Basketball meets High Finance! Isn't it about time? I know that professional sports teams now hold classes on public relations and how to survive many of the trappings of fame, but how much teaching do they provide on investing to their millionaire stars?
Black celebrities, whether in sports or entertainment, have grossed billions of dollars and have probable squandered as much. Part of the problem with Black money habits is our thinking-the way we relate to money. We have a couple of really bad habits.
First of all we have an "instant-gratification" mentality. In other words, we don't think in the long term. We think absolutely backwards when it comes to money. For example: I want a new leather coat that costs $500 dollars. I want a new boat that cost $22,000. We than plan on how to get that $500 or $22,000 and then spend it. See, we plan to spend before we receive. We want it now!
The second problem we have is we don't educate ourselves financially so we have no concept of having our money making even more money while we eat, sleep or work a regular 9 to 5. We can get all that other stuff later.
One lesson Lebron has not as yet grasped from Warren Buffett is this. Buffett, for a long time after he was a millionaire lived off of a base salary of $50,000 a year and lived in the same modest home. Unlike Lebron, he didn't rush out a buy a mansion with everything except an airport. He invested his wealth and turned into even more wealth.
It is time for us as a people to stop throwing our money away. Their are a lot of people right here in the United States who are hungry, who are homeless. I don't mind the brothers and sisters living large but how many homes can you live in? How many cars can you drive?
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