Mega rich athletes and financial planning for the rest of us

  • April 21, 2016

Mike JonesInvestment Insights


Recently I found myself sucked into one of those websites that discloses information on top athletes who made millions of dollars yet somehow lost or spent it all. Those kinds of stories intrigue me and always get me to thinking about personal finances, budgets, happiness and life in general.

After this particular foray into the financial misery of others, my mind was particularly drawn toward a couple of meetings Byron and I have lately had with long term clients.

In just the last month Byron and I have had the opportunity on two separate occasions to meet with long term clients who were announcing their retirement. What made these meetings particularly special is that both couples have been clients of ours for many years. In fact, I know that one of these couples has been working with us for over 16 years! And yes, each couple had taken us up on our offer many years ago to create a financial plan.

As my mind made the leap from the absurdly rich athletes who filed for bankruptcy to these ordinary, everyday citizens, here are some things these two couples had in common which I think are particularly relevant for all of us:

  1. As I mentioned they had a financial plan, which they stuck to with disciplined savings habits and spending patterns.
  2. Each couple had refused the lure of early retirement when reality dictated that the numbers just did not add up.
  3. They also cultivated sources of fixed income which will now be of great benefit to them for years to come.
  4. Each of the couples communicated regularly with one another concerning their finances and also with their financial professionals (us!) as to how they were doing along the path toward this big day.
  5. Most significantly, both couples had a contentment with their financial life and decisions. Unlike the very wealthy and very successful athletes I read about, these people figured out long ago how to live well within their means and be content about it.

Mike Jones is Managing Director / Investment Group of Argent Advisors, Inc. Write to either at 500 East Reynolds Drive, Ruston, LA 71270 or call (318) 251-5800.  This newsletter is available via email on a free subscription basis. You can subscribe by clicking here. Direct any questions, comments or suggestions to Byron Moore at or to Mike Jones at

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