Money
If You Want To Learn About Money, Watch How Celebs Waste Theirs
Here is why so many go broke again
GQ has an exciting video series called My First Million.
The guests are sports stars who earned millions of dollars thanks to their first professional contract. They talk openly about what they did with their paycheck.
We all know the gossip headlines. How stars spend their money is often incomprehensible — but it relies on simple principles. These principles affect everyone — rich and poor alike. Perhaps you will notice your behavior somewhere in this text.
Let’s look at Tyler Herro's example and what we can learn from it for our finances.
The young NBA star signed a contract with Miami Heat which will earn him almost 3 million dollars in his first year¹. An incredible amount of money. Sure he can spend something of it — that’s what Herro talks about with GQ².
Here are a few highlights:
- $85,000 for clothing
- A Mercedes Benz for $200,000
- A Jeep for $60,000
- $30,000 for a chain.
- $10,000 for glasses.
- By the way, he also hired a financial advisor.
