Athletes and entertainers face unique wealth management opportunities, considerations and challenges. The athletes and entertainers we interviewed shared their personal stories and perspectives to highlight the need for more financial education in the sports and entertainment world. We thank them for being strong advocates of financial literacy.
Brendon’s advice
Brendon’s advice
“You don’t know how long your physical talent will last. Your career might last three years or 10 years. You need a plan that gets you to retirement. Learn how to manage your wealth. Make your money work for you.”
The value of money
Money was always a concern in Brendon’s childhood home. His parents separated when he was young. Brendon and his older brother Femi and younger sister Rose lived with their mom in Chicago. The family relied on welfare and Section 8 government housing. “For our allowance, my mom would give us food stamps. I learned about the value of money and what it’s like to not have any.” One of his earliest memories is going to the corner bodega to buy treats with the food stamps he earned for doing chores. He was eight years old.
Battling for success
The family relocated to California when Brendon was 10. He played football at Santa Cruz High School but didn’t receive any athletic scholarship offers. Brendon attended community college at Cabrillo College where he was later recruited by UCLA. He won two PAC-10 championships with the Bruins. Despite his success, Brendon wasn’t drafted out of college. And like many students, he had also racked up quite a bit of debt during school.
Brendon signed a short-lived contract with the Atlanta Falcons in 1999 as a free agent, receiving a minor signing bonus. His brother Femi was more firmly established in the NFL, playing for the Baltimore Ravens, who won the Super Bowl in 2000. “My brother was supporting me financially for a few years.” In coming seasons, Brendon was a journeyman both within the NFL and with teams in Canada and in Europe. “I was cut three times from the NFL during 1999 to 2002.” In 2003, he joined the Miami Dolphins where he played alongside Femi. “It was a huge relief to finally make my first NFL roster.”
My brother was supporting me financially for a few years. I was cut three times from the NFL. It was a huge relief to finally make my first NFL roster.
Brendon’s NFL income rose when he was traded to the Chicago Bears, but between taxes and repaying debts, there wasn’t much left over. He had few assets beyond his NFL pension and 401(k) plan. “It was a grind. I didn’t have the luxury to sit back and rest.”
He became friends with the Bears starting linebacker Hunter Hillenmeyer. While still playing for the Bears, Hunter was enrolled at the Kellogg School of Management at Northwestern University. “Hunter played in the Super Bowl and had three years left on his contract, but he was already working on what’s next after football.” His perseverance made an indelible impression on Brendon.
The silver lining to an injury
Brendon’s most lucrative offer, a $4.9 million four-year contract with the Baltimore Ravens, came in 2008. Then the Pro Bowler blew out his knee part of the way into the 2009 season. When Brendon was sidelined with his injury, he remembered Hunter’s example. “I took the entrance exam for business school and started classes while I was rehabbing. I graduated with my M.B.A. from George Washington University in 2013, the same year we won the Super Bowl.”
I made approximately $10 million in the NFL. To put it in perspective, some players make that in the off-season. I was a hardworking guy who averaged close to a $1 million per year.
A sensible exit strategy
Brendon believes players need to be financially engaged from the start. “We have to change the mentality of young athletes. Your career might be three years or 10 years. Either way, you need to have a plan to get you through your transition to life after football.” He knows that making the transition to life after professional sports comfortably is possible even for players who aren’t in the highest-paid echelons. “I made approximately $10 million in the NFL. To put it in perspective, some players make that in the off-season. I was a hardworking guy who averaged close to a $1 million per year. It’s not a lot of money, relatively speaking.”
He understands why some athletes aren’t focused on managing their wealth. “When you’re living your passion and dream, money isn’t as interesting. But how will you make money when your physical talent is gone? Get fascinated with the process of making your money work for you.” Toward that end, Brendon made it a point to learn how to manage his wealth, and he wants other athletes to do the same.
When you’re living your passion and dream, money isn’t as interesting. But how will you make money when your physical talent is gone?
A Bugatti blunder
Brendon is confident and happy with most of his financial decisions, but it hasn’t always been a straight path. “There were some bends and curves. Even when I made investment mistakes, I saw them as learning opportunities.” He cites buying a Bugatti sports car with four teammates as “the dumbest deal I ever did.” Brendon and his teammates purchased a $1 million Bugatti with the hope that they would resell it at a markup the next week, with each investor pocketing a quick return. They eventually sold the Bugatti, but it took longer than expected. The teammates assumed substantial risk given the very limited pool of qualified buyers.
When preparation meets opportunity
Brendon’s lifelong love of sports, and his business school education, prepared him well for an opportunity to invest in Orangetheory Fitness, a workout studio franchise. “I played five sports in high school. I’m passionate about being physically fit and helping people get healthy.” He invested in the business in 2013 when the franchise only had 30 studios open. There are now over 1,400 studios globally. Brendon sold a majority of his stake to a private equity firm for a hefty profit and remains involved as a board member and co-owner of franchises throughout California, Ohio and Melbourne, Australia.
The significant proceeds from the sale raised the need for wealth protection strategies. “I learned how wealthy people stay wealthy. It was eye-opening. It’s not just about the money you’re trying to make, but the money that you’re trying to keep. Well in advance of the sale of the business, we set up different trust accounts to protect our assets. I know that my money is secure. There’s really nothing that keeps me up at night.”
I learned how wealthy people stay wealthy. It was eye-opening. It’s not just about the money you’re trying to make, but the money that you’re trying to keep.
The best gift in the world
Brendon and his wife are raising their son and two daughters in a home environment that differs markedly from the one he experienced. “For my children, the toys just show up.” While his children will receive an inheritance, he wants them to have a strong work ethic. “Nothing would make me prouder than to have successful and productive children who impact society in a positive way.”
Giving back
Brendon has always bet on himself, from chasing his dreams to playing in the NFL to becoming an entrepreneur. He feels fortunate and wants to focus on giving back.
Growing up biracial (Brendon’s father is Nigerian and his mother is Irish-American) shaped his views on the importance of equal rights for all. He is a longtime champion of the LGBTQ+ community, and one of the first professional athletes from a major sports team to publicly advocate for same-sex marriage. He continues to support charitable organizations that work to advance LGBTQ+ civil rights.
Brendon also wants to improve the health of children from lower socioeconomic backgrounds. “I want to help kids get healthier and give them access to fitness. There’s more work to be done.” Much in the same way he set out to succeed in football and the business world, he is determined to use his wealth to improve the lives of others. He’s exploring starting a foundation centered on health and fitness, given the country’s high rates of diabetes and hypertension. “I want to leave something behind.”
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