*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).
To get you in the Super Bowl spirit PepsiCo is rolling out advertisements to gear up for the game. Greg Lyons, CMO of Pepsi Beverage, and Jen Saenz, CMO of Frito-Lay explain the messages behind the company's iconic ads this season.
On VF Hive: We’re joined by the crew from Vanity Fair's Hive to discuss Bannon's Mueller investigation subpoena. On Between Bells: Winter Olympics diplomacy, and Ellen Pompeo's payday. With New York Magazine, Latina Magazine, and FHM.
North Korea and South Korea shocked the world by announcing plans to march under a unified flag at the upcoming Winter Olympic Games. FHM's Nick Dimengo joins Cheddar to discuss whether the news will increase interest in the games.
The former Yankees star founded "The Players' Tribune" in 2014 as a way for athletes to tell their stories the way they want them to be told. The CEO says Facebook's changes only help get their story out there.
What's better than reading in-depth news about your favorite athletes, perhaps getting that news straight from the players' pen or mouth? "The Players' Tribune" is a sports media company started by Derek Jeter back in 2014. Since then, TPT has grown into video, continued to break news, and builds recognition in the sports space.
VICIS CEO Dave Marver discusses the Zero1 helmet, rated by the NFL as the safest ever made. Marver explains what makes the helmet different and what's next for the company.
People have compared trading on the stock market to playing a sport. You need to know the players, when to make your move, and how to win. So why not follow the sports industry and sports business like how you follow the stock market news? Corey Leff thinks you should. That is why he started "John Wall Street," a newsletter that covers the ins and outs of the sports industry.
Najee Goode is both a linebacker for the Philadelphia Eagles and a design engineer for the app VEEPIO. The Super Bowl hopeful joins Cheddar to explain what the Eagles need to do to win on Sunday and why VEEPIO is helping fans be more engaged.
On VF Hive, we're joined by the crew at Vanity Fair's Hive to discuss Oprah's White House ambitions and Steve Bannon's next moves. Then on Between Bells, we break down the new allegations against James Franco and the Lavar Ball drama sweeping the NBA.
The most talked about person in the NBA isn't even in the NBA. FHM Magazine's Nick Dimengo discusses the media firestorm surrounding Lavar Ball and his increasingly outspoken comments about his son's team, the Los Angeles Lakers.
