Alternate title of this Blog: Be careful who you allow access to your money Scenario: You’ve just signed a lucrative contract. Your first paycheck is more money than you’ve ever seen in your life… combined, all added up together. Your parents included. [cid:image005.jpg@01D5751E.D3BC0140] Money is falling out of your pockets. [cid:image006.png@01D5751E.D3BC0140] Money will never stop flowing, you think. Not so fast.
Take a step back. Take a little time to ponder (alone) your future without people whispering in your ears.
Eric Clapton experienced this when he wrote “Nobody Knows You When Your Down and Out”: “Once I lived the life of a millionaire, Spent all my money, I just did not care. Took all my friends out for a good time, Bought bootleg liquor, champagne and wine.
Then I began to fall so low, Lost all my good friends, I did not have nowhere to go. I get my hands on a dollar again, I’m gonna hang on to it till that eagle grins.
‘Cause no, no, nobody knows you When you’re down and out. In your pocket, not one penny, And as for friends, you don’t have any.”
1. How much will you want to have saved when your 70 years old or 80 years old? 2. How much should you save with each paycheck? 3. How do you make sure you aren’t investing with scammers like Peggy King (see website article link) or Jeffery Epstein? 4. Develop a team of true, verifiable advisors (not slick talking folks) – C.P.A. & attorneys & investment advisors – * Double verify each of these advisors 5. What happens if you have career ending injury? You lose your voice? Get scarred? 6. Who’s looking over your contracts? 7. Be careful about all sorts of crackpot/get rich quickly investment schemes, too.
This Sports Illustrated article describes a typical scammer that gloms onto newly minted rich. The scammer, Peggy King, depleted several athletes net worth, including Dennis Rodman. https://www.si.com/nba/2019/09/19/athete-financial-advisor-embezzlement-fraud-scandal-peggy-ann-fulford?utm_source=pocket-newtab You don’t want your money manager to end up in this type of photograph: [cid:image007.jpg@01D5751E.D3BC0140]
The list of entertainers and athletes that have been ripped off goes back for centuries. It happened to the Rolling Stones in the 1960s.
The law firm of Hendrick Bryant handles sports and entertainment matters. We are counsel to sports leagues. We’ve represented owner conglomerates of NFL teams. We can advise individuals. We’ve helped many wealthy people deal with crisis matters. Call us for a discussion, Call before you need to call us to litigate. An ounce of prevention on the front end saves a pound of pain and frustration on the back end.
Written by Kirk Sanders
Hendrick Bryant Nerhood Sanders & Otis, LLP 723 Coliseum Dr. Ste. 101 Winston-Salem, NC 27106 Telephone: (336)723-7200
[category: sports lawyer] [tag: sports attorney, entertainment lawyer]