*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).
The Cheddar Sports crew caught up with the team members of the Philadelphia Fusion, who upset the top-seeded New York Excelsior in the first round of the Overwatch championship. Getting to this weekend's Grand Finals, the team said, is a dream come true.
Stephen Revetria, Senior Vice President of the San Francisco Giants, joins Cheddar's Alyssa Julya Smith to talk hosting the Rugby World Cup Sevens and major tech advances at AT&T Park.
Jay Williams, a second-round pick in the 2002 NBA draft, has been a major proponent of paying college athletes. But he says the league needs real disruption to get those in charge to see the light.
Mark Griffin, commercial director at USA Rugby, doesn't want to be the NFL or MLB. Rather, Griffin wants to spread the sport by forming rugby clubs at high schools and colleges. "The college infrastructure in America is absolutely incredible and second to none," he told Cheddar.
Nearly 150 victims of Larry Nassar's sexual misconduct stood on stage Wednesday during the ESPY Awards to accept the Arthur Ashe prize for courage. Josh Hill, Senior Editor at FanSided, explains that their visibility will raise general awareness for sexual abuse, far beyond the arena of sports.
The pro wrestler and his wife's new reality show, "Miz and Mrs," debuts on USA July 24. The Miz tells Cheddar that if he had to fight a tech titan, he'd pick Amazon CEO Jeff Bezos. "My recycling bin is out the roof. I need like three different recycling bins all filled with Amazon boxes because [Maryse] loves Amazon Prime."
These are the headlines you Need2Know.
* **Damage Control at the White House:** President Trump will meet with his cabinet today after widespread criticism of his comments spread following Monday's joint meeting with Russian President Vladimir Putin. To appease his base,Trump declared yesterday that he simply misspoke during the presser--but some critics find that hard to believe.
* **Manafort Goes to Court:** The case against former Trump campaign manager Paul Manafort is moving forward--despite a denial of his team's request for a change of location. Manafort's team asked for the trial to be moved from Alexandria to Roanoke, believing that Alexandria's more liberal base would be less forgiving and attract more press.
* **University Doctor Under Fire:** A former Ohio State University doctor is accused of molesting student athletes after complaints surfaced from several ex-wrestlers--one of whom condemned is Congressman Jim Jordan for ignoring the allegations.
* **Vacancies at Comic-Con:** The 2018 Comic-Con kicks of in San Diego tonight. But some of the usual attendees will be missing: network HBO, the Avengers, X-Men and Deadpool will be among the absent guests.
* **American League Still Number One:** The American league clung to its title as reigning champ after it defeated the National League for the sixth straight year during last night's MLB All-Star game.
Cheddar Big News' Hena Doba gives us the details.
