When it comes to starting over financially, many Americans ascribe to a defeatist attitude. “I’m just always going to be broke,” these people say to themselves. Many of them excuse their behavior saying, “I’m bad with money because my parents were too.” These people could learn a lot from people who had money, and then lost it all. Ex-NBA star Vin Baker is a great example of someone who is making this transition.
Baker, a 13 season veteran and four time all-star, blew $100 million during and after his NBA career. Now the former millionaire is working as a barista at a Starbucks in North Kingstown, Rhode Island as part of his training to become a manager. When interviewed, Baker told Kevin McNamara, “I’m 43 and I have four kids. I have to pick up the pieces. I’m a father. I’m a minister in my father’s church. I have to take the story and show that you can bounce back. If I use my notoriety in the right way, most people will appreciate that this guy is just trying to bounce back in his life.”
Vin Baker’s message is a lesson to the rest of us that just because you have no savings, doesn’t mean that you never will. Your current net worth is the accumulation of all the decisions you’ve made over your lifetime. You cannot change the financial indiscretions of youth, but you can immediately start fixing that problems that you created in the past. It won’t be easy, but great satisfaction will come from getting out of debt, building a savings and leveraging the crash to your advantage.