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Archive for February, 2012

Attention Sports Commissioners! It’s Time To Stop Allowing Athletes To Mismanage Their Money!

Wednesday, February 29th, 2012

Often I have sports debates with lots of my friends. These include conversations with R.H., S.S., R.Z., J.B., and E.S., to mention a few. One of my recent discussions and rants involved athletes and the fact that most can’t hold onto their money. Yes, they make a lot of money but let’s not debate whether or not they make too much. This great country allows you to make whatever someone is willing to pay you. My issue is that most pro athletes have a short career. In fact, based on the information I have read the average career for an NFL player is probably 4 years, for an NBA player it is about 5 years, and for an MLB player it is around 6 years.

Here are a few great athletes in different sports that mismanaged their money:

  • Johnny Unitas—His yearly paychecks started at $7,000 and his biggest was only $425,000. Johnny is a Hall of Fame QB. it’s hard to believe that he filed for bankruptcy in 1991.
  • Travis Henry—He was a great running back for the Buffalo Bills and Denver Broncos. Travis went into debt big-time. In addition, he lost a $25 million dollar contract with the Broncos when he was arrested for drug trafficking.
  • Kenny Anderson—He piled up over $60 million in NBA dollars before he filed for bankruptcy in 2005.
  • Scottie Pippen—Former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas.
  • Evander Holyfield—Four-time boxing champ Evander “The Real Deal” Holyfield reportedly made over $250 million in cash during his boxing career, but despite this he is flat broke.
  • Lenny Dykstra—According to Dykstra’s July 2009 bankruptcy filing, he owed more than $30 million to creditors, including his $18.5 million purchase of Wayne Gretzky’s home.
  • Latrell Sprewell—Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007.
  • John Daly—Two-time PGA major champ John Daly gambled away between $50 and $60 million in career earnings, according to his 2006 autobiography.
  • Jack Clark—Former professional baseball slugger Jack Clark was driven into bankruptcy in 1992 by his appetite for luxury cars.
  • Mike Tyson—The king of them all is boxer Mike Tyson, who squandered a $350 million to $400 million dollar fortune.

Interesting that this list spans a number of sports—baseball, football, basketball, golf and boxing.

I am sorry, but I think something drastic needs to be done.

What is it?

In my opinion, at least 25% of an athlete’s pay should be deferred.

If and when that happens, an athlete has the chance to avoid hard times after their playing career is over. If something isn’t done about this we will continue to see athletes fall on hard times.

Now your turn:

  • Do you think this is a real problem?
  • What do you think of my idea?
  • What other ideas do you have?
  • What would you do if you were the commissioner of one of these major sports?

I look forward to hearing from you.

Talk About Multitasking!

Monday, February 27th, 2012

A few weeks ago I was driving the kids to lacrosse when I looked out the window and noticed a woman who was running with her dog. This sight is probably very familiar to most of you but this woman was a little different. She had the leash in her left hand (yes, the dog was attached to the leash), and a cup of coffee in her right hand.  As she was running she could actually sip the coffee and navigate through the neighborhood. I must admit I was impressed – in fact, very impressed!

Talk about multitasking. I’m still not sure how she could drink hot coffee while she is running and holding on to the leash without burning her lips, but somehow, someway, she did it!

When I think about my life and multitasking, I think of a few things:

  • Writing or drinking water while I am driving
  • Reading while I am on the treadmill
  • Chatting on the phone while also on the computer

For me, multitasking is very important.

It allows me to accomplish more in a shorter amount of time. However, at times can be an issue if the tasks are important and I don’t give any of the tasks the time that is needed.

  • How good are you at multitasking?
  • Describe a few times when you multitask.
  • Could you run a t a good speed, hold a leash in your left hand while sipping coffee?

I look forward to reading your comments.

I Love This Letter – What Do You Think?

Friday, February 24th, 2012

A few months ago I hurt my back really bad doing absolutely nothing – clearly I am getting old or just am old! Anyway, I went to this local chiropractor and he did a nice job with stretching, adjusting my back and really helped me.

