In Your Own Words is an online series of quotes by figures in the sports & entertainment industry about the lessons they’ve learned with money. Their experiences speak volumes of the need for change.
"During your freshman year, Coach Fulmer will introduce you to a psychologist who will become one of your best friends. He’ll listen to your problems when you’re struggling. You’ll go tubing and water skiing on his boat and hang out with him all throughout college. He will come to your house and meet your mom. I know this sounds crazy, Albert. But do not trust this man. As soon as you decide to declare for the NFL Draft, he will say, “You know, I do some investing on the side. I’ve been helping other guys out for years. You should let me handle your money.
“You’ve heard the horror stories about guys buying a fleet of Rolls Royces and gold chains and going broke. You’re not an idiot. You know you should invest your money, and this guy is showing you a business card that says “Morgan Stanley” and a multi-million dollar portfolio. I know he seems trustworthy. I know he seems smart. But if you let your friend handle your finances, he’s going to take millions from you…
“In retirement, you will discover that your financial advisor has squandered most of the money you made with the Redskins, and he will be under investigation for financial fraud. Thankfully, you will have discovered a passion for restoring houses and buying property during your offseasons. You’ll even open up a BurgerFi restaurant in Knoxville (I know you love burgers). Instead of being on the beach in the Bahamas, like most people probably think you are, you will be hanging drywall in a condo in South Carolina. And you know what? That will make you extremely happy.”
- As told to The Players' Tribune in a "Letter To My Younger Self" by Albert Haynesworth.