live below your means always.
  3. Save monthly (make it automatic).
  4. Focus on increasing your income at least yearly (raises, bonuses etc.).
  5. Have your money work for you (invest).
  6. Have discipline (stick to the plan regardless of the distraction).
  7. Have multiple sources/streams of income.
  8. Become an entrepreneur.

There are many more things that need to be done in order to create and maintain wealth. I would like to share a story with you of someone who was blessed with allot of money and he was a good steward of it for many years. He developed a wealth mentality and he is now teaching others to do the same. Thomas Barrabi of FoxBusiness.com shares the story of ex NFL player Ray Lewis.

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Posted in Finances.

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