After my first appointment he sent me this letter:

 

Dr. Colin Tkachuk
6224 Colleyville Blvd, Ste B
Colleyville, TX 76037
Office 817-481-9339
Fax 817-481-9669
www.optimumchiropracticwellness.com

December 5, 2011

Merrill

We enjoyed your recent visit to our office. We would like to take this opportunity to let you know how pleased we are that you have chosen us for your chiropractic care.

You are the most important person in the world when you enter our office. You are not dependent upon us. We are dependent upon you.

You are not an interruption in our work. In fact, you are the purpose for it. We are not doing you a favor by serving you. You are doing us a favor by giving us the opportunity to serve you. Our goal is to meet or exceed your expectations. Please let us know if we do not.

We understand patients go where they are invited and refer family and friends where they are fairly treated and well served. We look forward to helping you get back to doing the things you enjoy.

Thank you again for choosing our office.

Your Family Chiropractor,

Collin Tkachuk, D.C

 

I really liked the tone, the message, and to me the sincerity came through loud and clear.

  • What do you think about the letter?
  • Do you feel the same way I do?
  • What parts of the letter do you really like/dislike?
  • How would you have felt if you got this letter?
  • What advice would you give Collin Tkachuck?

I look forward to reading your comments.

Why Can’t Superstars Hold On To Their Money?

Wednesday, February 22nd, 2012

In the past week the weather has changed 5 times! In fact, in Texas, the weather can change with a minutes notice. One of the things that never changes is reading or hearing a story of an athlete or movie star who once made millions of dollars and is now having money issues!

In the past few days those types of stories have included: Gary Busey who filed for bankruptcy; Ex-Tennis Star, Arantxa Sanchez Vicario, who says her 60 million dollar fortune is gone and she is broke; and Terrell Owens who said his fortune is gone, close to broke and he is behind on mortgage payments

  • Why does this happen?
  • How does this happen?
  • Do these stars really believe that every investment is going to make money?
  • Do they believe that everyone they meet has their best interest at heart?
  • Do they not care and just live in the moment?

I honestly don’t get it and wish that movie stars and athletes would have deferred payments so they don’t run out of money!

  • What are your thoughts?
  • Is there a way to help these stars?

I look forward to hearing from you.

Time To Take A Friday Fun Quiz!

Friday, February 17th, 2012

Click here to tell us which fun facts you know!

I say success is all about you and has nothing to do with the economy.

Wednesday, February 15th, 2012

Yes, the economy was challenging in 2009, and the same in 2010, and still hard, unpredictable, and at times frustrating in 2011!

I say all of that doesn’t matter –don’t worry about the economy, worry about your company! There are some (perhaps not all) companies that did well!  If it was your company that didn’t do well, don’t blame it on the economy, or a certain industry segment that went flat, or the fact that 5 of your contacts at your clients changed jobs, or that you lost one of your biggest accounts.

I say NONE of that matters!  Too many times we hear stories from friends and industry contacts who say, “Well, the economy is really hurting us.”  Sometimes people can get lost and caught up in the economy – don’t let that happen to you and your company. All of us are paid to do a job and need to do it. The easy excuse is to blame a down year on the economy. I would rather blame a down year on things that we did that didn’t work out or strategies that may need a little more time to flourish.

  • Keep doing the things that will put your company in a position to be successful!
  • Evaluate what isn’t working and either tweak that strategy or get rid of it.
  • Ask your clients what other services you could offer that could help them.
  • Challenge your internal teams to find ways to be more efficient – you will be pleasantly surprised to see what creative ideas your team will suggest.

I say success in 2012 is all about you and not the economy!

  • What do you say?

I look forward to reading your comments.

Merrill, You Did What? Are You Kidding Me?

