Thoughts From the Finance Factory

How Not to Become the Next Star of Broke (Part 1)

There are lots of sobering statistics about athletes that develop financial difficulties once their playing careers are over. In the NFL 78% of players are bankrupt or in dire financial difficulty within 3 years of their careers ending (Sports Illustrated March 23, 2009). In the NBA it is over 60% (Sports Illustrated March 23,2009). There are a few big questions that I am going to discuss over the next 3 blogs related to this topic. The first two are around the Why and the third is around What can be done to help?


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Congrats You’ve Been Drafted, Now What?

I have had the pleasure of knowing and working with several professional athletes during my career. They are a very unique group of people that have interesting financial challenges that are not unlike those in the working world except that they pack their career earnings in a very short window of time, usually 10 years or less.


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What’s “Enough” For Retirement?

Financial Planning as a profession is really good at making all sorts of rules around how much you should save, what you spend, and what kinds of risks you should take with your financial assets. I think the rules are good as a general guide but that every client’s situations are unique.


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I Hate Myself and Time Warner Cable

Hate is probably too strong of a word for the title. I am so mad at myself. I am usually pretty good at making sure I get a fair deal and don’t often get taken advantage of. But I feel used. Time Warner Cable has been charging me $8 a month for a modem that they installed in my house 7 years ago and I just found out yesterday when that modem finally died!!!!!


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What Does Retirement Look Like For You?

April’s blog posts here at The Factory are going to center around retirement and retirement planning. I often wonder about what retirement will look like. I am not even sure if I will even want to retire. I know it is an important goal for most people. I love what I do and am excited to work every day and as long is that is the case I don’t think I will ever want to stop helping people.


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4 Things To Do With Your Tax Refund!

Financial Planning as a profession is really good at making all sorts of rules around how much you should save, what you spend, and what kinds of risks you should take with your financial assets. I think the rules are good as a general guide but that every client’s situations are unique.


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Is It Your Favorite Time Of Year?

Once again it is everyone’s favorite time of year (TIC) and no I’m not referring to spring.

I’m talking about TAX time. April 15 will be here before you know it and in all my years of advising clients I am amazed that every year I have at least one client that has a nasty tax surprise (i.e. they owe Uncle Sam and the IRS a significant amount of money). Also just for clarification the only people who like tax time are the IRS, the Treasury, and CPAs. In other words the people all of us taxpayers pay.


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If I had a $1,000,000

Everyone over the age of 22 knows the hit song by the Barenaked Ladies. In the song they discuss all the things they would buy with a $1,000,000. Most of it is goofy stuff like a llama or an emu, Dijon ketchups, and a tree fort in the yard. I was in the car with my kids the other day and the song came on the radio and my 11 year old daughter said I love this song. I asked her where she heard it and she said I listen to it from the iTunes library. (Note to self be careful what you download into the iTunes library!)


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