*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).
The NFL will spend up to $1 million funding up to five studies that will examine how to better help players ease their pain and find alternatives to opioids.
Simone Biles looks ready for the Tokyo Olympics. The 24-year-old easily captured her record seventh U.S. national title, beating runner-up Sunisa Lee by nearly five points.
After teasing the Yurchenko double-pike for the better part of a year and then unveiling it during training on Friday — a move that caught the attention of people like NBA star LeBron James — Simone Biles made it official in front of the women trying to join her on the Olympic team this summer.
Blockfolio CEO Sam Bankman-Fried talked to Cheddar about garnering an endorsement deal with the Jacksonville Jaguar's first pick in the NFL Draft, QB Trevor Lawrence.
Catherine Carlson, a senior vice president with the Eagles, discussed the NFL team's partnership with LifeBrand, a brand protection firm specializing in social media health checks.
Justin and Taylor Norris, co-founders and CEOs of LIT Method, talked about the investment from Jay-Z in their fitness company.
As COVID vaccination numbers have increased in the U.S., Cheddar's Michelle Castillo visited the home of the Boston Red Sox, Fenway Park, as it welcomed back fans earlier this month.
NYC officials are beginning to rethink the layout of city streets as biking ticks up in the city. Now, thousands of bike racks are being installed across the city. Cheddar's Chloe Aiello reports.
Along with other celebrities, Venus Williams is partnering with Delos' International WELL Building Institute in order to safely welcome back fans and attendees to live events.
Ezra Kucharz, chief business officer at DraftKings, talked to Cheddar about the online sportsbook's deal with the NFL and the future of legal sports gambling in the U.S.
