Lebron James wants the NBA to retire #23 in honor of Michael Jordan and he will change his jersey number to #6. How does that reflect on Bill Russell?
While getting a healthy shake at Emerald City Smoothie I noticed that they had some new security cameras in the store. The owner informed me that they have a lot of people steal stuff. What kind of health and work out nut steals the fat-burning pills and bars?
Why do some things hurt some people more than others? I took a nice fall playing hoops - got undercut jumping back for a rebound (I know - I wasn't up very high) and ended up on my back and elbow. Even through my elbow swelled right away and turned a nasty color I didn't really feel it that much. On the other hand if I go to the dentist and he starts messing around in my mouth I could start crying right away.
In a way it is peaceful sitting in the car with the rain pelting down on the roof, but I am looking forward to leaving the Northwest to visit sunny LA. I need to be dry and get some Vitamin D. I will be meeting with a few pro sports representatives to learn what they have in place for their clients to ensure their financial security for the years to come. What I have heard up to know is not very encouraging.
Tuesday, November 17, 2009
Tuesday, November 10, 2009
NBA News and Finances
One could say that 2008 was tough on many people especially on those who were exposed and over-leveraged, but when talking about pro athletes it is a whole new ballgame. Some of them have made not just a few millions, but close to or over $100 million. They might have invested in some bad restaurants, real estate deals or apparel companies, but are usually not overcommitted in private equity deals/start-ups. Shady advisors and bad habits are a curse to the pro leagues.
When I read the following articles I was saddened, but also embarrassed by what we stand for as a whole. We have many quality pro players who have a huge impact on their communities, but the lost opportunities we see in the cases described is appalling. Just imagine what the proper counsel and direction could have meant for not just the individual player and family but also for the entourage or the hanger-on.
Like most athletes who are totally consumed by the sport I did not pay as much attention in my playing days as I would now after working in the financial sector for almost 10 years. As a player you trust your advisors and don't want to be bothered with financial matters you might not understand anyway. The key is to find proper counsel and that is a challenge in this unreal culture of recruitment and presentation. The shady advisors/agents outnumber the solid firms and the NBA and Player Union are not doing enough to monitor the player management sector. But that is obviously only one part of the problem. Education is necessary to guide the players to a life style which they can hopefully maintain for the rest of their lives.
We at Coldstream have our thoughts on this issue – what are yours?
http://www.businessinsider.com/10-ways-sports-stars-destroy-their-finances-2009-9
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Former-Celtics-star-Antoine-Walker-is-broke-and-?urn=nba,198509
When I read the following articles I was saddened, but also embarrassed by what we stand for as a whole. We have many quality pro players who have a huge impact on their communities, but the lost opportunities we see in the cases described is appalling. Just imagine what the proper counsel and direction could have meant for not just the individual player and family but also for the entourage or the hanger-on.
Like most athletes who are totally consumed by the sport I did not pay as much attention in my playing days as I would now after working in the financial sector for almost 10 years. As a player you trust your advisors and don't want to be bothered with financial matters you might not understand anyway. The key is to find proper counsel and that is a challenge in this unreal culture of recruitment and presentation. The shady advisors/agents outnumber the solid firms and the NBA and Player Union are not doing enough to monitor the player management sector. But that is obviously only one part of the problem. Education is necessary to guide the players to a life style which they can hopefully maintain for the rest of their lives.
We at Coldstream have our thoughts on this issue – what are yours?
http://www.businessinsider.com/10-ways-sports-stars-destroy-their-finances-2009-9
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Former-Celtics-star-Antoine-Walker-is-broke-and-?urn=nba,198509
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