*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).
What did John Kelly know and when did he know it? Plus, the Olympic gold medal-winning snowboarder sparking controversy. A preview of the Daytona 500, and Happy Valentine's Day! With FanSided, The Root, Moët & Chandon, and Zimbio.
Police in Florida respond to a deadly high school shooting in Parkland. Congressman Joe Kennedy talks about bringing the Democratic message to millennial voters, and President Trump's Infrastructure plan.
Darrell "Bubba" Wallace Jr. says his two favorite platforms are Twitter and Instagram. Ahead of this weekend's 60th running of Daytona 500, he shares what he does the morning of a race.
Models Georgia Gibbs and Chase Carter talk about what it's like to be swimsuit models and inspire a new generation. The magazine's annual swimsuit issue features women with an "In Her Own Words" message.
Cheddar's Patrick Jones interviews NASCAR driver Darrell 'Bubba' Wallace Jr. live from the Daytona International Speedway in Daytona, Florida. The 60th running of the Daytona 500 is on Sunday.
Team USA is dominating the snowboarding field, winning gold at the first four events. Shaun White is the latest, but his big win is stirring up controversy.
NASCAR is set to rev its engines for the 60th running of the Daytona 500. Driver Aric Almirola joins Cheddar from the Daytona International Speedway to reveal how he prepares for the big race.
The racecar driver joined Cheddar ahead of this weekend's Daytona 500. He says he invests so he can preserve the winnings he's been lucky enough to earn, because he doesn't want to up like some lottery winners and professional athletes who go broke.
It was a thrilling finish for American snowboarder Shaun White. The athlete made history Tuesday night by becoming the first snowboarder to win three Olympic gold medals. USA Today sports reporter A.J. Perez weighs in on the significance of this moment.
Transgender athlete Chris Mosier says that times have changed, and there's less at risk for LGBT athletes to be their authentic selves when they compete.
