Is Financial Planning Helpful to Someone Like Mike Tyson?

Have you ever heard of a statistic that after a professional athlete retires, within 5 years 70% are broke.  An article at financemymoney.com shows a great list of professional athletes who went broke.  It is amazing!

There you are trying to make your living, earning tens of thousands of dollars per year thinking that if you could only make so much amount of money your life would be great.  Yet, here we are living right next to several people who make a bunch of money and still end up broke.

My favorite situation is lookig at Mike Tyson who earned $350 million and ended up broke.  How in the world did this happen?  Was it because he trusted the wrong people?  Was it because he just spent wildly?  At some point, if you wish to become wealthy and have the resources to help the people around you, you must stop being a consumer.  You must be happy with what you have, yet still have the desire to work hard and earn more.

What do you think?  Do these athletes deserve their wealth?  How can they learn who to trust?

Read about Allen Iverson at www.forbes.com.

Isn't it time you made the decision to donate to charity, reign in your spending and allow yourself to grow your income?

This post was reposted from http://finlit.biz/retirement-2/is-financial-planning-helpful-to-someone-like-mike-tyson/, originally written on February 1st, 2013.