Frugal Lessons From Ballers: Season 3 Episode 7

Ballers is a HBO series show about a former football player turned financial manager (a character named Spencer, played by The Rock) that highlights the life of current and former players in regards to sports and finances and how they balance it all together.  Ballers goes in depth on a number of topics involving the lifestyle of professional athletes from players transitioning post career to handling family and friends to dealing with negotiations.

The following highlights different key financial points from the show that athletes deal with or can learn from.


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An Annuity

The scene opens up with Spencer trying to explain to his clients/friends what an annuity is. Eddie George makes an appearance and helps explain what exactly an annuity is. According to investopedia, an annuity is a contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization pay out a stream of payments to the individual at a later point in time. 

As an athlete this may be beneficial for you down the road. In essence, you are giving yourself a steady allowance in the future when you may not be making the same amount of money by taking advantage of your current situation as a professional athlete. Some professional athletes have struggled with finding their footing after their playing careers. An annuity, depending on what type and which terms you agree to is one way of helping out. 


Stay on Track

Spencer is on his quest to take over the world. In the process, he neglects his primary responsibilities as a financial manager for his clients to lock in the NFL expansion deal. I highlighted this because it’s important for athletes to always focus on the main priority. For athletes, your first job is to compete at the highest level and perform. What you do on the field or court comes before all the commercials, endorsements, investments, partying, etc.  If you don’t perform you won’t have the opportunities to continue in your other avenues. Your primary job is to play and use that platform to create other avenues but when if you wear yourself thin, you end up losing in the long run. 


Getting your Money Back

 Spencer still owes Ricky 5 million dollars from their loan agreement that allowed Spencer to buy into ASM. This fact is starting to take a toll on Ricky and Spencer's relationship. Add in Ricky's situation with his contract negotiations and off field health issues, he is starting to get antsy with Spencer. In this episode, you can start seeing that Ricky is disturbed by the fact he hasn’t got paid back yet.

Athletes are more often than not sought out to be a pseudo bank for friends, family, and possible other individuals. Athletes have to understand the risks that may be involved when loaning, money to people. Whether it's business or not, it is important to always involve a lawyer and get something in writing. Whatever you do, know that there is potential that relationships can strain due to certain situationswhen it comes to money. Family relationships have detoriated because of situations like the one Ricky is in, so it's important to understand the risk. You have to balance your business and personal relationships and never intertwine them. 


It's Okay to Seek Help

Ricky is still dealing with his mental issues from concussions throughout his career. The patriots have asked him to seek therapy. This lesson is more about seeking help rather than seeking therapy. Athletes sometimes feel that there are too great to ask for help or should already know something and  thus afraid to ask the questions they need guidance for. Whether it's about life or financial pickles you can always seek help and never be afraid to ask questions that you may or may not know. Someoneis always willing to help and it's important to seek help. Never let  a small cut turn into a big scab because you were afraid to ask for help.

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