Happy Friday DINKS! Last weekend was the NBA All Star Weekend and because I am in a couple with a sports fanatic I have learned to grin and bare it during major sporting events.  I honestly do not like sports, but I watch sporting events with my boyfriend Nick. 

More recently I have taken an interest in sports news because there is actually a thin line between personal finance and the finance of sports management.  After all of the glitz and glamour being a professional athlete is a job just like any other.  Being an NBA superstar consists of good days, bad days, financial decisions, investments, and money management.

The news surrounding the NBA All Star Weekend was the impending contract renewal/trade of NBA superstar Carmelo Anthony .  If you are unfamiliar with this story, Carmelo Anthony is a 26 year old superstar who has his own shoe line, clothing line, and several other business ventures.  He invests in real estate and cars.  He is happily married (to a former MTV VJ) with 2 young children. 

Carmelo Anthony has played his entire NBA career with the same team in Denver Colorado.  His contract is now up for renewal and he is considering leaving the town that made him an All Star.  Carmelo Anthony must make a financial decision whether to sign a contract extension with his current team, or relocate to a new city and transfer to a new team.

Does this story sound familiar? It is because we witnessed a similar story with Lebron James not too long ago.  When his contract was up in his hometown of Cleveland, Lebron James chose to relocate to Miami.  This was a multimillion dollar deal that has turned out to be a not so profitable investment for the Miami NBA Franchise.

Here are some posts from around the web about Personal Finance as it relates to the NBA:


Budgets Are Sexy discusses teamwork and personal finance in the post Finance Lessons We Can Learn from the Miami Heat.

Here on DINKS Finance we have discussed the personal decision to move for a better paying job in the post Moving for Money.

Financial Samurai  says that bigger cities offer greater wealth in the post The NBA Finals Proves Location Matters For Success.

This entry was posted in Money Management, Money Mistakes, Weekly Recap by Kristina Tahnyak. Bookmark the permalink.

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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