30 for 30 broke

After watching the documentary “30 for 30 Broke,” I have a better understanding of how life was for multi-millionaire athletes going bankrupt. professional athletes are going bankrupt because they don’t know how to deal with money, all of a sudden their first pay check is millions of dollars and their first idea is to spend. Most of these athletes lost money from things like a new car, a house, jewelry, child care, and divorces. The sports salaries jumped up in the 1990’s and started to have multi-million dollar deals.“Keeping up with the Joneses, Is when athletes show off their money by buying expensive products such as jewelry ,cars, and houses. These athletes have made bad decisions when it comes to money because the stuff they’re buying is wasting all of their money and they won’t have any money left for their future life . A money management lesson I have learned from watching this documentary is to only spend my money on necessary things that I need. Another lesson I’ve learned is not to divorce someone if I am a millionaire or I will lose all of my money. If I was a financial planner I would advise my client to create a budget, I would make sure that they don’t blow all their money in one day and to make sure they conserve enough for their future. I think one of the worst financial decisions some of the athletes have made is having multiple children with more then 1 person because if they aren’t together with the women, they have to pay child support and sometimes that is thousands and thousands of dollars each month. I also think one of the worst decisions athletes have made is paying for their family and friends. Once an athlete starts paying for their family they will depend on that person to pay all their bills. In conclusion, it is a very smart decision for multimillionaires to have a financial planner so that they can live an enjoyable life.