I feel trashy even mentioning Tiger Woods right now, but I honestly can’t help it.
This question popped out to me over on WSJ’s FiLife.com, and I’m mesmerized by the possibility of answers!
Think about it for a few… What would YOU do (financially) if you were Tiger Woods? Would you be working your ass off to fortify every last possible cent? Or would money be the farthest thing on your mind? One of the commenters (a guy named Kees) stated it quite simply:
He does not need financial advice from us. With a 1B net worth, he will be OK.
Hah! Indeed there is some truth to that ;) Or maybe it’s completely true, I don’ t know. In fact, I don’t know a single thing about Tiger other than he’s a bad ass on the green. But even so I’m fascinated by the fact someone can be worth such a huge chunk of money! And even more so that a few dick moves could taketh away said billions or millions of dollars – just like that. He may be worth a lot now, but after all this $hit who knows what he’ll be left with.
Personally, I’d start hoarding as much of the money away as possible and paying off alllllll the houses, cars, big screens, whatever that pimp daddy still has debt on. I’m certainly no legal professional here (or financial one for that matter) but it only seems smart to make sure you’re clean full of any and all liabilities at this point. It’s not like he’ll ever lose all his sponsors and/or the capability to make more in the future or anything – I mean, he’s TIGER WOODS! – but wiping away as much debt as you can never hurt.
Who knows, perhaps Mr. Woods is a financial genius who scoffs at superstars who blow through $100 mil, or who “can’t feed their family” on $62 million. We hear about these numb nuts all the time, but do we ever get schooled by the fiscally smart athletes in the media? Not that I can recall, and it’s really unfortunate if you ask me. If you happen to be both a millionaire AND a professional athlete (who holds onto their money) be sure to let me know. I’ll see what I can do about lining up MC Hammer or Mike Tyson for the biggest Blogger Showdown ever! ;)
In all seriousness though, I do sincerely hope Tiger and his family comes out of this stronger and smarter than before. Regardless of fault it can’t be easy seeing it splattered across the entire world (says the guy talking about it on his blog). But unfortunately that’s a part of being a celebrity, eh? So while we could care less about his social life, let’s hear more about the financial side of it. If YOU were Tiger Woods, what sort of financial advice would you give him?
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Tiger may be worth more than any of us reading, commenting or blogging … so instinctively, we don’t think he needs advice on every day savings and budgeting.
Everyone can use self-control in spending and savings. Think of an Olympic athlete. They may be healthy and fit, but would you recommend they go out and eat Mcdonalds every day? My point is even though you have the opportunity to spend, doesn’t mean that it’s necessary financial healthy.
But, I’m positive Tiger could benefit from professional financial planning advice for estate and tax purposes. Having your financial advisor, tax advisor and estate attorney talk – helps to coordinate a meaningful financial plan. When you rake in a few million a year, most go towards taxes or “other women” rather than a desired and meaningful purpose like kids’ education, family trust, etc.
haha…oh man, you crack me up. it’s too bad i lost all the other comments here (when we converted from blogger to wordpress) cuz there were some good ones if I remember correctly ;) but now we got yours! so thanks. Have a great weekend over there!