Why Athletes Go Broke

The “Real Deal” is broke.

Former Heavyweight champion Evander Holyfield is playing the real life game of Deal Or No Deal. It has been reported that his $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping. Just one more high profile athlete having to scale back his lifestyle to the level to which you have I have been accustomed. Why is it that athletes who seem to have everything are often completely unable to control anything related to finances?

We all played our violins to death when we heard of Latrell Sprewell’s financial troubles. On Halloween 2004, Sprewell, who was in the final season of a $62-million five-year contract with the New York Knicks, said he was insulted by the Minnesota Timberwolve’s offer of a contract extension that was reportedly worth between $27 million and $30 million for three seasons. Sprewell stated, “I’ve got my family to feed.” That quote become a national moniker for the public perception of athletes as greedy, out of touch individuals. Apparently, Sprewell still can’t feed his family. His yacht was recently repossessed and his multi-million dollar mansion is about to be foreclosed on.

While there is certainly the stereotype of the financially irresponsible NBA athlete, no professional sport is immune.

Let’s take a look at some high profile athlete financial sob stories over the years:

1. No one my age can forget Jack”The Ripper” Clark , star player for the Boston Red Sox who filed for bankruptcy in 1992 in the middle of his second year of a three-year, $8.7 million contract with Boston; he listed $6.7 million in debts. Jack was a master of financial planning and prudent asset acquisition. His bankruptcy petition listed assets such as 18 automobiles, including a 1990 Ferrari that cost $717,000 and three 1992 Mercedes Benz cars costing between $103,000 and $143,000. He owed money on 17 of the automobiles and was liable for about $400,000 in Federal and state taxes. He had also lost about $1 million in a drag-racing venture. Sounds like Jack would have been more at home in the NBA. You can read about it here

2. Johnny Unitas, Hall of Fame quarterback for the Baltimore Colts, filed for bankruptcy in 1991 citing numerous failed business ventures in his petition These failed bits included bowling alleys, land deals and restaurants. He filed for Chapter 11 bankruptcy in 1991.

3. Mike Tyson The name speaks for itself. Mike’s bankruptcy was highly publicized. Despite earning hundreds of millions during his boxing career, Mike kept it simple. His bankruptcy petition simply stated: ” I am unable to pay my bills”. According to federal court records, his liabilities totaled about $27 million. You can read that story here.

4. Dorothy Hamill, the women’s figure-skating gold medalist in the 1976 Winter Games, filed for bankruptcy after a series of financial setbacks. Hamill said she has experienced financial setbacks as a result of poor financial investment advice and management.

read more

source: http://www.briancuban.com/why-athletes-go-broke/

Need a Less Stressful Career? Here are Eight Secrets to Work Zen

by Chloe Dowley

It's 11 p.m. on a Sunday night, and you're glued to the computer screen, biting your nails, pulse racing. No, it's not an exciting moment in your weekend-long Halo 3 tournament, or even a big sell on eBay. You're trying to meet yet another work deadline. Sound familiar? If long hours and an unwieldy workload are stressing you out, maybe it's time to consider a career change.

Understanding the Enemy

Job stress is one of the most common complaints among Americans, and research indicates that it has become a more widespread problem in recent years. In 1992, the United Nations named job stress "The 20th Century Disease," and the World Health Organization has called it a "World Wide Epidemic." Also, studies have shown that too much negative stress can contribute to health problems ranging from migraine headaches and depression to life-threatening illnesses such as heart attacks. Is that pension plan really worth it if you won't be alive to cash it in?

Turn Off the Career Pressure-Cooker

What's an overworked guy or gal to do? Though it may seem out of the question after a 60+ hour workweek, redirecting some of your energy toward identifying and training for a new career may be the best investment you can make. The careers listed below are not anxiety-free (every job by nature has some elements of positive and negative stress), but they do offer a combination of freedom, creativity, and personal satisfaction that can help keep your pulse rate normal

1.Accountant

If you're well-organized and have a knack for calculations, a balanced profit and loss sheet can offer a restful escape from the stress of complex office politics. You don't even have to leave your computer to earn an online accounting degree, which can be found at hundreds of accounting schools nationwide.

