Tiger Woods the first billionaire athletic who is now back to a multi millionaire thanks to his scandals.
The scandals and his wife have one thing in common, ladies. From the start of the scandal, his wife chasing after Woods with a golf club which caused Woods to crash a fire hydrant and sent to hospital which lead to a sex scandal which involves numerous number of women from different professions.
Woods can become a billionaire is due to his ability to market himself and his skill and not discounting the fact that he knows how to manage his wealth. To become a wealthy successful person, one must learn basic accounting knowledge which is essential and the fundamentals are same on money management.
Considering the zeros differences, there will be slight difference in how money is being managed to grow the money instead of losing money. Yesterday in Straits Time, Woods was labeled as a Cheapskate by one of the ladies associated in the Tiger Woods scandal for only buying her a sandwich and not to provide for her financially.
With regards to that, I am in full support of how Woods managed his financial statements and looking at the profit and loss statement on anything and he is a good accountant himself to manage it well as a matter of fact.
By not providing for the lady financially, it is simple investment knowledge not to invest in a losing property or entity which will only drain your money away like a leaking tap or a faulty water dam depending on the number of zeros investors are talking about.
Providing financially for that lady not only will incur losses in short, mid and even long term.
Short term, the lady’s appetite for financial support will burn a hole.
Mid term will be that the profit and loss statement is going from blue to red tabs and it gets only darker blood red.
Long term is due to the business implications on the brand of Tiger Woods picking up the bills for another lady who is not his wife which will lead to companies losing trust and withdrawing from Woods earlier than expected if he did the wrong choice of providing financially for that lady.
On the other hand, Woods have being paying millions to hope savage his relationship with his wife, Elin Nordegren is a smart choice which has short, mid and long term benefits.
Short term is that he increases his own relationship bonding and trust among his friends, relatives and business partners as a complete model family and as somebody to look up to. With a family as emotional support, he can easily discount the work stress and replace it with family love, support plus care and concern which has immediate benefits.
Mid term is that with a complete family image, businesses will want to associate themselves with people who are already successful themselves and are setting a good role model example for the majority. To top things up, he is a expert marketer himself in his golf skills on top of a blissful supportive family prior to the scandal broke out. Combining both role models and his marketing skills of himself, he opens up new invitations for appearance which is his residual income source.
Long term benefits are tied together with business endorsements, representing various brands for their prestige, creditability and association with somebody trustworthy which is long term passive income for doing absolutely nothing. All that Woods needs to do is to behave himself which he did until the scandal broke out.
Financial management requires a basic understanding of accounting and the ability to foresee short to long term benefits before venturing into any investments, which includes in providing financially for ladies in this case study.
If you want to get rich, start first by learning how to better manage your money without professional assistance.
“It is easy to have principles when you are rich. The important thing is to have principles when you are poor” – Ray Kroc
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