*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).
Millions of people around the world are getting ready for the Super Bowl on Sunday. And while the day is all fun and games, there's still a serious discussion happening about player safety. Now, two leading sports brands have teamed up to design new, state-of-the-art equipment using 3D printing. Joe DeSimone, co-founder and CEO of Carbon, stopped by Cheddar with more on how technology is making football more safe, head to toe.
Luke Wilson is taking a short break from Hollywood. A commercial break. The "Rushmore" and "Old School" actor is starring in his first Super Bowl commercial, and he says the 30-second Colgate spot will probably get more views than any of his movies. "I think more people will see this than any movie I've ever been in for sure," Wilson told Cheddar on Friday.
Draftkings CEO Jason Robins told Cheddar that New Jersey residents alone could wager as much as $100 million on the Super Bowl, the first time sports betting will be legal there for the big game.
Although it has 3 million customers, home security company SimpliSafe isn’t a household name yet. It’s hoping that will change on Sunday after its first Super Bowl ad airs.“In a market where people are trying to lock you in a contract or harvest your data, we’re trying to keep you safe,” brand creative director Wade Devers told Cheddar. “There aren’t really a lot of places you can reach the number of people you can reach like the Super Bowl.”
These are the headlines you Need 2 Know for Friday, Feb. 1, 2019.
On Super Bowl Sunday, the Hallmark Channel will be home to the sixth annual Kitten Bowl, the annual matchup of cat-letes held to benefit the North Shore Animal League. Beth Stern, host of the Kitten Bowl and spokesperson for North Shore (and wife to Howard), brought a pair of 12-week Siamese kittens to Cheddar Thursday to help promote a new event this year: the first-ever Cat Bowl.
These are the headlines you Need 2 Know for Wednesday, Jan. 30, 2019.
Super Bowl Sunday is the ー well ー Super Bowl of building brand awareness, particularly for food and beverage companies. This year, Pepsi and Frito-Lay, both units of PepsiCO ($PEP), are once again among the snack giants planning to use the 100 million-plus members of the expected television audience to launch new products and elevate brands in their respective portfolios. Frito-Lay CMO Jen Saenz spoke to Cheddar Tuesday alongside Greg Lyons, the CMO for Pepsi, which is known for its Super Bowl ads and social media engagement tied to the Big Game.
Apple is planning a subscription service that would function like Netflix for games, according to people familiar with the matter. The iPhone maker has also discussed partnering with developers as a publisher, which could signal ambitions to assume distribution and marketing costs for games.
These are the headlines you Need 2 Know for Tuesday, Jan. 29, 2019.