2.Preschool Teacher

Working with young children can definitely be a challenge. Yet introducing preschoolers to the world of education through art projects, group play, and music can be extremely therapeutic as well. Earn your degree in early childhood education and you could get paid to help three- and four-year-old kids on a daily basis. Even if you have to stay up late to get a teaching degree online, you can make up for that lost sleep when your students enjoy their post-lunchtime naps.

3.Nursing Assistant

Caring for patients as a nursing assistant delivers the feel-good perks of a medical career without the stress of med school or week ends on-call. A nursing degree could set you up to enter a career field projected to see 264,000 new job openings over the next 8 years.

4.Financial Planner

Though spending your own money can produce high levels of anxiety, helping others manage their funds can be just the opposite. A degree in finance can help you learn the basics of tax law, insurance, and investing principles to assist others as they prepare for retirement or plan their estate. To minimize the stress of funding your own education, keep costs down by researching your financial aid options for an online finance degree or an MBA.

5.Massage Therapist / Physical Therapy Assistant

Whether giving and receiving backrubs at a massage therapy school, or practicing flexibility techniques in a physical therapy assisting program, you can learn how to help people maximize relaxation. And if you incorporate some of these exercises into your own daily routine, you could have a recipe for a tension-free workday.

6.Pastry Chef

It's hard to get stressed when your office smells of butter, sugar, and cinnamon. Although some pastry chefs work odd hours, the love and creativity they put into their work can be extremely liberating. Most pastry chefs get their start in culinary school, where they can refine and hone their artistic skills.

7.Graphic Design

Being creative under pressure isn't easy, but earning a graphic design degree could help you join the ranks of the designers who are self-employed. Working for yourself can give you a tremendous amount of flexibility, and allow you to balance your personal and professional lives as you see fit.

8.Desktop Support

Desktop or computer support specialists use their expertise to help the rest of us deal with the stress of malfunctioning technology. With a bachelor's degree in computer science (or simply experience and technical training for some positions), you could enjoy low-stress super-hero status by saving hard drives from evil viruses.

Derail Your Stress Train

Though many factors can contribute to on-the-job stress, remember that you always have some control over how you react to it. As you begin your journey toward a lower-stress career, make sure you cultivate some personal stress-reducing habits as well. A little career training can go a long way in helping you launch your new low-stress career.

source: Yahoo!

Top-Paying Jobs for Women

Though a pay gap persists--women's earnings remain stalled at around 80% of men's--women are finding the jobs that pay them the most, and some may surprise you. Based on a U.S. Department of Labor Women's Bureau 2008 analysis, we ranked women's median weekly earnings as full-time wage and salary workers to uncover the highest paying jobs for women.

No. 1: Pharmacists

Women's median weekly earnings: $1,647
Women's median yearly earnings: $85,644
Percentage of men's earnings: 84.9%
Education required: PCAT; Pharm.D. degree; six to seven years of collegiate study
What they do: Distribute pharmaceutical drugs

No. 2: Chief Executives
Women's median weekly earnings: $1,603
Women's median yearly earnings: $83,356
Percentage of men's earnings: 80.1%
Education required: Varies; many hold a bachelor's or graduate degree in business administration or more specialized discipline
What they do: Hold overall responsibility for the operation of an organization, including corporate and small businesses

No. 3: Lawyers
Women's median weekly earnings: $1,509
Women's median yearly earnings: $78,468
Percentage of men's earnings: 77.5%
Education required: LSAT; J.D. degree; about seven years of collegiate study
What they do: Advocate in criminal and civil courts and provide legal counsel to clients on business and personal matters

