*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 basketball star, who has been DJing since the 80s, tells Cheddar that he initially decided to start spinning after attending a Public Enemy concert and meeting Chuck D and Terminator X. "I got enough money to go to the pawn shop, get some turntables and taught myself how to DJ." His "Summer of Shaq" tour began June 9 and runs through August 5.
The basketball superstar took over Cheddar's Slack channel to tell the team to "BE NICE" and "TAKE MONDAY OFF."
Facebook is in talks to launch a 13-episode series about the Portuguese soccer star for its Facebook Watch platform. It's reported Ronaldo could make $10 million from the series but it's unclear if Facebook's investment in original content would turn into viewers, says Taylor Lorenz, a staff writer at The Atlantic.
Tomorrow's match will pit five-time World Cup champion Brazil against Belgium, which Quartz reporter Mike Murphy says is "the most exciting team at the World Cup." The quarterfinal game kicks off at 2 pm ET on Friday.
Matthew Nordgren, a former Philadelphia Eagle and founder of the Arcadian Fund, drew inspiration from his father, also a former pro, to help weed start-ups grow into businesses of a "championship caliber," he tells Cheddar.
After signing a $154 million contract with the L.A. Lakers, some are wondering if the basketball legend has some ulterior motives in moving to the West Coast. “I think he’s primarily going to become a dominant producing force and maybe becomes an Oprah-type person, who launches his own channel,” Sean O’Connell, managing editor at Cinemablend tells Cheddar.
Russia's shocking win over Spain in the Round of 16 got the team one step closer to its first ever World Cup championship. But while there's still a lot of game left to be played, The Banter's Jeffrey Marcus says, regardless of the outcome, President Vladimir Putin has already achieved his goal.
While many soccer fans will be tuning into the round of 16 starting this weekend, some are still not over the ultimate loss — the United States not participating. However, Jeffery Marcus, publisher at the Banter, tells Cheddar he thinks that for the U.S. to have a solid chance at a 2022 World Cup, it's a matter of "finding better players and nurturing them."
The league launched an initiative aimed at empowering women and girls by partnering with organizations like Planned Parenthood and It's On Us. "This is basically encoded in our DNA and has been for the 22 years that we've been in existence," WNBA President Lisa Borders tells Cheddar.
Germany's hopes of a second straight World Cup came to an end Wednesday with a shocking loss to South Korea. While Germany is considered a perennial powerhouse, defending champions often get knocked out of the first rounds of the event, says Jeffrey Marcus, publisher of The Banter.
