*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).
Cheddar News checks in on what to look out for on The Day Ahead. March Madness continues with the remaining Sweet 16 teams in the tournament while 'John Wick 4' makes its debut in theaters nationwide.
Willis Reed, who dramatically emerged from the locker room minutes before Game 7 of the 1970 NBA Finals to spark the New York Knicks to their first championship and create one of sports’ most enduring examples of playing through pain, has died. He was 80.
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No. 1 seed Indiana Hoosiers have been eliminated from the March Madness women's tournament.
Fanatics is now the official jersey supplier of the National Hockey League, replacing Adidas, and the deal will kick off in the 2024-2025 season.
The NCAA men's tournament is down to the Sweet 16, which kicks off on Thursday.
Trea Turner, Paul Goldschmidt and an unrelenting U.S. lineup kept putting crooked numbers on the scoreboard, a dynamic display of the huge gap between an American team of major leaguers and Cubans struggling on the world stage as top players have left the island nation.
The top four seeds in the tournament were given to South Carolina, Indiana, Virginia Tech and Stanford — and the Cardinal was the first to bow out.
March Madness is heading to the Sweet 16 without a handful of top teams. Two No. 1 seeds, Kansas and Purdue, No. 2 seed Arizona and No. 4 seed Virginia are all gone — and gone with them are millions of busted brackets.
A total of 33 states and the District of Columbia now allow at least some form of sports wagering, but the prospects are mixed for expanding sports betting to additional states this year.
