The reasons, according to a 2009 Sports Illustrated article, are simple: they don't pay attention.
Of course, there are contributing factors:
*grow up poor, then try to make up for lost time (like eight vehicles, all on lease payments)
*hire family and friends to manage your money -- instead of a professional
*hire a professional you haven't checked out
*invest in a business, new invention or whatever...ditto
Once these steps are all in place -- pay absolutely no attention to what's going on. Don't open any bills. Don't check your bank account. Do nothing.
Then what happens? According to SI, 60% of professional athletes are broke within two years of their retirement.
We may not be scooping up bazillions of dollars, but can still learn from these basic cautions:
*Don't invest in a 'sure thing' unless you're certain it is. (A number of the sad stories in the SI article have to do with investment scams. And I can never forget the $7000 we lost years back from trying to invest in wireless licenses.)
*Don't let your family or friends make up your mind. Advice is good -- but you have to make those decisions yourself.
*Keep checking your portfolio. Weekly or monthly or whatever -- just do it.
And now if you'll excuse me, I'd better go see how my Ford stock is doing.
In our case, it was the girlies calling each other 'Cow.' Just this week, I was informed that if I hadn't made such a fuss...
Sue Garman, of Friendswood, TX, died recently of lung cancer. She was an amazing quilt designer, an aficionado of applique (it was her...
If you read my posts for news on antiques, frugal stuff and Bigfoot... you might want to gently close this and tiptoe away. I a...
Since Donald Trump has been elected as the next American president, that is? Apparently not. I am growing increasingly tired of bloggers...