It’s a sad day in America where one man can waste his entire $63 million in earnings. However, that lovely accomplishment belongs to none other than retired NBA player Kenny Anderson. The fortune that only took the point guard 14 NBA seasons to acquire is completely gone, along with any financial common sense. USA Today reported that,
His top salary was $9.1 million with Seattle in 2002-03, but Anderson also had seven children with five women. When his money was gone he wasn’t certain he had what it took to get a college degree.
So, what did Kenny decide to do after having nothing left to his name? Education, of course! He will be graduating from St. Thomas University in Miami, with a focus in organizational leadership. Let’s hope he took a few courses in finance while he was there too.
A Lesson to Learn
We continue to share these stories in order to point out a steady epidemic within the urban communities. Kenny Anderson’s situation is symbolic of many others. While the money that he managed to earn throughout his professional career is legions above the average individual, the same actions are repeated in households across the country. The idea to spend wealth income is applied to those who work to spend their payday checks, income tax refunds, and credit cards to the max. Once the money is gone, only then do they begin to evaluate where they went wrong. This behavior is backwards. We want people to evaluate their financial behaviors BEFORE it is gone. So, while it was too late for Kenny Anderson to salvage his $63 million in earnings, it may not be too late for you to rescue your $20 dollars.
Save your money.
*Image courtesy of the NBA.
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