Orlando, Florida – Josh “JP” Powell uses his status and life experience as a former NBA player to inspire others to build better financial success.
Powell, who played on the Los Angeles Lakers' championship teams in 2009 and 2010, shared his journey with Corey Murray on this weekend's “Black Men Sundays.” In Part 2 of the podcast, Powell shared how his own setbacks taught him how to better manage his finances and build wealth not only for himself but for his children. .
“From the very beginning of my journey, I've always wanted to make sure that we have systems in place to ensure that our children are in good shape. And I, and you know, whoever my partner is, , that would be a good thing,” Powell said.
“Having systems in place'' involves talking to loved ones about financial matters, including prenuptial agreements with future spouses, beneficiaries of life insurance, pensions, 401Ks, etc., and how assets should be handled in the marital relationship. This includes having an honest conversation with them.
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“I'm a big supporter of people actually planning and thinking about what works for them,” Powell said. “A lot of times we throw ourselves into something because someone is super serious or something, and that might not be for you. It might be something else. You should research, ask questions and do everything you can before making such a decision.”
He said research is also important when making decisions with another type of “partner” in your financial situation: your advisor. Powell said he had five financial advisors during his playing days, and in some cases those advisors used him and other players.
“Right now, I don't have a financial advisor, because I've had a lot of growing pains since my divorce. Because it forces us to pay our bills and we force us to have information about how things are going to go,” Powell said.
“And all those things, it's been a real blessing in disguise because where I am now, I'm in a much healthier place in the universe than I was then. Even compared to the money I made then, “I make a lot of money. But I can't spend any money on my education, because I'm in a better place now,” he added.
Hear Powell's advice on the importance of budgeting in building generational wealth and the importance of avoiding traps caused by misinformation on Season 4, Episode 7 of “Black Men Sundays” please listen.
black men sunday We talk about building intergenerational wealth. Check out each episode in the media player below.
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