Monday, February 13th, 2012

A few weeks ago I was with my college roommate on our way to Puerto Rico to meet a number of friends for our annual super bowl trip. I love KW but at times he can be a little forgetful, like the time he misplaced his passport in Mexico (perhaps a blog for another time). Anyway, he tends to be a little flighty. At 39,000 feet he said to me, “Merrill, please make sure I take all my luggage off this plane.” Of course I nodded and said, “No problem.” As we left the plane and went down the escalator to get our checked luggage I realized that I left one of my bags on the plane! Yes, you heard that right. It was midnight and I was on the other side of security when I realized my tennis bag, which had a ton of stuff in it, wasn’t with me. In fact, it was on a plane that may be shut down for the night since I just saw the pilot and flight attendants walk by me.

As I went into problem solver mode, I came up with a few ideas. One of which was to go up the escalator backwards and run to the plane. But, I quickly realized that would be extremely foolish and not only get me in real trouble but perhaps a night in a 4×4 as well.

I was able to find a member of the American Airlines ground team, told him my story, and he couldn’t have been any nicer. Sure enough, 10 minutes later he showed up with my bag! Thanks American Airlines!

  • Have you ever done something as foolish as I did?
  • Have any of your friends or family done anything goofy?

I look forward to reading your comments.

Attention Sports Fans! How Well Do You Know These Stadiums?

Friday, February 10th, 2012

A few weeks ago I was speaking with a friend of mine and during the conversation he mentioned he was going to the M&T Bank Stadium to see a game.  I was a little embarrassed as I had to stop him and ask where that stadium is and who plays there? Growing up, most of the stadiums was easy to remember and rarely changed names. Now, with plentiful sponsorship dollars being needed, names change often.

It’s Time to take a quick, fun quiz, to see how well you know these stadiums and their names.

Please no help from Bing or Google. We will be timing you so we can post how many answers you got right and your time.

Click here to test your stadium knowledge!

Life Is All About __________?

Wednesday, February 8th, 2012

As I get older I reflect a lot more. I was thinking the other day about life, what it means to me, and what it is all about.

When I asked myself what is life about, a few answers that came to mind:

    • Family and friends
    • Learning something new everyday
    • Making the most of your abilities
    • Having different experiences

Now your turn.

Please take 30 seconds and ask yourself, what is life all about?

I really look forward to reading your comments.

If You Could Reason With Your Kids What Advice Would You Give Them?

Monday, February 6th, 2012

Kids are great and most of the time they are funny. In fact, very funny! There are times that I would love for them to listen a little more and allow me to reason with them but I guess my parents said the same thing about me and my sisters.

If my kids would listen here are a few things I would say based on my experience:

Justin: You are so smart and in a lot of ways like me—not only in looks, but interests and in school. Meaning, you will be very inquisitive, enjoy math but not pay much attention in English and probably not be the greatest speller in your class. You need to slow down and not rush through every test. There is no award for finishing a test first. I guarantee your speed is getting in the way of correct answers. When I was young I would talk a lot in class to my friends. Guess what? you are doing the same thing. There is a time to connect with your friends and a time to really pay attention to the teacher. It took me long time to understand that and I hope you are smarter than I was.

Riley: There is more to life than worrying about who is sitting in the front seat. You have an amazing personality and a million dollar smile. At times you can get frustrated like I did when I was your age. You need to channel that a little bit and don’t sweat the small stuff.  When I was younger I was the same way. It had to be my way. You are very smart and likeable but need to learn that everything doesn’t always go your way and to be ok when it doesn’t. This is a lesson I did learn when I was older. I hope you are smarter than I was and learn it much quicker.

Morgan: Wow, beautiful sweet Morgan. When you are good, you are great. When you aren’t, well let’s just say you could get an Olympic medal for that behavior. You have a very strong personality. At times, it is too strong. As you get older that might be a turn off to people. When I was your age I would fight with my sisters. In fact, during one fight I actually broke one of my sister’s fingers. I learned later in life how important siblings are and how ridiculous it was to fight with them all the time. I hope you are smarter than I was and learn that lesson sooner than I did

Now your turn:

  • What advice would you give to your kids?
  • At what age do they really start to listen?

I look forward to reading your comments.