Preserving Your Assets: Patriots Rookie Joejuan Williams Setting A New TrendNovember 12, 2019
We have all seen the horror stories of wealthy people, especially athletes, losing all of their earnings way too soon. Whether it be on bad investments, a “posse,” or over the top purchases like mansions and diamonds, it is certainly much easier to spend your wealth than to preserve it.
When I heard about Patriots defensive back Joejuan Williams and how well he is doing with his money I could hardly believe that he was only a 21-year-old rookie with the NFL. Young as he is, we should all take notes on his financial choices regardless of our professions and ages.
Williams had seen his mother struggle and living paycheck to paycheck and wanted to be different. He wanted to set a trend on not only handling and paying his bills, but also saving money to make more money. He began young by not even spending all of his 5 dollar a week allowance.
Williams then went on to take all the right courses on finance and economics at Father Ryan High School and later at Vanderbilt University.
Williams is on a four-year, $6.6 million NFL contract. He has a financial adviser. He is well educated. And he is saving and investing but doing so carefully. He does not spend money he does not have. He thinks for about two days before making any major purchase and does not buy on impulse. He does not like to use credit cards. He invests at least 90 percent of the money that comes in from his playing checks annually and not surprisingly, he continues to prosper. His is one of the good stories not just for athletes for anyone trying to plan for a secure future.
- When it comes to saving and investing money, look for education and information no later than high school.
- As an athlete or any individual with extra income, carefully select an advisory team, that can help you save and guide you on investments.
- Come up with a carefully constructed budget incorporating your own goals and priorities, and that most importantly will not leave you “broke” when your big earning years come to an end…and they end for us all.
- When you are in a career that statistically may not be long term, make sure your financial plan covers these potential game changing realities.
- Of course, life is short, and you have to enjoy some of your hard-earned dollars, but finding the right balance is the winning strategy and Joejuan Williams is a good example for us all.