Skip Links

Skip to main content Main Navigation
Wealth Management USA

header.search.alt

header.search.error

Search Title

Top 10 money lessons

Insights from athletes, entertainers and UBS pros

Study these lessons to avoid missteps and make the most of your opportunities.

Athletes

Pro advice

1. Consider your playing career as the beginning. 

The average professional sports career is short. For football and women’s basketball, the average career is 3.5 years. For men’s basketball, it’s 4.5 years, and for baseball, it’s 5.6 years. Sound financial decisions will serve you long after your playing days are over.1,2,3,4

2. Start with the end in mind.

Financial planning at the very start of your career is critical. Think about the next chapter. 

3. Be prepared for culture shock. 

Transitioning from having little or no money can be overwhelming. 

4. Don’t try to keep up with the “Joneses.”

The pressure to live a lavish lifestyle can lead to financial ruin.

5. It’s net income, not gross pay, that counts. 

After taxes and paying for your team, you may take home less than half of what you earn. Many contracts are not guaranteed, especially in professional football.

6. Educate yourself and only invest in the things that you understand. 

Ask many questions and take responsibility for your own money.

7. Learn to say no (or not yet) to family and friends. 

Set boundaries. People leaning on you for support can present a significant financial drain.

8. The transition to life after professional sports can be hard. 

Navigating the next chapter personally, professionally and financially poses opportunities and challenges. The right team can make the transition easier.

9. Give from the heart. 

With the right strategy, your impact and legacy can last for future generations.

10. Having money doesn’t make you an expert on money. 

Advice from experts can bridge the gaps, but be sure you find the right advisor(s).

Entertainers

Star advice

1. Consider the ebbs and flows of your career.

Spend and invest wisely.

2. The next opportunity may take time to materialize. The spotlight comes with expectations.

People will think your fame gives you the ability to spend with no limits. 

3. Learn to say no (or not yet) to family and friends.

Set boundaries. People leaning on you for support can present a significant financial drain. 

4. Don’t try to keep up with the “Joneses.”

The pressure to live a lavish lifestyle can lead to financial ruin.

5. It’s net income, not gross pay, that counts.

After taxes and paying for your team, you may take home less than half of what you earn. 

6. Give from the heart.

With the right strategy, your impact and legacy can last for future generations. 

7. Having money doesn’t make you an expert on money.

Advice from experts can bridge the gaps, but be sure you find the right advisor(s). 

8. Choose your financial advisor wisely.

Make sure that your advisor shares your ethics. Ask for referrals, and check his or her background. 

9. Stay in contact with the people who deal with your finances.

Make sure your agents, accountants, business managers and others work as a team. Create checks and balances, including an outside auditor.

10. Educate yourself and only invest in things that you understand.

Ask many questions and take responsibility for your own money.

Start here

Together, we can build your legacy.

Let’s talk legacy
Now’s the time to make your mark
Questions to ask your advisor
Be sure you get the right guidance

Start here

Together, we can build your legacy

1Football average career source

2Women's basketball average career source

3Men's basketball average career source

4Baseball average career source

This material is for informational and educational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. UBS Financial Services Inc., its affiliates and its employees are not in the business of providing tax or legal advice. Clients should seek advice based on their particular circumstances from an independent tax advisor. 

Important information about our financial planning services.

As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business, that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, please review the PDF document at ubs.com/relationshipsummary. In providing financial planning services, we may act as a broker-dealer or investment adviser, depending on whether we charge a fee for the service. The nature and scope of the services are detailed in the documents and reports provided to clients as part of the service. Financial planning does not alter or modify in any way a client's existing account(s) or the terms and conditions of any account agreements they may have with UBS.