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The wisdom of Larry Bird - 12/23/2022

Larry Bird is regarded as at or near the top tier of professional basketball players of all time. He was a student of the game who went on to be a successful coach after retiring from playing. During his playing days he earned one of the highest salaries in the league, multiple millions per year plus income from commercials and other paid appearances. But unlike many players, he didn't live at the level of his salary. Bird understood that his high earnings, like his playing career, would only last for a limited time.

Many pro-athletes, entertainers, and other professionals in industries with high income but a shorter work life could learn a lot from Larry Bird. Based on some studies, over 70% of professional athletes go broke or live in financial stress within 5 years after their playing careers are over.

If you find yourself earning higher money than you expected, take advantage of the opportunity to put away money. Windfalls do not last forever and it's important to take care of your finances when high income creates an opportunity to aggressively save.

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