Sports Veterans’ Financial Advice for Younger Athletes
Host and former NFL player Brice Butler is helping out the young incoming pro athletes as he catches up with C.C. Sabathia, Andre Iguodala, Larry Fitzgerald and Kevin Adams at the American Century Championship on their best financial tips to navigate the high pressure sports world.
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00:00 So what would you give all them young guys out there that's coming into the league in
00:03 respect to sports?
00:04 What kind of advice would you give them?
00:06 I mean just to make sure that you know where all your checks going out to.
00:11 Make sure that you get some financial literacy before you even get money.
00:15 You know that's something that we didn't do before and are figuring out now.
00:21 So talk to whoever you need to, any kind of vet.
00:23 If somebody's offering you help, take it.
00:26 You know especially if it's an older player and just be on top of everything man.
00:32 Hold off like four or five years on the material things.
00:40 I understand a nice car that you can fit in because you're 6'8" 6'9" I get that part.
00:44 Get a small apartment.
00:45 You know don't look to get a big house.
00:50 Understand assets versus liabilities.
00:53 Understand the markets.
00:54 You know these guys like watches, don't get diamonds.
00:57 It depreciates.
00:58 It depreciates your watch purchase.
00:59 Yeah, it'll mess your watch up.
01:01 Depending on the company, Warren Buffett said the ninth wonder of the world is compound
01:05 interest.
01:06 You can't get compound interest if you don't stack.
01:09 So the more you stack, the more compound interest you get.
01:13 The more you stack, the more interest and then the more interest, the more compound
01:16 interest.
01:17 Don't touch it.
01:18 You know a dollar saved is a dollar earned.
01:21 You only need one car.
01:22 You need one house.
01:24 Just as you get started and as you start to accumulate more wealth, your material items
01:30 can grow but I think it's important to be able to start on a good path.
01:34 Create discipline for yourself and making sure that the most important thing is your
01:38 career and growing in that and being the best you can.
01:41 The money and accolades and all the stuff will come after you produce and that's what
01:45 I would say.
01:46 You being a guy that are managing the money that these guys are making, what type of advice
01:51 would you give a young guy or even a guy that just doesn't have any financial literacy to
01:57 protect their money and grow their money?
01:59 Great to be here first of all.
02:00 First thing I would say, ask a lot of questions.
02:02 No question is a dumb question.
02:04 Take control of your finances.
02:05 Be involved.
02:06 Don't relinquish that control to anyone.
02:09 You want to know every move.
02:10 You obviously want to enlist and get the help of the professionals, the people that do this
02:13 every single day but you want to be involved in every decision.
02:16 You want to understand where your money is going.
02:17 You want to have an understanding of the basics of finance, how it works, how your money is
02:21 growing for you, how it works for you and eventually you want to be in a position where
02:26 you're actually driving a lot of those decisions.
02:28 I think that's part of the issue.
02:29 A lot of times we tend to let those "professionals" take control of everything.
02:34 We relinquish everything.
02:35 Here you go and we're so focused on our craft and our sport or our acting or whatever the
02:40 case may be that we lose sight of that.
02:42 Don't ever lose sight of that.
02:43 Be involved.
02:44 Take control of it.
02:45 Finance is like a saying and I equate a saying in finance like a saying in business.
02:49 If you can't measure, you can't manage it.
02:51 When it comes to finances, if you don't understand what's going on, you're at a loss and you
02:55 will never win.
02:56 We're often afraid to ask questions for things that we don't understand.
02:59 We're afraid to appear that we're ignorant or no less than or whatever.
03:05 As athletes, you're going to get thrown a lot of different things, a lot of different
03:08 opportunities.
03:10 Always remember that if it sounds like it's too good to be true, it probably is.
03:13 It probably is.
03:14 This is a game where it's a time game.
03:18 There's no quick schemes in finance and literacy and all those types of things.
03:22 Take your time.
03:23 Learn.
03:24 Ask questions.
03:25 Nothing big.
03:26 Ask the questions.
03:27 Ladies and gentlemen, ask questions.
03:28 Kevin Adams, thank you so much, my man.
03:30 Keep the meat going.
03:31 (upbeat music)