John Havlicek: To Retire Well, Invest From Day One

Feb 14 2014, 9:08am CST | by

John Havlicek: To Retire Well, Invest From Day One

Pro basketball didn’t pay as well back in the 1960s as it does today, but from the start of John Havlicek’s rookie year with the Boston Celtics in 1962 he started investing a portion of his $15,000 salary.

He told his financial advisors at the David L. Babson Company he didn’t care about a return right away, but that he wanted to own blue-chips that would keep growing.

“I didn’t play the game of taking it out every time the market went down,” says Havlicek. In that same vein, he bought into his friend Dave Thomas’ nascent business of Wendy’s restaurants in the early 1970s.

“When he was starting out, they promoted some of our exhibition games,” Havlicek explains. One of the earliest Wendy’s restaurants was within a mile of the basketball star’s Ohio home. He wound up picking up three franchises in Westchester County, New York that he owned for more than three decades until selling them in recent years.

He also bought a piece of Lakeview Farms, an Ohio-based food company specializing in dips and desserts that he still represents at occasional trade shows.

Today, Havlicek has stepped back from business, but he still keeps an eye on his finances, meeting with his advisors regularly to make sure his money is still growing in between rounds of golf, visits with his 7 grandchildren and fishing jaunts like the annual tournament he hosts for the Genesis Foundation in Martha’s Vineyard to support children born with disabilities and genetic disorders.

The tournament attracts sports stars and celebs with ties to the Boston area, where Havlicek played his entire 16-year career for the Celtics, who retired his #17 jersey in 1978, six years before he was elected to the Naismith Basketball Hall of Fame.

Follow @SchaeferStreet

Source: Forbes Business

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Amazon Changes Self Publishing Forever - Again
Amazon Changes Self Publishing Forever - Again
The self publishing haven will only pay when books are read.
 
 
Uber says "NO!" to Guns for Passengers and Drivers
Uber says "NO!" to Guns for Passengers and Drivers
The recent increase in gun violence led to the change, the hitch-a-ride giant says.
 
 
More Sony Leaks: What Couldn't the New Spiderman Be?
More Sony Leaks: What Couldn't the New Spiderman Be?
Private emails that were released show that executives at Sony didn't want a black or gay Spiderman.
 
 
Gap to Close 175 Stores Soon
Gap to Close 175 Stores Soon
The retail giant is experiencing a multitude of problems.