*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).
Indianapolis Colts owner Jim Irsay is displaying his world-renowned collection of historic memorabilia to the public for the first time in the Big Apple. Irsay joined Cheddar News to talk about why he's bringing artifacts from the Beatles to Jerry Garcia to light now. "I borrow all this stuff, you know, and I just feel kind of an obligation to share it with the public and make it come alive if you will," he said.
Ryan Hammond, Executive Director of the Eagles Autism Foundation, joins Cheddar News' Closing Bell, where he explains how the Eagles Autism Challenge came together and how the entire organization, beginning with team owner Jeffrey Lurie, has been able to raise autism awareness to new levels.
Alex Glaze and Trysta Krick tell viewers which NBA wagers will be a slam dunk while Gabe Lacques steps into the batter's box with his best picks for MLB Opening Day.
Sponsored by BetMGM.
Alex Glaze and Trysta Krick provide their winning strategies for betting on the end of the NBA Play-In Tournament and the start of the playoffs, while Minty Bets breaks down Thursday night's MLB slate and pitches her top picks.
Sponsored by BetMGM
Alex Glaze and Michael Jenkins size up Saturday's Final Four matchups while David Salituro tells us what to expect - and who to bet on - when it comes to MLB Opening Day and the Masters Tournament.
Sponsored by BetMGM
Olivia Harlan Dekker, Alex Glaze and ESPN College Gameday analyst LaPhonso Ellis deliver their top plays for the Round of 16 of the NCAA Tournament, with Glaze also discusses what Kyrie Irving's eligibility for home games means for the Nets title chances.
Sponsored by BetMGM
Olivia Harlan Dekker, Alex Glaze, and Sean Green provide viewers with all the intel they need to place winning bets and dominate their brackets during the NCAA Tournament, ranging from breakout performers, most likely upsets, and who will win it all.
Sponsored by BetMGM
With Selection Sunday just days away, Olivia Harlan Dekker and Tyler Fulghum break down Thursday night's action and the outlook for several key conference tournaments. Meanwhile, Alex Glaze dishes out his top plays for a star-studded Thursday night NBA doubleheader.
Sports Betting in the U.S. is booming. According to industry experts, we could see another boom this year as more states move towards statewide legalization of sports wagering. While this comes as huge news for fans, there are some very real concerns as to whether or not sports betting potentially poses a threat to public health. Senior Clinician at the Caron Treatment Centers, Eric Webber, joined Cheddar to discuss more.
Olivia Harlan Dekker breaks down Thursday night's top NBA games, Joe Ceraulo hones in on player props, and Trysta Krick delivers her lock of the night on the hardwood.
