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.
Redding Family advice
Redding Family advice
"Focus on achieving long-term, multigenerational wealth and your legacy. It’s not about how much money you make, it’s about what you do with the money that you have."
One of the greatest artists of all time
Otis Redding’s legendary song “(Sittin’ on) the Dock of the Bay” was released in January 1968, becoming the singer-songwriter’s first Billboard® Number One single. Tragically, the 26-year-old artist had passed away a month earlier when his plane, en route to a performance in Madison, WI, crashed into the icy waters of Lake Monona.
Otis, known as “The King of Soul,” is ranked as one of the 100 Greatest Artists of all time by Rolling Stone magazine. He topped the charts with the two soul ballads, “I’ve Been Loving You Too Long” and “Try A Little Tenderness,” later sampled by Jay-Z and Kanye West on their song “Otis.” A prolific songwriter, Otis also penned the lyrics for “Respect,” Aretha Franklin’s iconic signature anthem.
He was posthumously inducted into the Rock & Roll Hall of Fame in 1989 and honored with a Lifetime Achievement GRAMMY® Award in 1999.
Shared family values
Offstage, Otis was a family man who cared deeply about his community and was also a talented entrepreneur. His wife, Zelma, and their children and grandchildren have carried on his philanthropic and business endeavors, preserving multigenerational wealth through shared family values. “We are upholding the legacy of someone who left so much for us. It’s not just about the music. My dad was philanthropic. He was a supporter of education and all things that improve the lives of children. We uphold what my dad was already doing,” noted daughter Karla Redding-Andrews.
If you manage your money the right way, you have more freedom to do what you want.
A music phenom
Otis grew up in Macon, GA where he sang in the Vineville Baptist Church choir. He won the local talent show at the Douglass Theater 15 times in a row, until he was no longer allowed to compete. A 1962 recording session at Stax Records in Memphis led to the single “These Arms of Mine.” His fame continued to rise over the next five years. Otis was invited to perform at the Apollo Theater in New York City, followed by sold-out concert tours across the US, Canada, Europe and the Caribbean. He was in the prime of his career, with appearances slated at the New York Philharmonic and Washington’s Constitution Hall, before his untimely death in 1967.
Zelma quickly realized that despite her financial inexperience, she needed to take charge of her family’s wealth.
Tumultuous times
Zelma Atwood and Otis met when they were teenagers, marrying in 1961. They lived with their three children, Dexter, Karla and Otis III, on a 300-acre property called “The Big O Ranch” in Round Oak, GA. Daughter Demetria was adopted six years after Otis’s death. Widowed at the age of 25, Zelma faced seemingly insurmountable odds as a young Black woman navigating the business world for the first time in the late 1960s. The Civil Rights Act of 1968 (Fair Housing Act) had only recently been signed into law, and the country was in great unrest following the assassinations of Martin Luther King, Jr. and Robert F. Kennedy. “My mom is very smart and outspoken, but she will tell you that it was not easy for her,” said Karla.
Business acumen
“It’s important to understand how business knowledge is transferred. My dad built wealth through his concert tours, which kept him on the road around 200 days each year.” As his popularity rose, so did the pay for his performances. Otis was commanding upwards of $30,000 (nearly a quarter of a million dollars today) per night by the late 1960s. Writing most of his own songs, in 1965 he founded his music
publishing company and record label, Jotis Records. Otis also invested in real estate and looked forward to starting a retail fast food chain, which he planned to name Wings and Things. “My mother appreciated the value of the land he had purchased. She bought an additional 146 acres after his death and learned the business of tree farming. She is also honoring my father’s vision of owning a food franchise by serving as a partner in two Zaxby’s fast food franchises in Jacksonville, FL.”
Widowed at the age of 25, Zelma faced seemingly insurmountable odds as a young Black woman navigating the business world for the first time in the late 1960s.
Zelma also ran a number of successful businesses, including a booking agency, night club, record store and a commercial cleaning service. Karla and Zelma co-owned a high-end shoe and clothing store for 20 years in downtown Macon. “We’ve grown our family wealth through various business ventures. Mom taught us that it is more than selling Otis’s name or likeness on t-shirts and being recipients of royalties from his catalog,” said Karla.
Owning her wealth
While Otis took the lead in managing their wealth during their marriage, Zelma quickly realized that despite her financial inexperience, she needed to take charge of her family’s wealth. Achieving long-term, multigenerational wealth and upholding Otis’s legacy has always been the North Star for Zelma. “It’s not just about immediate wealth, but long-term wealth. My mom is the game warden of her money. She knows down to the penny what she has,” remarked Karla. Like her husband, Zelma values the advice
of trusted advisors. “Dad was so smart and surrounded himself with smart people. There’s so much you can learn from others.
We want others to hear our story. … We are proof that you can make wealth and legacy last.
The next generation
Zelma instilled in her children the value of a dollar and the importance of hard work at an early age. Over time, she taught them about the family’s wealth and business ventures. Daughter Karla is passing that knowledge onto the third generation, her son Justin. “You can’t take a kid who is 19 and all of a sudden give him millions of dollars and expect it to last. You have to teach kids how to protect themselves and their nest egg. Money doesn’t last forever, but kids fail to see that.”
“I’ve been learning about our family businesses and how to manage wealth responsibly for the past 15 years,” said 31-year-old Justin. “My parents teach me and my brother that if you manage your money the right way, you have more freedom to do what you want. It’s not about how much money you make, it’s about what you do with the money that you have. I’m still learning to this day. There’s no better teaching tool than my own family. I learn from both the good things and the mistakes.”
Giving back
For the Redding family, doing what is right for the community has always been their primary driver. “We are by no means billionaires, but we give back a lot. We aren’t trying to be on the Forbes list of richest families. We want to do good things in the community to uphold a powerful legacy,” said Karla. Otis felt strongly about helping his community and started providing scholarships for underprivileged youth back in 1963. “We want others to hear our story. We are lucky and fortunate that my parents worked so hard for what we have. We are proof that you can make wealth and legacy last.”
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Together, we can build your legacy.
Start here
Start here
Together, we can help establish the legacy you want to leave.
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