*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).
Dr. Brian Moore, CEO & Co-founder of sports performance and technology company Orrecco, joins Cheddar Innovates to discuss how the @thlete platform is helping pro athletes and Olympians improve their performance, and what the future of tech in the world of sports may look like.
A six-year battle over equal pay has finally come to an end-- as U.S. Soccer and The United States Women's Soccer Team have agreed to settle their lawsuit. Under the terms of the deal, the athletes will receive $24 million from U.S. Soccer, and a pledge from the federation to equalize pay for the men's and women's national teams. Lily Roberts, Managing Director of the Poverty to Prosperity Team at the Center for American Progress joined Cheddar's Opening Bell to discuss.
In a thrilling overtime finish, 23-year old NASCAR driver Austin Cindric clinched the 64th annual Daytona 500 win. Narrowly beating out legendary race car driver Bubba Wallace, Cindric earned his very first NASCAR cup series victory, and became the second youngest driver to win The Great American Race. Daytona 500 Champ Austin Cindric joined Cheddar's Opening Bell to discuss his historic victory.
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature athlete and activist Colin Kaepernick.
The NBA's Golden State Warriors recently announced a relaunch of their SuiteXchange platform, which allows owners to resell luxury suites or rent them out for individual games. Brandon Schneider, team president and COO, joined Cheddar to relay the details of the renewed program and what buyers and sellers can expect. "The Warriors don't determine the price. The seller and the buyer really do. And that's actually one of the unique features on SuiteXChange," he said. "So, if the seller wants to set the price at $10,000, making up a number, the buyer can buy it for $10,000 or they can make an offer for something less than that."
The horse known as Medina Spirit has been stripped of its first-place title at the 2021 Kentucky Derby after testing positive for a banned substance with trainer Bob Baffert receiving a 90-day suspension. Second place finisher Mandaloun has been named the winner instead.
Jamaican Olympic alpine skier Benjamin Alexander joins Cheddar News to discuss his first Olympic appearance and creating more opportunities for diversity in the sport.
While the United States were once again among the top nations in 2022 Beijing Winter Olympics to medal, with the games just ended, the focus turns to the athletes coming home and the mental toll the competition take on them. Lauren Gibbs, the 2018 Team USA silver medalist in bobsledding, joined Cheddar News to give her perspective on this year's games and what the competitors have gone through. “Its definitely a mixed bag, you know? It's like I just had the most incredible athletic experience of my life, but then its like its over in a flash," Gibbs said about the feelings an athlete can go through after finishing. She noted that it's important for them to be vocal and reach out to support networks after the rush of competition ends.
