Solutions to the Career Transition Problem: “Developing a Millionaire Mindset” with Brandon M. Williams

This week on the show I bring on another former NFL athlete that has made a wonderful transition from the gridiron to the business world. Here’s my conversation with Brandon M. Williams.

radPodcast Details:

Podcast Title:  Solutions to the Career Transition Problem: “Developing a Millionaire Mindset” with Brandon M. Williams
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)

Link to Show Episode

  • (3:07)–Brandon’s background and journey in college and professional football
  • (6:50)–Brandon’s transition from football to broadcasting; his mindset when leaving NFL and not reaching all his goals while playing in the NFL
  • (11:45) –Brandon’s perspective on wealth management and what drove his decision
  • (16:40)–Brandon takes us inside the NFL locker room;
  • (23:10) –Brandon and his passion for financial literacy and his partnership with Wisconsin’s new financial literacy legislation
  • (31:25) –Brandon’s life advice: “Lead with your life”.  HAVE VISION, BE INTENTIONAL WITH YOUR TIME, LIVE WITH STANDARDS
  • (40:20) –Brandon’s key to “developing a millionaire mindset”

#financialliteracy #athletetransition #athleteeducation #realtalk #careertransition #millionairemindset #moneylessons #NFL #BrandonWilliams #WisconsinFinancialLiteracyBill #episode51

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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Solutions to the Career Transition Problem: Discovering Passion from Adversity with Ernest Owusu

This week I spend some time with former NFL defensive end, Ernest Owusu, to talk about life during and after professional sports.

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem: Discovering Passion from Adversity with Ernest Owusu
Podcast Series: Financial Literacy Boot Camp
(Video and illustrations available on our YouTube channel here.)

 

  • (1:25)–Ernest’s journey into football, his perspective as an undrafted free agent competing in the NFL and what it felt like when he started to realize the “business” part of being a player in the NFL;
  • (8:58)–the transition process he went through when an injury related to his sickle cell trait caused his premature exit from the league and what some of the crucial decisions he made during that time;
  • (11:05)–we also talked about his money habits (and where they came from) and the discipline he employed while being in the spotlight of the National Football League; and
  • (15:15) –we talk about what Ernest did when coming out the NFL and what he feels are important traits to develop around networking
  • (19:55)–how he used a tragedy in his life to find a real passion around becoming an advocate for persons dealing with the sickle trait disease and all he’s doing now to build awareness around that subject within the athletic community;
  • (25:25) –Finally, we talk about some of the most important life lessons has gleaned from playing in the NFL and his advice to younger athletes

 

#athletetransition #athleteeducation #careertransition #finlit #moneylessons #NFL #CFL #ArenaFootball #NCAA #sicklecell #ErnestOwusu

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus

Podcast Details:

Podcast Title:  The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus (on Twitter @AthletesNeXus)

  • Who is Tywanna Smith (2:25)
  • Tywanna talks about her idea behind writing  “Surviving the Lights: A Professional Athlete’s Playbook to Avoiding the Curse”.  (4:50)
  • Tywanna and I dive into her book -“…
    • we don’t exploit athletes for revenue; we prepare them for life” (6:40)
    • How many athletes really understand how to leverage their brand to set up “life after the sport” (10:10)
    • For generations, the African-American culture has instilled a “loyalty” complex in its offspring to make decisions based on emotion rather than logic. (12:45)
    • Athletes operate best with good coaching, guidance, and teaching, and they are most receptive when someone connects with a level of understanding… (16:40)
    • As an athlete, how do you build a great team around you (20:04)
    • How athletes can use their current influence (29:30)
  • How to increase the level of financial literacy among athletes (31:25)

#financialliteracy #financialplanning #financialeducation #financialadvice #athletetransition #financialadvisor

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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FLBC 032: Solutions for Fixing the Athlete Fraud Problem

Discussion with Chase Carlson and Jonathan Miller about the fraud problem in the athlete and entertainment world.

Podcast Details:

Podcast Title:  Solutions for Fixing the Athlete Fraud Problem
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
My discussion with Chase Carlson and Jonathan Miller about solutions to fix the athlete fraud problem.

Helpful Links:

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

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#FinancialLiteracyBootCamp

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When Is Enough, Enough?

Is there a point at which we won’t hear so much about athletes being the victims of financial fraud?

For years, it seems the spotlight has been inexorably drawn to athletes (as opposed to Joe Blow consumer) that have been prey to bad financial advice.  We’ve all read the stories of grand fraud perpetrated under the guise of “financial advice”.  I wonder just how de-sensitized have we become to this phenomenon.  Just recently, 60 Minutes aired yet another example of fraudulent behavior that cost athletes $43 million (of which in all likelihood, there will be little to no recovery).  Couldn’t the major sports organizations create higher barriers of entry to current and “would-be” financial advisors wanting access to their players?  I think having not done so at this point sends a certain message. (I’ll leave that message up to your own imagination.) It has been estimated that just since the NFLPA’s financial advisor program launched in 2002, athletes receiving advice from advisors approved by the program have lost $150 million.  Obviously, there are a lot of ways to attack this problem and it may indeed start with better athlete education.  If so, maybe it is incumbent on organizations like the NCAA to get more involved since the large majority of athletes have to spend some time in an undergraduate classroom before their pro career.  How about making a personal budgeting and financial literacy class mandatory in order to continue NCAA eligibility?  Oh, I’m sure it would get a lot of pushback, but after all, we are asking them to look beyond the next 10 years to their “future” self.  Sports leagues with formal programs like the NFLPA’s Financial Advisor program could radically help efforts by just requiring (or even engaging in) an annual audit of participating advisors (something similar to what FINRA or the SEC would conduct).  We all know that the “Top Four” professional sports leagues have deep enough pockets to fund something like that.

Ultimately, it may have to begin with the athletes willing to speak up to allow change to occur.  Considering the relatively short career of the average athlete, that time may need to come sooner than later.  But then again, maybe no one really cares…

Greed: A Life-Sucking Force

“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

“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.
#keystofinancialcontentment
#greedrobbinglife