No. 4: Computer Software Engineers
Women's median weekly earnings: $1,351
Women's median yearly earnings: $70,252
Percentage of men's earnings: 87.3%
Education required: Bachelor of computer science or software engineering
What they do: Design, develop, test and evaluate computer systems and software

No. 5: Computer and Information Systems Managers
Women's median weekly earnings: $1,260
Women's median yearly earnings: $65,520
Percentage of men's earnings: 85.4%
Education required: Bachelor's degree; often a technology-specific MBA
What they do: Implement technology into an organization, often overseeing network security and IT operations

source: Forbes

Best Recession-Proof Jobs

* Physician assistant
Two-year training program, and at least two years of college; license exam
Salary: $62,000

* Nurse practitioner
Master's degree in nursing
Salary: $74,000

* Cardiac sonographer
Two-year associate's degree, or 1-year certificate in diagnostic sonography
Salary: $56,000

* Laboratory technician
Bachelor's degree with coursework in chemistry, biology, and statistics; state certification and license
Salary: $51,000

* Computer control programmer and CNC programmer
Two-year degree or vocational degree and apprenticeship
Salary: $33,000 (computer control operator) $44,000 (CNC programmer)

* Actuary
Bachelor's degree in mathematics, statistics, or finance; professional certification
Salary: $86,000

* Financial analyst 1
Bachelor's degree in finance preferred
Salary: $48,000

* Financial planner
Bachelor's degree in finance preferred; examination for Certified Financial Planners
Salary: $61,000

source: http://hotjobs.yahoo.com/career-articles-jobs_that_are_red_hot_right_now-894

Highest Paying Jobs In The U.S.

The top 24 according to the U.S. Department of Labor:

1. Surgeon: $181,850
2. Anesthesiologist: $174,610
3. OB/GYN: $174,610
4. Oral and maxillofacial surgeon: $169,600
5. Internist: $156,790
6. Prosthodontist: $156,710
7. Orthodontist: $153,240
8. Psychiatrist: $151,380
9. Chief Executive Officer: $140,880
10. Engineering Manager: $140,210
11. Pediatrician: $140,000
12. Family or general practitioner: $137,980
13. Physician/surgeon, all other: $137,100
14. Airline Pilot: $134,090
15. Dentist: $132,660
16. Podiatrist: $111,130
17. Lawyer: $110,590
18. Dentist, any other specialist: $106,040
19. Air Traffic Controller: $100,430
20. Computer and Information Systems Manager: $100,110
21. Marketing Manager: $100,020
22. Natural Sciences Manager: $97,560
23. Sales Manager: $96,950
24. Astronomer: $96,780

source: http://www.askmen.com/money/career_150/177d_career.html

Economic crunch hits docs and patients

As I was just discussing with my dad about one other effect that the economic crunch would likely have, this article published in the Star came in a timely manner for me to post it here. All this while I had thought that the medical profession was a 'retrenchment-proof' job and you were considered safe if you had the word 'Dr' in front of your name. The article below tells us otherwise.

Tuesday March 31, 2009

By FOONG PEK YEE

pekyee@thestar.com.my

KUALA LUMPUR: The economic slowdown is biting hard even in the medical profession, causing keen competition in government clinics, with private practitioners also scrambling to get a share of overtime payments.

Several government clinics are now operating much longer, up to 9.30pm daily, with doctors manning them paid RM80 an hour in overtime payments.

Health Minister Datuk Seri Liow Tiong Lai, who acknowledged the keen competition going on between government and private doctors for overtime payments, said:

“Many doctors, irrespective of whether they are in the government or private sector, are very keen to earn extra income these days.”

Liow said that to cater to the increasing number of patients seeking treatment at government clinics, the number of clinics providing outpatient treatment would be increased from 16 to 31 soon.

Besides these clinics, he said 59 hospitals were also providing similar treatment after office hours.

Patients pay RM1 each for outpatient treatment at government clinics, which record more than 50 million such visits annually.

