I had a couple of emails of people asking me what I thought about 30 for 30 on ESPN.  I had a couple different reactions to it.  My first reaction was how stupid could these millionaires be, going from making 20-120 million and have nothing to show for it?  Then I look at it as sad.  I actually do feel bad for them.

We have to understand we are talking about people who come from broken homes, poor families, a keep it real mentality, if I eat everyone around me needs to eat, or I want nothing but Gucci and Gold.  A lot of these guys were never taught how to manage their money.  People are leaches and that will take and take until you have nothing left.  Everyone wants something from you.  Everyone looks at you like the man, this is what you have to put out there.  You have to buy out the bar for your friends because you have set the ground work and they simply expect you to always take care of the bill when you are out.

When some people get a large amount of money they lose control.  They tend to spend it like it will never run out.  You do the math, you make 5 mil a year you spend 1mil but you still have bills to think about, let alone the taxes that comes off that 5 mil.  So, you wonder how they can be broke?  The same way I have friends making 80-100K a year and they broke you simply living beyond your means.  We have to get out of this “Baller” state of mind.  Why are you spending 100K on a necklace?  That is ignorance.  I am not saying don’t spend money but come on Gold Ceiling in your house?  I loved what one of the financial advisors said, “Putting 10 million in a mutual fund to make 1.5 million is not sexy.”  That is so true but when you make that kind of money, investing in bonds and securities are very beneficial.  We have to teach the value of a dollar.  You are making so much money that at this point it should literally be working for you.

We need to start educating our youth early.  A lot of these guys do not have anyone in their life to show them how to handle money.  They are only being told how great they are, and how much money they will be able to make a lot of money.  When you want something from people you will tell them anything they want to hear.  We have rappers educating them on how cool it is to blow money.  What about saving money?  That is where we have to do better.  I would rather drive a Camry with 60,000 in the bank than drive an Escalade with 1,000 in the bank.  Educate!

Remember to Keep it GC,

Counselor Dave