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Financial Literacy - Retirement
SPOTLIGHT
How does a star plan for retirement?
An NBA all-star player, musicians and TV celebs reflect on career longevity and financial planning for retirement.
Mapping a retirement plan
 
 Celebrities:
Charles Barkley
Barbara Eden
Mike Greenberg
Jane Monheit
Ben Stein
Carl St. Clair
Celebrity Q&A
Who: Charles Barkley
Notable:
NBA all-star player, Turner Sports analyst
Fame & Fortune Q&A:
Bankrate: You didn't grow up in luxury.
Charles Barkley: I grew up poor.
Bankrate: Do you remember when you first became aware of money?
Charles Barkley: I probably didn't have money until I got to the NBA.
Bankrate: Were you prepared to handle it?
Charles Barkley: The first mistake I made was, I bought like seven cars. The best thing that happened to me was Dr. J (Julius Erving) slapped me upside the head and said, "Listen, don't be stupid. You don't need seven cars. Put that money in the bank and let it grow and grow and invest in real good, positive things." It was the best thing that ever happened to me. That's what I tell all these young guys, man, you don't need all that damn jewelry; you don't need all those cars. Invest your money wisely, and invest it back in the community in some capacity. Because you're not going to play basketball forever.
Lesson learned: 
Invest your money wisely for your future.
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  Are you worried about having enough money to retire someday?
Or, do you have a plan of action? Share your story.
-- Posted: April 23, 2007
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