With private practitioners charging at least RM15 per visit and with the economic slowdown causing people to tighten their belts, more and more patients are heading to government clinics.

“With more people seeking treatment at government clinics, opening up more such clinics between 5pm and 9.30pm will make it more accessible, especially for those who are working,’’ Liow said in an interview.

The minister said he had received feedback from private doctors on poor business in their clinics due to the economic slowdown.

On allegations that government doctors were being favoured over private practitioners to work overtime in the government clinics, he said:

“The faster approval for government doctors could be due to the fact that their credentials are readily available for checking.”

“As for the private doctors, it may take longer to verify them,’’ he said, adding that all doctors applied for the overtime online.

Clocking in the extra hours in your current job or putting in the hours separately to build an alternative income stream?

Lazy Man's article prompted me to write this article.

We all want to have a comfortable life, provide good things for the family, etc. To achieve this, we see people spending more than half of their lifetime at work. They clock-in more hours as to accompish more task set by their bosses and impress them. Their full concentration and
undivided attention is given to their bosses (and job).Is this a smart move?

On the other side of the coin, we also get to hear people working more than 1 job at a time. Yes, multi-tasking is not limited to computers only. Beware computers, human beings are catching up! This is not something that was probably heard at all during our grandparents' time.
Some people prefer to have an alternative source of income with a 2nd or 3rd job.

What do you stand to gain by the first method - working longer & harder in your current job?

• potential for promotion and enjoy the perks and benefits that comes with it
• strong excuse when demanding for a pay rise
• more responsibility
• more security as some people see it

Advantages of the 2nd method - alternative source of income:

• you set the targets of how much you want to make
• work is based on your own flexibility
• no one is blowing down your neck
• you decide what you want to do to bring in the income (can also be a hobby that started to pay off)
• if you are persistent enough, your alternative source of income can balloon into a main source and become your new career or business
  

Personally, I would choose the 2nd method (this blog is a proof of that! ha.. ha.. ha. :) ). Anyone has anything to share or have other opinions, please do.

What Can You Do To Supplement Your Income?

There are many things out there you can do to supplement your income. However, since most of the time people don’t get to do what they love to do in their primary jobs ( they are most like to be working for the paychecks) first of all you have to ask yourself a few simple questions. This is an important step as you want to enjoy yourself as well as earning some income at the same time.

• What is your hobby?
• What is it that you can continue to enjoy to do even though there’s no money involved in it?
• Can you get support from your family members in what you intend to do? (not necessary but you will soon find that it will be much easier if you had their support or understanding)
• Do you need any special facilities or equipments and how much cost would be incurred?

Having thought about all these questions mentioned, you have various choice of jobs that you can start-off as a part-timer or as a hobby. Besides generating some income for you, it can continue to be your favourite past-time. You can relax yourselves and free yourselves from the daily stress.

Among the popular choices that you have:

• Teach part time - This can include at colleges/institutes or giving private tuition.
• Baby sit - If you find that you love kids, you can always offer baby sitting service, starting from your relatives.
• Designing websites - You can help to design and maintain websites for the small business owners and gradually as your skills improve, you may even offer your services to the corporate group as well.
• Service computers - Usually customers find it difficult to troubleshoot or maintain a pc (from viruses, de fragmenting, installation of software,etc.) after their warranty period is over. Why not offer your service in this area?
• Tailoring service - If your service is good and you are good with your hands, you are sure to have your hands full especially during festive seasons.
• Bridal & make-up service - This seasonal service is also good for a part-timer who is artistic and creative. Together with this, you can have decoration service also included.

The examples given above are merely to jumpstart in case you are having difficulties looking for ideas. But hey, the sky is the limit. You don’t have to limit yourself to these jobs alone as you can come up with your own method to supplement your income as you should know best what you are good at!

Successful Bloggers

Over the weekend, I had the chance of meeting 2 of my old friends. 1 of them is an engineer while the other was in the IT industry. Though the meeting was on separate occasion with each individual, surprisingly, I had 1 common topic for discussion. You guessed it right! It was on how to make more money.

