“Dishonest fortunes can be made but can’t be kept. The goal of attaining wealth shouldn’t be a primary consideration for anyone, because it soon becomes replaced with greed.”–The Maven of Financial Literacy
Some of buzz of the news world is around a newly released 60 Minutes piece “Thrown for a Loss” featuring former NFL running back Fred Taylor and current NFL tight-end Vernon Davis as individuals left holding “the bag” from another private investment deal gone bad. Jeff Rubin, their then financial advisor, over-promised and under-delivered more than just returns for these guys and the several others he attracted to an electronic bingo deal in Alabama. After reading the story, one wonders, “where’s the problem”? With the players? With the financial advisor?
Consider the following:
- Undoubtedly, players need better tools to make decisions about choosing financial advisors, since there are dishonest players in the industry. (In this case, the NFLPA had Rubin registered in its financial advisor’s program). But this is not isolated to just the NFL. Other sports have had bad advisors, and lest we forget, Bernie Madoff orchestrated one of the biggest ponzi scheme over the course of decades.
- So, although the NFLPA’s program registered and kept a person like Jeff Rubin in the program, they are no more responsible than the securities industry as a whole, right? Wrong. I’d agree with some players that the NFLPA is more culpable and should be held to a higher standard when registering an individual to work with its players.
- No matter where you place the blame it is evident that greed, pride, dishonesty have never led anyone to a successful outcome. Greed will always lead a person to make bad decisions because greed is the problem. Dishonesty will always lead a person to make bad decisions because dishonesty is the problem. Pride prevents someone from asking for the forgiveness to restore a relationship. No matter how you slice it, the solution starts with accepting personal responsibility and a change of attitude.