It takes one to know one, as the old saying goes. With that principle in mind, who better to offer financial advice to athletes than some of the wealthiest former athletes? Here’s what they have to say about money, investments, and cars.
Financial Advice From Some of the Wealthiest Former Athletes
As of 2020, the net worth of former basketball player Grant Hill was estimated at $250 million, placing him among the wealthiest former athletes worldwide.
Hill has never distilled the secret to his success into a single piece of advice, but the now co-owner of the Atlanta Hawks is quick to point out what he considers to be his greatest financial mistakes: blowing money on expensive cars and making bad investments.
While Hill offers insight into how NOT to manage your money, former hockey player Wayne Gretzky (with a net worth of $250 million, just like Grant) has a pretty straightforward set of rules when it comes to managing his money:
- Don’t borrow or leverage
- Don’t invest in things you don’t understand
- Avoid the stock market
- Don’t spend on flashy cars or jewelry
Seems like cars are a true temptation for athletes. If two of the wealthiest former athletes believe it’s better to steer clear of fancy rides, you better pay attention.
With a net worth of $280 million as of 2020, Dwayne “The Rock” Johnson is another authoritative voice when it comes to managing your money as a former athlete.
Johnson’s most valuable tip comes from his own example. A former wrestler turned global cinema star, “The Rock” is one of the best examples of that old piece of financial wisdom: “Don’t put all your eggs in one basket.”
And this maxim applies not only because Johnson was able to accomplish a rare career transition. Even as an actor, the former wrestler sticks to this principle, taking on different roles to increase his chances of success.
New Tech Outreach: Empowering Individuals and Changing Lives
At New Tech Outreach we assist athletes at all levels and the public at large with counseling, coaching, life skills training, and financial education. We aim to change lives by empowering individuals to achieve the goals they have set for themselves.
We work with clients in Washington, Arizona, and all over the United States. Contact us today by email (email@example.com), telephone (202-412-4768), or through our social media accounts on Facebook and Instagram.