Retire Secure!

Imagine that you’re twenty-two-years-old and you’ve just been drafted into the National Football League. Chances are you haven’t spent a lot of time thinking about financial planning—not many people that age have, truth be told. In a world where the average NFL career lasts just three years, how does a young player avoid the pitfalls of sudden wealth to ensure that a hefty signing bonus puts him on a path to a secure life after his contract ends. How should he plan for retirement?Are you chuckling to yourself? Maybe you think that is not going to be the first thing on his mind? You are probably correct. But, according to the National Endowment for Financial Education, about 70 percent of people who suddenly receive a windfall of cash will be broke a few years later. Is there something even we—those of us whose lives are not so high-profile—can learn from the mistakes of others?On tonight’s edition of The Lange Money Hour, CPA/Attorney Jim Lange interviews the man who has been dubbed “Hip Hop’s Financial Advis