Sunday, November 23, 2014

Another Celebrity-Athlete goes bankrupt!

Okay.  This is slightly different than a story of Not investing properly or making bad investments.

This is a direct result of Not realizing that those close to you can make very bad decisions when they have access to or you have given them large sums of money.

Unfortunately for Jack Johnson, his parents were the ones with little or no investment knowledge or sense.  AND, the fact that Jack had a large sum of money and they had access to it and spent foolishly, he now finds himself in bankruptcy.

(Copy and paste in your browser to read.)
http://www.si.com/nhl/2014/11/20/jack-Johnson-bankruptcy-sad-but-common-story-for-athletes

IF Jack had only given them Income instead of access to his money directly, he would be in a better financial position today.

Advice to me years ago, still stands today.  IF you want to do something for your family money wise, then give them income, DO NOT EVER give a Lump Sum and NEVER give them control over your bank accounts.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

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