a great read ...

very much enjoyed this piece. Bob's one of the best.


SAX ENTERS NEW FIELD

By Bob Mims The Salt Lake Tribune

Steve Sax, a five-time major league All-Star and two-time World Series-winning infielder, found there is life - a good life - after a career in professional baseball.

The 1982 National League Rookie of the Year with the Los Angeles Dodgers gave up stolen bases, hitting streaks and double plays long ago. Still, even if not playing on one, Sax might talk to today's baseball stars about investing in diamonds.

Or, more likely, he will tailor an investment portfolio ranging from certificates of deposit, mutual funds, stocks and bonds to promising businesses and causes.

Today, Sax is scheduled to join partner John Hinman, Salt Lake City branch director for RBC Dain Rauscher,
in spreading the wise-investing gospel to the future stars of the Rookie League Orem Owlz.

And while he's at it, Sax had a brief appointment with the field where his 16-year career came to an end in 1994: He was to throw out the first pitch for the Los Angeles Angels farm club's game with Billings, Mont.

"I like to stay involved with baseball, and my association with the Sax/Hinman Sports Professional Group does that. We provide financial advice to pro athletes at all levels," Sax said.

Early in his career, Sax took a "keen interest" in his own investment planning after firing an "unscrupulous" financial adviser. He found a new adviser he trusted, and learned all he could about money management.

"That's why I am one of just 4 percent of former pro athletes who were millionaires when they played, and remain millionaires today," the 46-year-old said Friday.

While Owlz players are asking Sax what he can do to safeguard their present and future salaries and interest, he will be interviewing them as potential clients. Not all will make the grade.

"There are two elements I look for: No. 1 is trust. People work well with those they like and trust," Sax said. "Second is enthusiasm, people who are serious about business and want to be involved."

Enthusiasm could be Sax's middle name, if it already wasn't Louis. Sax is remembered for once breaking coach Joey Amalfitano's finger with a high five. "I came round third, gave him that high five and he was jumping all over the field. I thought he was just happy, but it was the pain," Sax said.

Specifics about Sax/Hinman clients are closely guarded, but Sax acknowledged one of the first challenges in helping budding stars involves teaching them to take a long view.

"I don't care if you are making $25,000 a year or $25 million, you need to have a plan - and that isn't going out and buying six Escalades and 17 gold chains," he says. "Too many young athletes get off to a bad start."

The lessons of budgeting, prudent investment and preparing for life after baseball - or basketball, football, tennis, etc. - are easier taught to athletes with strong family backgrounds.

"I grew up in meager circumstances. The first time I ever flew on a plane was with the Dodgers," Sax said. "I've had a job since I was 10, paper routes, then washing trucks. I was a dishwasher at 15, the job I had when a Dodgers scout came to see me."

The memory still makes Sax laugh. The scout never had a chance to finish his recruiting pitch to the then 18-year-old.

"The scout told me, 'I'll give you $15,000 . . .' and before he could finish the sentence, I was saying, 'Give me a pen, sir,' and I signed," Sax recalled. "Hey, he wanted to pay me to play baseball instead of washing dishes!

"That is still with me today. I know the value of a dollar," he added. bmims@sltrib.com

 

Thanks for posting, Bob!

 

meh.

 

If that's really true, then it's the only insightful thing I got from this.

 

This Pat Jordan piece in Fortune is a much better, far more interesting story about the same subject, albeit a different player.

http://money.cnn.com/magazines/fortune/fortune_archive/2006/12/25/8396725/index.htm

 

Where's that 4% number come from? Did Sax read it in Lenny Dykstra's new magazine?

 

I don't see how that could possibly be true. Pretty weak job by the reporter to let Sax make such a ridiculous assertion. The whole thing reads like an infomercial.

 

Enthusiasm could be Sax's middle name, if it already wasn't Louis. : : :

 

Head's up, people seated in the lower deck, when Sax throws out that first pitch in Billings, Mont.!

 

That'll teach SheaSeals to dare admit he actually likes a story

 

He did say "great." Then posted the entire piece.

 

Good lord, that was ordinary.