*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).
Hope King joins Austin Lucas, Assistant Manager at Gotham Archery in Brooklyn NY, to learn how to navigate the world of bows and arrows!
Ken Block has made a name for himself as an action sports star, turning his love of sports into a career. Alyssa Julya Smith caught up with Block on the mountains of Park City, Utah during the Sundance Film Festival to talk about his latest Amazon Prime original series, "The Gymkhana Files."
Cody Gough, podcast host for Curiosity.com, cooks up some surprising statistics about Super Bowl food and explains why daydreaming might be good for you.
Action sports legend Ken Block and our very own Alyssa Julya Smith take to the mountains in Utah to talk about his new Amazon Prime Video series "The Gymkhana Files"! Check it out.
Jemele Hill is out at SportsCenter. Moviepass is no longer available in some of AMC's highest-traffic theaters--and they're not revealing why. Stormy Daniels will appear on Jimmy Kimmel live after the State of the Union.
CEO and Founder of CityRow, Helaine Knapp, talks about the boutique fitness club's first franchise in Ann Arbor, Michigan. The location is a natural fit considering Knapp is a University of Michigan alumnus.
Mastering the sport of polo is no easy feat. Now, polo player and model Ashley Busch is taking on a new challenge - launching her own swimwear line.
Former USA Gymnastics doctor Larry Nassar is likely going to spend the rest of his life in prison. Axios reporter Shannon Vavra joins Cheddar to discuss the long-lasting consequences from the very public seven-day hearing.
Ashley Busch, model and Polo player, says that she uses digital platforms to show the presence of women in the coed sport, and to encourage more women to pursue it.
Meryl Streep joins the cast of Big Little Lies." The White House announces it will roll out immigration Framework. Cheddar speaks with Danica Patrick about how she is readying for this race and life after Nascar. President Trump announces new tariffs on imported solar panels and washing machines. Burger King releases a net neutrality commercial. Hewlett Packard's CEO announcers her new venture.
