Steve Smith Sr. of the Baltimore Ravens appeared on ESPN’s Mike & Mike show where he discussed how he believes professional athletes can avoid blowing through their millions and going broke. When asked what message he had for athletes in the league right now, Smith says, “My philosophy is, what you say yes to today, you are saying no to many times tomorrow. What you say no to today, you’ll get to say yes to many more tomorrow.”
So what does that mean? Steve Smith explains, “If you can pay for it in cash, then do it. When you have to go out and buy a big expensive item in cash, you have to decide where you’re pulling the money from. What stocks, what mutual bonds, what investments do you need to cash in to do that, and is it worth it in the long term? You’ll end up saying no to a lot of things and when I do say yes, it’s strategic.”
He makes a decent point but I feel like that is something that doesn’t work for all personality types. Many of these Ballers don’t have their money invested in the first place, so determining what stock they’ll have to sell isn’t a concern. The idea of paying cash over credit is on point though.
Watch Steve Smith Sr’s interview below and let us know if you agree.
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