Michael Stone

speaker

827 appearances 3 recordings 1 series first heard Jan 2011 last heard Nov 2015

Michael Stone’s voice in public audio — every appearance, attributed to the second.

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Franchise Today · Athlete and Franchising · 11 Nov 2015 podcast

And I think another thing, coming from professional football, I realize is that whatever money you make, like Stan said, you have a finite time to make it.

You have a finite career potential, and that money has to last you a long time afterwards.

So, you know, I think everybody looks at, you know, professional athletes as if

expendable cash, and in many cases they do have cash.

It's not very expendable.

It has to last a long time, and they have to make a lot of smart decisions in order to make it last and to keep the lifestyle they created when they were playing professional sports.

It's probably the same.

The funny thing is there's not a lot of people doing a lot of research on it.

And that could be for a lot of reasons.

But, you know, they're still working off the same information as before.

I know that I think with the NBA now, it is within five years, 60% of NBA players files for bankruptcy.

But the numbers aren't good.

And the funny thing about it is the numbers aren't good just because, I mean, you look at the situation.

You're making a lot of money when you're real young.

You don't have a lot of time to make mistakes with your money.

The mistakes you're making with your money because it's so big are usually big mistakes.

and it's hard to rebound from big mistakes when you have a short amount of time to make the money to rebound.

doctor and you're going to have a career for 30 years, you can make a few million-dollar mistakes or half-million-dollar mistakes early on and rebound.

But if you're in the NFL and you have a two-and-a-half-year career, you better not be making any mistakes, and you better have a great plan for when you retire.

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