Sponsored Post
Did you read the most recent story about a high profile athlete (Vince Young) going broke?
I’m not saying your client is spending $5,000 per week at the Cheesecake Factory like Vince Young. I’m not saying your client is going broke. Do you have a client who is making some risky investments and doing it regularly? Do you have a client who is gambling too much money and seems out of control with it? Do you have a client who believes “bling” is more important than his future? Do you have a client who thinks he is in control of his finances, but you know he’s not?
The answer: take the money away from him! Although the direct deposit strategy may be winning one small battle, it’s certainly not the entire solution. Take their access to that account away from them; give them a weekly sum to spend like their per diem, and that’s all they get. Similar to giving your five year old son a weekly allowance, the same should be used for an athlete who doesn’t know right from wrong.
I’m not claiming your client will have $7 billion “in the bank” when he’s done with ball if the financial advisor utilizes this method. However, if the need to treat the client like a five year old is applicable, he will appreciate the strategy later on in life.
Disclosures. The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security. Past performance is not a guarantee of future results. Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products. Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial. Arque Capital, Ltd., and DK Sports Financial are unrelated entities. Securities offered through Arque Capital, Ltd. 7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258. (602) 971-9000. Member FINRA/SIPC. Any unauthorized reproduction of this information is strictly prohibited.
