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3) The cost of vanity: I tell my friends that if I opened a specialized rim shop serving pro athletes, instead of being an agent, I would be a rich man. The same goes for custom jewelry. Unfortunately, I noticed that many athletes associate wealth with material possession. So they feel like the more they have, the richer they are. I would say 90% of all athletes are getting ripped off on auto and jewelry purchases. I had one client have a watch appraised that he thought was worth over the $20,000 that he paid for it. The appraiser valued it at $1,500. The diamonds he thought he had on the watch weren’t real. I did it to teach him a lesson. The obsession to have the latest and greatest toys, the biggest house, the newest car(s) and most expensive clothes is probably the number one wealth killer for professional athletes. As I always say, “rich people have things, wealthy people have investments”.
I like that one.
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