4 important financial lessons from retired slugger Mo Vaughn
When you think of Mo Vaughn, you probably remember the burly slugger who smashed 328 homers and won the 1995 AL MVP. You probably don't think of a burgeoning real estate mogul dishing hard-learned financial advice.
But in a new Forbes profile, Vaughn talks a bit about his post-baseball business success, most notably with the New York-based real estate firm he co-founded in 2004. A few of his tips even apply to those who have never signed an $80 million contract with the Angels:
No. 1: "This dollar is not a dollar"
"Once you get that dollar, you've got to pay taxes on that dollar. Then, you've got to save 50% of what's left, so I think once you find out as an athlete, or anybody, what the value of that dollar really means, I think you can set yourself up pretty well."
No. 2: "Sign your [own] checks"
"You are not that busy where you can't sign your checks, because signing your checks gives you the ability to understand what, exactly, your financial picture is. No one is too busy."
No. 3: "You are who you're around"
The key, says Vaughn, has been surrounding himself with smart people. "You are who you're around," he says, harkening back to wisdom his parents imparted when he was growing up.
No. 4: "You ain't IBM"
Vaughn hasn't always taken that advice though. He recalls [business partner Eugene Schneur] taking him to task after a soured relationship with a financial advisor wound up in a lawsuit.
"He said to me, 'You aint' IBM bro,'" Vaughn recalls, meaning that while he had a fair amount of wealth, it wasn't so much that he could justify letting other people handle his financial life.
"He said to me, 'You aint' IBM bro,'" Vaughn recalls, meaning that while he had a fair amount of wealth, it wasn't so much that he could justify letting other people handle his financial life.
The most important lesson: Always trust financial advice from a guy who's built his own business empire - especially when he can also do this:
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