Financial Playbook for All Jocks - 43 Reasons Professional Athletes Have Jacked-Up Financial Lives and What You Can Learn From Their Foul Plays
Nonfiction / Money / Business / Finance
Date Published: April 13th
Publisher: Elite Online Publishing
Let’s keep this 100. You are super gifted in your chosen sport, but you are a rookie at managing your money. It’s clear that you lack financial knowledge, and you need to sharpen your understanding of personal finance terms. Sometimes you feel intimidated by the financial jargon spewed about on social media, and you are even unsure of what questions to ask to make the best, informed decisions regarding your money. Let’s face it, you are financially illiterate. You simply do not know what you do not know about managing your finances. This book will change all of that.
In Making Sound Money Moves, Lynda Paul, a Certified Financial Planner™ with over 35 years of experience managing money at both the corporate level and as a seasoned financial advisor who has helped over 500 clients, identifies 43 things that can trip you up on your journey to financial prosperity. Broken up into eight chapters, Lynda covers everything from interpersonal relationships to mental and physical health to the dopaminergic high of being a successful athlete. Relationships are the currency of life, and each chapter identifies different relationships you may have throughout your sports career and life thereafter and the financial landmines you may need to negotiate and skillfully manage when dealing with people, business, and money.
The solutions to address financial illiteracy are straightforward, but the implementation and execution of an appropriate game plan to tackle this wealth-stealing pariah is not easy. You will need to be intentional about your resolve. By consuming every word of Making Sound Money Moves, you will equip yourself with money management tools that will benefit you for a lifetime.
Do yourself a favor, read this book and make your future self proud.
Read and excerpt below...
About the Author
Lynda Paul is the owner, founder, and chief investment advisor of Sound Money Management, Inc., RIA, an independent Registered Investment Advisory firm in San Antonio, Texas. With an undergraduate degree in corporate finance from Ball State University and a master’s degree in finance and marketing from Keller Graduate School of Management, Lynda is celebrating 28 years serving the needs of her clients in a spectacular way, operating her firm as a fiduciary. Lynda believes that when it comes to choosing a financial planner, independence, trust, and competence are foundational virtues. She has helped more than 500 clients achieve their financial goals and manages millions of dollars for her clients around the country.
Over the past decades, Lynda has served several organizations in the Chicagoland area with passion and honor including being a fundraiser for Red Nose Day to help spread awareness and to end child poverty, Roots & Wings, a young men’s ministry she founded in 2001 – creating the Jabez Project, Chair of the Finance Committee for the YWCA Board of Directors, and from 2011-2017, she served as an elected member of the College of Lake County Board of Trustees.
As a former Division I collegiate basketball player, Lynda has combined her passions for financial planning and athletic endeavors to create an inspiring and informative book about the importance of financial literacy entitled Making Sound Money Moves: Financial Handbook for All Jocks – 43 Reasons Professional Athletes Have Jacked-Up Financial Lives and What You Can Learn from Their Foul Plays. Her goal for this book is “to inspire young people to improve their financial IQ and relationship with money, and to help them understand that money decisions made today will impact their future.”
Lynda is married to Cliffton Paul, Sr., a retired police officer and Navy veteran, and they have three wonderful Millennial sons: Cliff Jr., Brandon, and Darius. In her leisure time, Lynda enjoys hiking, whitewater rafting, teaching Zumba and cardio-kickboxing, and reading up on financial planning strategies while hanging out at the beach.
Lynda speaks to audiences around the country on various topics on financial literacy, financial planning, and leaving a financial legacy. Her firm’s ADV is available upon request.
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Financial Literacy 101
According to the U.S. Treasury’s Financial Literacy and Education Commission, financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing. 4 Being financially literate helps you make informed decisions regarding the use of money and financial assets. It influences how you save, borrow, invest, and manage your financial affairs. I am sure you would agree that understanding the nuances of your financial reality is critically important, whether it’s:
ü Learning how a checking account or a debit card works,
ü Budgeting income and expenses and managing your monthly cash flow,
ü Applying for a credit card and understanding the credit terms,
ü Buying a home and calculating your monthly mortgage payment,
ü Comparing a home equity loan to a home equity line of credit,
ü Purchasing or leasing a new car or buying a used car,
ü Choosing the best way to save for your child(ren)’s education,
ü Buying insurance,
ü Deciding how much to contribute to your 401(k), or
ü Evaluating investments and determining asset allocations.
Having a firm grasp of financial knowledge also helps when evaluating the future value of contract provisions, or if it is prudent to invest in a business opportunity. Financial literacy affects your capacity to grow your wealth, avoid dangerous debt levels, and mitigate financial risks, and it has significant implications on your lifestyle choices, now and in the future.
In this digital age, when everything is available almost instantaneously, online shopping allows for the potential of overspending and an overextension of credit, which can lead to an explosion of personal debt and an implosion of negative emotions, even depression. Lack of financial understanding is a major cause of personal stress and can lead to poor job performance and relationship issues in marriages or with significant others, which can exacerbate financial woes. According to research done by the National Financial Educators Council (NFEC), shortfalls in financial literacy cost Americans an estimated $352 billion dollars in 2021, 5 primarily from arcane banking and transaction fees, high-interest debt obligations, internet fraud, Ponzi schemes, and poor investment decisions (e.g., buying high and selling low instead of embracing the opposite time-tested investment philosophy of buying low and selling high). This amount may represent significant underestimates as many people who lack financial capability may not even be aware of their losses.
The financial cost of making poor money moves serves to demonstrate the importance of improving financial literacy to make sound financial decisions. Lacking financial knowledge can affect your personal financial situation in very powerful ways.
Eddie Johnson, who played 17 seasons in the NBA and is now a commentator for the Phoenix Suns and an author, gives this advice to young professional athletes in his book, You Big Dummy: An Athlete’s “Simple” Guide to a Successful Career.
Hire a team of financial advisors.
2. Pay your own bills. Do not delegate this very important business task.
3. Don’t buy an abundance of toys, especially toys that depreciate.
4. Focus on kids’ education.
5. Just learn to say no.