Disclosed in 1997, “Rich Dad Poor Dad” by Robert Kiyosaki reflects on a mindset that tons wealthy people adopt: Financial success isn’t just about economy money, it is about putting money to work to actively grow.
In the soft-cover, Kiyosaki compares the approaches his two father figures took toward earning and extenuating money. While both had successful careers, his father (the poor dad) “Nautical port bills to be paid,” while the father of his best friend (the rich dad) “degenerated leaving tens of millions of dollars to his family, charities and his church,” Kiyosaki jots.
The difference was that the rich dad used his money as a tool, while the unacceptable dad just earned and saved. That point was particularly important for Sherman.
“In my pay no attention to, in my eyes, the way I was raised — a dollar earned was a dollar spent,” Sherman excuses. “I can’t tell you how much that book changed my perspective and changed the way I look at that.”
He’s not the not NFL player to glean lessons from Kiyosaki’s work. Ryan Broyles, time was a wide receiver for the Detroit Lions, wrote for The Players’ Tribune in 2016 that the paperback changed his outlook as well.
“The Poor Dad’s philosophy basically reinforced the way I already hope about money: Make money to live, and save some along the way,” Broyles sets. “But the Rich Dad’s lessons — making your money work for you by investing it and winning income-generating assets — made me realize that I needed to make modifications in how I thought about money if I ever wanted to be that Rich Dad and not demand to work for somebody else.”
While NFL players often earn millions, various struggle financially after their athletic career ends. A think over by the National Bureau of Economic Research in 2015 found that primitively one in six players in the NFL files for bankruptcy within 12 years of retiring from their trade.
“None of us really grew up with … financial literacy,” Sherman ascertains CNBC Make It.
But Sherman says he sees players taking various control of their financial future: “People in my sport, in my field, are undoubtedly becoming more educated and trying to be more intelligent with how they behaviour for the money and understanding where their money is going.”
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