• Both of them were very keen and enthusiastic about generating a higher income for themselves and their family but didn't know how.
• Both of them wanted to start off some business, but didn't know what business they should venture into.
• Both agreed that they lacked in marketing skills which is of utmost important to have in running a business.
• Both had limited funds for investment in the business.

BUT,

• Both had Internet connection + computer facility at home.
• Both had spare time that they could devote to everyday.
• Both had some experience/expertise that they could share with others for their benefit.

So, I suggested that while they were thinking about a more appropriate business plan, why not do some blogging. To my surprise, they were quite unfamiliar with that term. One of them even kept pronouncing 'BLOG' as 'BLOP'!!! And continued to explain how you go about doing it and how bloggers make money and what were the potentials for the bloggers. So, in that process of finding more resources for them, I stumbled upon a list of really successful bloggers.

This brought back the confidence in me to continue blogging. Reason No. 1 was for the amount of these successful bloggers made and Reason No. 2 was the notion 'everyone is blogging these days, so you can't make it' wasn't true. At least not in the case of my friends. So there still must be a BIG opportunity out there in blogging. Ok, enough of the talk, let's look at the list of bloggers who has started bringing in the $.

List of Successful Bloggers (Source: BusinessWeek)

boingboing.net
Launched: January, 2000
Revenue: Over $1 million a year

icanhascheezburger.com
Launched: January, 2007
Revenue: Estimated $5,600 a month based on ad rates and self-reported traffic data

shoemoney.com
Launched: October, 2005
Revenue: $12,000 a month

overheardinnewyork.com
Launched: July, 2003
Revenue: Estimated $8,100 a month based on ad rates and self-reported traffic data

kottke.org
Launched: March, 1998
Revenue: Estimated $5,300 a month based on ad rate

talkingpointsmemo.com
Launched: November, 2000
Revenue: Estimated $45,000 a month based on ad rates and self-reported traffic data

perezhilton.com
Launched: September, 2004
Revenue: Estimated $111,000 a month based on ad rates and self-reported traffic data

gothamist.com (and 13 other sites in the "-ist" network)
Launched: January, 2003
Revenue: Monthly average of $50,000 to $60,000 over the past 12 months

techcrunch.com
Launched: June, 2005
Revenue: $200,000 a month

gofugyourself.typepad.com
Launched: July, 2004
Revenue: Estimated $6,240 a month based on ad rates and self-reported traffic data

mashable.com
Launched: July, 2005
Revenue: Estimated $166,000 a month based on ad rates and self-reported traffic data

problogger.net (multiple sites)
Launched: November, 2004
Revenue: Over $100,000 a year

michellemalkin.com
hotair.com
MichelleMalkin.com launched: June, 2004
Hot Air launched: April, 2006
Revenue: NA

The top 20 jobs most likely to survive a recession

Though the top 20 jobs are listed down, it is important to note here that only highly skilled people are in demand always, whether it is a technical or non-technical job.
So, in order to be still saleable, it is recommended that you should upgrade yourself with additional paper qualification, whether it is a degree or a simple plain certificate. Other than that you can also opt to check out certifications, such as the brainbench certification, some of which are provided for free on the Internet.

Jobs that most probably will survive a recession:

1. Sales representative/business development

2. Software design/development

3. Nursing

4. Accounting and finance executive

5. Accounting staff

6. Networking/systems administration

7. Administrative assistant

8. Business analysis (software implementation)

9. Business analysis (research)

10. Finance staff

11. Project management

12. Testing/quality assurance

13. Product management

14. Database administration

15. Account/customer support

16. Technology executive

17. Electrical engineering

18. Sales executive

19. Mechanical Engineering

20. Government contracts administration



Source:
Copyright 2008 Wellington Newspapers Limited
All Rights Reserved
The Dominion Post (Wellington, New Zealand)
September 6, 2008 Saturday