*By Lauren Babbage*
Ever wonder how the Olympic gold medalist Michael Phelps and the NBA start Steph Curry manage to turn their sports fortunes into mini-empires, and other all-star athletes end up broke after their playing days end?
Financial success requires the same dedication, preparation, and teamwork that leads to championships, said Frank Zacca, the managing director of Octagon, a wealth management firm that works with superstar athletes.
"They are making so much money while they play over a short period of time that we really want them to have the diversification and think long-term." said Zacca in an interview Wednesday with Cheddar.
A big part of his job is making sure athletes are working with reliable business partners, and that they don't throw all their money into one investment, or go chasing hot sectors like technology and real estate.
It's also important to plan ahead so that earnings from a relatively short sports career can last into the next stages of an athletes life.
"Not everyone is a superstar," said Zacca. "These guys start with nothing. They make their money over a quick period of time and it's tough to educate them early on."
The average salary in the NFL is $1.9 million, and with the NFL draft this week, a number of young players will be looking forward to their first contract.
Young athletes need to know what they're getting into and create different streams of income, like endorsement deals, Zacca advised. And savings are important so that they're not just living paycheck to paycheck, no matter how big a check it might be.
For the full interview, [click here](https://cheddar.com/videos/live-like-an-all-star-athlete).
Traditionally around this time of the year, advertisers and agencies attend hours of pitches from media companies featuring their most promising TV shows and marquee events for the upcoming year. Like so many things in 2020, this year is different.
Super Bowl MVP Patrick Mahomes is among more than a dozen NFL stars who united to send a passionate video message to the league about racial inequality.
The NBA’s Board of Governors has approved a 22-team format for restarting the league season in late July at the Disney campus near Orlando, Florida.
The baseball players’ association has given management a wide-ranging response to a 67-page proposed set of protocols for a season to be played during the coronavirus pandemic.
NASCAR drivers will be returning to Darlington Raceway this weekend in South Carolina, but even with those loud engines, it'll be a much quieter racetrack. After a two month suspension due to COVID-19, the racing organization will hold it's first race without fans in the stands or high fives in Victory Lane. Jill Gregory, executive vice president and chief marketing officer at NASCAR, talked to Cheddar Friday.
A person familiar with the decision tells The Associated Press that Major League Baseball owners have given the go-ahead to making a proposal to the players’ union that could lead to the coronavirus-delayed season starting around the Fourth of July weekend in ballparks without fans.
Under 1% of Major League Baseball employees tested positive for antibodies to COVID-19, the illness caused by the new coronavirus. Results were based on 5,603 completed records from employees of 26 clubs.
The Philadelphia Flyers and 76ers are set to offer refunds or credits for unplayed regular-season games at their shared arena because of the coronavirus pandemic.
The public trading debut of the sports-betting company comes at an odd time for the company. With sports events all on hold, the platform's users are being encouraged to bet on other odds, like episodes of 'Survivor.'
"The Last Dance" became ESPN’s highest-rated documentary in its history Sunday night, averaging 6.1 million viewers during its premiere, the network announced in a statement on Monday.
