Just about everyone can benefit from the skills of a good accountant. Not only do these professionals help with tax time, they also provide plenty of valuable financial information all year long. Unfortunately, many people, including celebrity athletes, do not make use of the best accountants available to them, and end up in dire straits because they simply do not know how to appropriately handle their money.
The article written by Steve Berman “Top 10 Athletes Who Should Have Hired a Good Accountant” details the outcome of poor financial choices. It mentions how professional athletes like Evander Holyfield failing to take time to find a good accountant.
You may have noticed that Holyfield continues to climb into the ring even though he is getting up there in years. All tolled, the four time heavyweight champ has made about $250 million, so one would think he would never have to fight again. Since Holyfield neglected to search for a proper financial expert to help him throughout the years, had eleven children, and made very extravagant purchases, he is actually somewhat cash strapped. In fact, the article states how Holyfield has not been able to pay his bills for the last few years. This has led to lawsuits over back child support, which led to loans to pay for day to day expenses and even more lawsuits over those loans. A good accountant could have managed the fighter’s finances and possibly prevented this type of financial devastation.
Another famous athlete mentioned in the Berman’s article well known for financial trouble is LaTrell Sprewell. After completing his five year, $62 million contract, Sprewell turned down a $21 million extension from the Minnesota Timberwolves. The ball player stated this offer was insulting and after turning down several other lower offers from competing teams, never played again. This series of events led to financial ruin for Sprewell, who ended up losing his yacht, his home, and his automotive business.
As you can see, no one, not even those with multi-million dollar salaries, is exempt from making mistakes when handling their own finances. Taking the time to find a good accountant can help head off problems before they begin, and keep you on the right track to financial success.