Re: How (and Why) Athletes Go Broke
Originally Posted by dougdirt
Whatever happened to just puting your money in the bank and being happy with what you made?
Are you saying bank stocks or bank savings accounts? JK
Short-term money should be in bank accounts but money that you aren't going to need for 30 years should be in inflatable rafts that (never mind)....actually long-term investments. Making 1% to 2% over a 30 year time period just want get it.
I have been a financial planner for 16 years and am totally amazed at what people will do for a couple more percent. I had one client that called me 4 years ago or so and said that a good friend of his was telling him about an investment that he offered (the friend was a broker and a local guy) that "guaranteed" a 10% return. I argued with him that nothing existed but he kept saying the guy wouldn't lie to him because they are truly good friends. He pulled his entire retirement plan for all his employees from me a year later and went with the guy. A few months ago I get a call that all of the money was gone...I estimate $500,000...he invested it in stock of his own company....J C Reed and Company...The broker died of cancer and 3 months later everyone finds out it was a total scam. If it's too good to be true it usually its...
Once local guy I know put $2 million in Stanford CDs. He made fun of the local banker for 6 months...I imagine he ain't now.
Tim McCarver: Baseball Quotes
I remember one time going out to the mound to talk with Bob Gibson. He told me to get back behind the batter, that the only thing I knew about pitching was that it was hard to hit.
Last edited by paulrichjr; 03-24-2009 at 12:42 AM.