I have always been acutely aware that financial success can often disappear with a single misstep. I have over the past three decades seen many people who have made a single error and never recovered. I have known high flying brokers who after the 1987 crash went to work in their local news agency and I had a friend whose $14M trading account evaporated in a few days. This had lead me to play defence when it comes to money. Granted I do operate under the mantra of the fewer fucks I give the more I make but I am always firm on when to pin the pin and I never verge into recklessness. I am always fascinated by the stories of athletes who earn staggering sums and then have nothing to show for it. Many undoubtedly receive appalling financial advice. In the 1980’s the standard advice given to AFL footballers was to buy a pub and become a piss head behind the bar. Some are undoubtedly victims of fraud whereas others are probably just useless.
What intrigues me are the sums of money that many can go through in a very short period of time as shown in the ESPN documentary below. Whilst, many say they wouldn’t make the same mistakes think of all the stupid things you have done and then just add a few zero’s to the equation and see if you are so cocky then. I know from my own experience in my early days I was a bees dick away from doing something stupid and sometimes only the good grace and luck of a move in my direction saved me.
I am reposting the video below because it came back into my consciousness when reading this piece on former NFL player Clinton Portis who both squandered and was swindled out of the $43 M he made during his playing career.