The Case of the Classic "Rags to Riches"

Congratulations to Max Holloway, Dustin Kimura & Russell Doane for bringing home Three W's from UFC Singapore. It is always heartwarming when we hear of our local boys making it in the big time. We celebrate these hometown heroes and share in their success.

My wish for these young locals boys as well as other local boys who have made it big in the NFL, MLB, NBA, etc. is that they be smart with their money. Many of these young local boys go from making maybe $20-$30,000 a year to making well over 6-7 figures in a year. I know from my personal past experience that in my early twenties I made the most financial mistakes of my life and I wasn't making nearly as much as these guys at that age.

It is common for the financial mentality of twenty-somethings to be "What can I buy with all this money?" or "Where can I travel to with this kind of money." Of course, this money is well earned and they deserve to enjoy the fruits of their labor. However, we often see local stars in trouble for tax evasion or still see them struggle with their finances even when they are making significant income. It all comes down to financial literacy. Understanding the implications of making more money, what is they best way to make all that money work for you, ensure that you have enough to meet the lifestyle you want to live, and investing for the future when that kind of income is not a guarantee.

'Ohana is a huge thing here in Hawaii. Making it common to want to share your wealth and spoil your family who has supported you along the road to success. I'm sure these young local talents also have family members coming out of the woodworks trying to get a piece of the pie. It's great to share your prosperity with others, however they must make sure that they are financially secure for themselves and their immediate family before they go around town treating their friends to an open bar tab or handing out money to family members and friends.

Financial advice will come from all angles for these young guys. I hope that the advice that they are given is genuine and has their best interest at heart. I provide one-on-one personal finance consultations mostly for those who have extreme outstanding debt and low income, however I extend my services out to these young men (and women) who need a little guidance on how to best make their money work for them and be truly financially well.