Former US basketball pro Kareem Abdul-Jabbar has listed engaging the wrong financial adviser among his top life regrets, calling on athletes to become more financially literate.
In an interview with Esquire magazine, the former Los Angeles Lakers centre has raised the problem of professional athletes making poor investment decisions and sometimes being targeted by under-qualified financial professionals.
“’Dude, where’s my money?’ is the rallying cry of many ex-athletes who wonder what happened to all the big bucks they earned,” he said.
“Some suffer from unwise investments or crazy spending, and others from not paying close attention. I was part of the didn’t-pay-attention group.”
Abdul-Jabbar explains that he engaged the services of a financial adviser based on the fact that the individual was also providing advice to other sports professionals, only to discover later that he did not have any financial planning qualifications.
He said the adviser recommended he invest in real estate investments that went “belly-up” resulting in him losing some “serious coin”.
“Hey, Kareem at 30: learn about finances and stay on top of where your money is at all times,” he said. "As the saying goes, ‘Trust, but verify’”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- 15 Feb 2019Court restrains unlicensed firm from operatingBy Adrian Flores
- 15 Feb 2019ASIC used Dover whistleblowing to shut licensee downBy Adrian Flores
- 15 Feb 2019Minimal time spent on client engagement, survey findsBy Adrian Flores
- 15 Feb 2019Advice regtech aims to ease CPD burden under FASEABy Adrian Flores
- 14 Feb 2019AMP adviser network declined 4.6% in 2018By Adrian Flores
- view all