Learning From Others – Randy Brown
Posted on November 26th, 2009 | For ActorsIt breaks my heart whenever I read about someone who has lost everything because of either poor advice or none at all. I’ve decided to share these kinds of stories with the hope that my clients and readers will learn from the unfortunate mistakes of others. I’ve clipped the highlights below, but you can read the full Chicago Tribune article by clicking here.
In January 2008, Brown endured the public embarrassment of declaring bankruptcy, the approximately $15 million he earned during a 12-year NBA career mostly dissolved in poor business decisions of real estate and restaurants.
“It was humbling,” Brown said. “When I retired from basketball, I became my own business person with all these people I thought were my friends. What set me back was when I signed my name to a bunch of stuff that I shouldn’t have.
“At the time, I thought it was a great opportunity for me and didn’t even think about it. Then everything started going downhill and I looked around and all those guys were gone.
“But I can share with my players that if you go into business ventures, get attorneys to read stuff over and don’t always sign your name because at the end of the day, people come after you.”
My main takeaways:
- When you work as an athlete, actor, musician, etc. you must protect the financial gains from the good times because you never know how long they’ll last.
- Be very careful about trusting friends with your money or reputation; it is better to put a yes/no financial decision in the hands of an unrelated and independent party.
- Make sure you are receiving only the highest quality advice from your manager and lawyer by getting second opinions regularly and verify information you receive. Specifically, when it comes to financial accounts, either speak to the source about balances or access your account directly while not in the company of your advisor.
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