Because my wife and I were out last evening at a wonderful “Right to Life” dinner, I didn’t get to see “60 minutes” as I usually do during football season. But by 8:00PM, my phone had already received several texts about a segment, which is spoken about in this article (and the actual TV segment can be seen as well). In addition, we received some emails about it as well.
Those who know us are well aware that this story comes as no surprise to us. In fact, my co-founder, two-time NY Giants Super Bowl Champion Lee Rouson, was driven to start Trinity because of the losses he suffered (and many other did) back when he was playing in the 80s and 90s. Our company advisory board was created so former players could counsel our current player’s clientele about the very poor choices these athletes made (and so many other avenues not to travel down that they had in their career). It’s been my belief that this special counseling was even more important than any financial guidance we could provide (and IMHO, is what’s missing from many who advise professional athletes).
Now before anyone assumes we (me) are speaking from a “holier than thou” mountain top, I have openly shared my many poor financial decisions both for my clients, and myself, over the years. I chronicle them in my book. However, the guilt in this 60 Minutes segment isn’t just at the feet of this adviser. I can’t tell you how many professional athletes and individual investors alike, passed on our very conservative approach and chose to go with others who would allowed them to go “All-In” (as noted in this segment). It’s been our “prime” stance that to be blessed both with a skill so few have, and to already have earned far more money from it than most other human beings can only dream of, “demands” prudent and conservative handling on matters of finance. We like to say stop thinking of greatly adding to the pile, and instead focus on protecting it from shrinking from how big it is already compared to most others!
Whether one is a professional athletes or not, I again note that traditional financial planning is a badly flawed process. Those of us on the “sell” side of advice, are more likely to end up wealthier than those on the “receiving” (pun intended) side.
I very much encourage you to read the following two chapters in my book:
- Chapter 10 – God and Money
- Chapter 11 – What’s Wrong With “Prosperity Christianity”?
You can read these chapters and my book for free online here