Last week we shared a consistent theme we found in many athletes’ which ultimately resulted in financial hardship. We call it “The Sneak Factor™”. This week we will share some examples to help you better understand the The Sneak Factor. Here are some thoughts on what it feels like when an athlete realizes too late their fortunes have turned and there will be no easy way out.
One athlete we spoke with told us, “I knew I was ok, my financial advisor told me everything was set. Whenever I needed money I just called and he gave it to me. He hooked me up with a great realtor who sold me a really nice house and then he took me over to this fancy car dealership and I bought some cars. He even sent me over to his jeweler who made me a custom diamond encrusted watch. My advisor was real nice. He tried to help me. All that’s gone now. I don’t need a financial advisor anymore, I don’t have any money left.”
Another athlete said this, “It was like playing a very long game well into overtime and not knowing the score. I thought I was winning until I had to sell my house and my cars and watch my wife go back to work. It was a sad time.”
Finally in one of our interviews the athlete said, “My uncle and my brother-in-law were great with business. They helped me invest my money in some business deals. It all sounded real easy. I give them some money, I got some paperwork. Then after a few years I would get more than double my money back. So easy. Unfortunately, something happened to the companies I invested in and they lost all the money. I never really understood what happened.”
Here is a simplified version of the tool we use to determine how at risk an individual athlete might be. Try for yourself.