Egoism Versus Money

 Posted by on 28 February 2013 at 10:00 am  Ethics, Money, Sports
Feb 282013

It’s a myth that rational egoism means pursuing money above all else. Other goals can and often should mean more to a person… even when millions are at stake.

For example, given what a great coach Belichick is and what a great organization the Patriots are, Tom Brady is wise to forego a few million for the opportunity at another SuperBowl win, I think:

Tom Brady took a huge step today to ensure he’ll retire a Patriot, agreeing to a three-year contract extension that will keep him under center for New England through the 2017 season, when he will be 40 years old.

For the second time in his illustrious career, Brady is doing something players in this day and age simply do not do: As he did in 2005, Brady, a league source told, is signing a contract with New England that will pay him significantly less money than the market will bear, in large part to help the Patriots stay competitive for the next five seasons.

Amazingly, according to the source, the deal is for an eye-poppingly conservative $27 million, which is less than half his worth by any measure.

That’s a man who knows what’s important to him… and it’s not sitting back in his final years of play to rake in a few more million. He wants to win! Go Tom!

Oct 142011

In Sunday’s Rationally Selfish Webcast, I discussed teaching young people to use credit cards wisely. The question was:

How can young adults learn to use credit cards responsibly? Some young adults (usually college students) seem to make terrible financial decisions, often getting themselves into serious and overwhelming credit card debt. Others seem to handle their new financial responsibilities just fine. How would you recommend that parents teach their teenage children to use credit cards wisely? What advice would you give to young people headed to college about managing their finances well?

Here’s the video of my answer:

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