Athletes, Money, and a Financial Lesson About Myself

Athletes, Money, and a Financial Lesson About Myself

I hope you forgive me for this fairly short post, at least short for me. However, we have finals week coming up, then Mrs. ROB and I are traveling to our home state to see family for two weeks, and then back to work again. So my blogging might be a bit sporadic until then.

On Saturday night, Mrs. ROB and I decided to stay in and buy the Pay-Per-View of UFC 194. For whatever reason, we both like it. Yes, I know it cost $60 but I don’t care. It was a nice evening just at home and the like. Anyway, we bought it primarily because it was a good night of fights. Mrs. ROB and I like watching the UFC (call us neanderthals if you want, but I also love football, so be it). Anyway, Mrs. ROB’s favorite fighter, Conor McGregor, was fighting in the main event, which he won. Mr. McGregor is from Ireland. He’s brash, outspoken, arrogant, but an excellent fighter.

Anyway, they were showing some pre-fight interviews and Mr. McGregor’s rise over the past two years has been meteoric. He has captured fans all over the world, made millions of dollars, and has achieve adoring fans. I don’t begrudge that at all. After all he is an extremely talented athlete with a helluva left hook. However, one of the things that struck me was how McGregor was spending his money like water on private jets, new clothes, cars, etc. That is fine he can do whatever he wants with it. What I got a little peeved with was how he was so nonchalant about how the money came in quickly and left quickly. In other words, this guy was spending it as fast as he was making it.

Now we have all heard of athletes who have made millions of dollars and then blown it. Most of us who see these stories are probably WTH are you thinking? How could you possibly spend that kind of money and be broke at the age of 40 or whatever it is. Truth is I can see how they would spend it because, unfortunately, a lot of people aren’t looking out for their well-being. They get taken advantage of and most people just want to ride the gravy train. I actually love an HBO show called Ballers where the main protagonists try to convince their clients to invest and manage their money in the right way.

So I am thinking about McGregor and all of those athletes that potentially waste that money and I am wondering to myself why I am so peeved? Is it jealousy? Maybe. Is it longing for that kind of dinero? Maybe.

But I think one of the things that I have taken away from writing this blog are several lessons (another post to come on this) about money that I have learned about myself. One of the primary ones is I hate, absolutely hate, to think about my money being unproductive. That means that I want to work for my benefit.

That doesn’t mean I never go out to eat or buy clothes or anything. However, I absolutely hate it when I spend money on something I don’t need or it isn’t going somewhere to advance our financial position. I even get more upset when I see that happen in large bunches. For us it is hundreds of dollars, for athletes like McGregor it is tens of thousands.

Athletes can do what they want and frankly if they are stupid with their money I have little sympathy. But I do think there should be almost a mandatory finance class for all professional athletes and money automatically set aside for them in the future. Father time catches up for all of us.

For me I have to figure out better ways to maximize the dollars I do have and make them work harder. Not sure how to do that at the moment, aside from saving more, etc but I guess that is why I call this blog “reaching our balance.” I am constantly reaching to find what balance is.

2 thoughts on “Athletes, Money, and a Financial Lesson About Myself

  1. The other issue with athletes is that their time horizon for making lots of money is relatively short (some sports are shorter than others). This means that it can be even more important for them to put away as much money as possible during the years they are active, so that it can work for them for many years. Obviously former athletes can and do other things after they retire from their sports careers, e.g., become coaches, sports commentators, restaurant/bar owners, and so on. But I wonder if a financial class would be helpful. Would you have listened to the lessons when you were younger?

    1. In some of the organizations they do make them take a class, but it doesn’t necessarily help. I think in the NFL or one of them they actually have to contribute to a retirement plan might be a good idea for everyone.

Comments are closed.

Comments are closed.