As the US college basketball ‘March Madness’ competitions get underway, a financial adviser has called on recruits to the National Basketball Association to seek professional advice.
Morgan Stanley adviser Rob Rumley has penned an open letter to new NBA recruits in the Atlanta BlackStar newspaper advising them to focus on “nothing but net” – including leaving their personal finances to third-party professionals.“As a rookie you need to focus on getting the ball into the net, so let someone else be concerned with your net worth and helping it grow,” he wrote. “Rookies must first focus on what they do best — dribbling, passing, catching, shooting baskets — and then take the time to get educated about finances.“The average career of a professional NBA player is a little under 5 years; a professional financial advisor can help educate [them] and lay out out an investment plan down the road.“A professional basketball team wouldn’t go into a game without a strategy, so rookies should not manage their finances without one either.”Rumley said rookies should beware financial “locker room envy” and avoid the temptation to splurge on items such as expensive cars and property that veteran players may have acquired.
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