After watching ESPN's 30 FOR 30 DOCUMENTARY…."BROKE", I have a few thoughts: It was sobering, somewhat depressing, revealing, and informative. The biggest challenge that athletes face is the ability to say "No". Saying NO can be applied to common everyday folks as well.
my thoughts @ this:
If I were a celebrity athlete who just signed a large contract, this is what I would do:
Yes, I would take care of my parents and grandparents. I pay houses off and buy them a brand spanking used car. [I'm not crazy about buying a new car even for myself].
Yes. I would throw a few coinage to my brother and first cousins….there will be strings attached. If they want to receive money from me, then they will be required to take a financial stewardship course, such as Financial Peace University sponsored by Dave Ramsey.
Yes. I would help out a FEW friends, given that they complete a financial stewardship course as well.
If loan are to be given, a promissory note will accompany. Small loans will be given with minimal interest. Larger loans may be given with collateral. Very few to no unsecure loans will be given.
When possible, instead of giving loans, I would give out small jobs (handyman work, etc)