Update: Hank Coleman of Money Q & A wrote a great post on why athletes go broke and why you are too. Check it out!
If you were broke and everything was being taken away from you, what is one material thing you could absolutely never give up?
This question was brought up by Heidi and Frank from a morning show I listen to on the local radio station. They were discussing Allen Iverson and his financial situation. Iverson is a famous basketball player (that’s the extent of my knowledge) and I guess he’s broke. Despite the money professional sports players make, some of them – *snicker snicker* manage to outspend themselves. According to the news Iverson spends over $360,000 a month while making only $62,500. Damn, I wish I could make only that amount!
Anyway… he’s spending $10,000 a month on clothes and $10,000 on groceries not including the $10,000 on restaurants.
What the hell? Who eats that much?!
Obviously the earnings are not enough to support the spending which will only lead to bankruptcy. His house is being auctioned off yet he plans on keeping his $400,000 Maybach luxury car. I guess for ‘players’ cars are more important than homes. Oh well, that’s really not for me to judge – I’m just trying to point out the facts.
No Life Without an Internet Connection
For me, if I were losing my possessions and there is a good chance I’d be left without anything very soon – the one thing I would absolutely never give up is my laptop.
It may sound silly, but a computer is all that would keep me alive if I were broke. With a laptop I could use free Wi-Fi to get online and make some money no matter what happens. Sure, I could probably do this in a library or something, but I’d rather chill at a coffee shop instead. I’d freelance for others through writing, web design, SEO services and consulting to start a new life.
What about you? What could you never give up if you were losing it all?