Lighting a fire
Joakim says he was looked down upon by his peers as a private-school rich kid, which only lit a fire in him.
“Those are scars forever,” he said. But Joakim didn’t let it stop him.
He continued to work hard and was eventually invited to the ABCD Camp, a gathering of the highest-ranked high school basketball players in the U.S. After putting his skills on display, he says he started getting calls from top college programs.
“I knew that was the sacrifice that I had to make, even though I had access to all those things,” Joakim said of his privileged family. “You heard Kobe [Bryant] say it all the time: ‘Sacrifices must be made,’ but it's real. My mentality was not like, ‘Okay, how am I going to feed my family?’ It was like, ‘Yo, I really want this and I know why I want it. I’m Joakim, I’m not Yannick Noah’s son.’”
Eventually, it all paid off. He went on to play for the University of Florida Gators men’s basketball team and was drafted ninth overall into the NBA by the Bulls in 2007, where he played for 13 seasons and signed $140-plus million in player contracts.
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Learn MoreEssential sacrifices
It can be challenging to resist luxury and convenience, which is why it’s often a key reason for financial stress. But for those seeking security and long-term success it might be essential.
Similar to Joakim, it can help to focus on a personal goal to make it easier to give up what you don’t need and keep your eye on the big picture.
For instance, 27% of people who described themselves as “spenders” said the desire to provide for and support their family was a motivator for them to save according to research by investment firm T. Rowe Price. Meanwhile, 46% of people who described themselves as “savers” said they were motivated to do so because it gave them a sense of financial security.
Whether you’re motivated by your role as a provider or by the psychological benefits of economic security, finding out what motivates you to save more and invest wisely can be a key step to financial success.
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