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MORE CELEBRITY FINANCIAL STORIES |
As a personal finance writer and casual basketball fan, I was reminiscing about Kenny Anderson, who played for several NBA teams, including the Nets where he shined. I had read an article about him in the Washington Post, Ex-NBA Player Anderson Taking Another Shot at Fatherhood. He was restarting his life, working reconnecting with his children,, and even running a basket ball camp now. One aspect of the story stood out to me. The ability that Anderson had on the court didn’t translate into ability managing money. According to the story, Anderson, had earned approximately $63 million dollars over his career, but in October of 2005 he had to file for bankruptcy. The BusinessPundit.com wrote: "How did his estimated $60 million dwindle to nothing? Easy. He kept 8 cars in the garage of his five-bedroom Beverly Hills home. He gave himself a monthly allowance of $10,000 that he dubbed “hanging out money.” He regularly handed out $3,000 to $5,000 to friends and relatives. Finally, he lost $5.8 million in a prenup agreement." Remember that running a household budget requires the same care and attention as a corporate budget. Managing money is a skill many people are not born with but can learn easily enough. Managing your money is something that you must attend to yourself. Leaving it completely in the hands of someone else isn’t good enough. Everybody is great at something. If you set aside the significance of the skill for a moment (writing for a financial website vs. chiseling David out of stone, for example) we all have something we as individuals both love and excel in. What is your passion? What are you both passionate and extraordinary at? The issue for many people, though, is that they are not great at their “something” AND managing their money. Managing money doesn’t have to be hard though. On a basic level financial security will come from: living within your means and then expanding your means. Live within your means! One thing is proven time and time again. No matter what it is that you do professionally or personally, if you can not or will not manage your money you will fall financially, regardless of what your income is. If $60 million is your means don’t spend $70 million. If $60.00 is your means don’t spend $70.00! www.washingtonpost.com/wp-dyn/content/article/2009/09/24/AR2009092401766.html http://www.businesspundit.com/25-rich-athletes-who-went-broke-10-1/ http://en.wikipedia.org/wiki/Kenny_Anderson For more celebrity profiles visit the Celebrity Financial Lessons Archive! Also, readers are always welcome to join me at LinkedIn! |
 John Layfield was a WWE wrestler. He caught
my attention years ago when he had been on CNBC giving financial advice.
Layfield went through many years without making much money. He was paid
$3.00 for one match when starting out. Sometimes he made $10.00 or
$25.00 for a match. He shares many good insights about staying out of
debt and doing better for yourself even when you start out with very
little.
Read
more here.
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 Pat
White, back up quarterback for the Miami Dolphins, suffered an
injury in 2010 that served as a reminder that success can be quickly
taken away. Even with all the credentials and training his opportunity
to shine was ended in an instant. He eventually recovered, but what
economic lessons can we take away from that incident?
Read
more here.
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 Years
ago, before
Paula Deen became the
successful entrepreneur that she is
today, she was nearly destitute. When learning that she started her
cooking empire with only $200.00, it immediately leads people interested
in small business success stories to go find out more.
Read more here.
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 Bret
Michaels is the lead singer of the 80s rock band Poison. Standing in
the front row at the Poison concert, you notice that Bret Michaels has
the same characteristics of successful business people: hard work,
inclusiveness, and making customers feel appreciated. Even when he
points at you and yells to “have nothin’ but a good time….”, he is
demonstrating that he is not only a rock star but a savvy entrepreneur.
Read more here.
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