"Money came in left, right and centre; you just thought that's how it was for everyone and that's how it will always be," he said.
Perhaps the fundamental financial rule for such high-income, short working-life, sport stars should be "spend less than you'll earn ON AVERAGE during you lifetime". Saving 10% of a million dollar annual income could give a false sense of fiscal responsibility if you can only earn that much until you turn 30. Spending $900K per annum is profligate if you average annual income until 65 will be a much more modest $200K a year.
For us mere mortals, the lesson to take on board is that you can't count on your current income level lasting until retirement. Quite a large proportion of worker's will suffer long periods of un-employment or ill health - so we should ensure our financial plans allow for such set-backs, and include adequate amounts of insurance for illness, disability or loss of income.
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