June Book Of The Month Review: Winning The Money Game
Every month we will provide a recommended read to help you on your way to take the next steps in becoming A Frugal Athlete. Our hope is that the books provided will help you make the prudent decisions both financially and career wise to help with your own personal playbook. Starting with the book and description, throughout the month we will engage you with questions and points made in the book. Ultimately leaving you with our key takeaways hoping to create open dialogue and discussion on different ways to ultimately become a frugal athlete.
In Adonal foyle’s book, Winning the Money Game, Foyle gives a blueprint on how to avoid the financial fouls of many professional athletes. This book is meant to give practical advice for any athlete to deal with money management and financial situations an athlete will face throughout their career. These are our Frugal Athlete takeaways from the book.
Audit Your Team
This was probably the biggest takeaway from the book that I learned. It is vital that every professional athlete audits their team. Every year you hear one athlete or another losing money because of a shady financial advisor or business manager. Adonal pleads to us that even though you need to trust your team it imperative to inspect and make sure they are performing to the standards you have set for them. Just like in your career, if you aren’t getting the job done you will get cut or fired from your position. The same has to be set for your own financial playbook
Foyle does a great job giving a breakdown of how your career can go depending on your preparation, discipline, and money management. He takes us through the career of two basketball players Big Baller Tom and Steady John. Steady John is prudent and frugal in his financial and career decisions. For example, investing in post career education and a stylist to help his image for his post career. While Big Baller Tom is careless with his money. Foyle gives us a detailed description of the simple ways an athlete can lose it all just by their irresponsibility.
Learn From Others
Foyle does a great job of highlighting previous professional athletes that we can learn from. Both negatively and positive to learn what to do and what not to do. It’s important to take the lessons Foyle provides and use them for your own financial playbook in order to build the financial stability you seek not just doing your career but well after as well.
Protect Yourself At All Times
Adonal pleads that it’s mandatory that you have to protect yourself at all times. Prenuptial agreements, Insurance, Wills, Non disclosure agreements, etc all these ideas should be seriously enforced as an athlete to make sure you are protecting yourself if worst comes to worse. Don’t take it to chance, make sure you have your bearings covered