00:00 So what would you give all them young guys out there that's coming into the league in
00:03 respect to sports?
00:04 What kind of advice would you give them?
00:06 I mean just to make sure that you know where all your checks going out to.
00:11 Make sure that you get some financial literacy before you even get money.
00:15 You know that's something that we didn't do before and are figuring out now.
00:21 So talk to whoever you need to, any kind of vet.
00:23 If somebody's offering you help, take it.
00:26 You know especially if it's an older player and just be on top of everything man.
00:32 Hold off like four or five years on the material things.
00:40 I understand a nice car that you can fit in because you're 6'8" 6'9" I get that part.
00:44 Get a small apartment.
00:45 You know don't look to get a big house.
00:50 Understand assets versus liabilities.
00:53 Understand the markets.
00:54 You know these guys like watches, don't get diamonds.
00:57 It depreciates.
00:58 It depreciates your watch purchase.
00:59 Yeah, it'll mess your watch up.
01:01 Depending on the company, Warren Buffett said the ninth wonder of the world is compound
01:05 interest.
01:06 You can't get compound interest if you don't stack.
01:09 So the more you stack, the more compound interest you get.
01:13 The more you stack, the more interest and then the more interest, the more compound
01:16 interest.
01:17 Don't touch it.
01:18 You know a dollar saved is a dollar earned.
01:21 You only need one car.
01:22 You need one house.
01:24 Just as you get started and as you start to accumulate more wealth, your material items
01:30 can grow but I think it's important to be able to start on a good path.
01:34 Create discipline for yourself and making sure that the most important thing is your
01:38 career and growing in that and being the best you can.
01:41 The money and accolades and all the stuff will come after you produce and that's what
01:45 I would say.
01:46 You being a guy that are managing the money that these guys are making, what type of advice
01:51 would you give a young guy or even a guy that just doesn't have any financial literacy to
01:57 protect their money and grow their money?
01:59 Great to be here first of all.
02:00 First thing I would say, ask a lot of questions.
02:02 No question is a dumb question.
02:04 Take control of your finances.
02:05 Be involved.
02:06 Don't relinquish that control to anyone.
02:09 You want to know every move.
02:10 You obviously want to enlist and get the help of the professionals, the people that do this
02:13 every single day but you want to be involved in every decision.
02:16 You want to understand where your money is going.
02:17 You want to have an understanding of the basics of finance, how it works, how your money is
02:21 growing for you, how it works for you and eventually you want to be in a position where
02:26 you're actually driving a lot of those decisions.
02:28 I think that's part of the issue.
02:29 A lot of times we tend to let those "professionals" take control of everything.
02:34 We relinquish everything.
02:35 Here you go and we're so focused on our craft and our sport or our acting or whatever the
02:40 case may be that we lose sight of that.
02:42 Don't ever lose sight of that.
02:43 Be involved.
02:44 Take control of it.
02:45 Finance is like a saying and I equate a saying in finance like a saying in business.
02:49 If you can't measure, you can't manage it.
02:51 When it comes to finances, if you don't understand what's going on, you're at a loss and you
02:55 will never win.
02:56 We're often afraid to ask questions for things that we don't understand.
02:59 We're afraid to appear that we're ignorant or no less than or whatever.
03:05 As athletes, you're going to get thrown a lot of different things, a lot of different
03:08 opportunities.
03:10 Always remember that if it sounds like it's too good to be true, it probably is.
03:13 It probably is.
03:14 This is a game where it's a time game.
03:18 There's no quick schemes in finance and literacy and all those types of things.
03:22 Take your time.
03:23 Learn.
03:24 Ask questions.
03:25 Nothing big.
03:26 Ask the questions.
03:27 Ladies and gentlemen, ask questions.
03:28 Kevin Adams, thank you so much, my man.
03:30 Keep the meat going.
03:31 (upbeat music)
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