You may not exactly think that “professional athlete” and “frugal” go together. But Arian Foster, Houston Texans running back and LearnVest investor, might argue otherwise. He’s passionate about personal finance, and thinks financial literacy is important for everyone—from families across America to elite professional athletes.
Arian experienced financial struggles first-hand growing up in a lower-income neighborhood in Albuquerque, New Mexico. And on the flipside, he knows wealth doesn’t necessarily create financial savvy. “78% of NFL athletes end up bankrupt after two years from when they retire,” says Arian (citing a 2009 calculation by Sports Illustrated).
Regardless of income, Arian thinks there’s a fear factor in why people mismanage their money. “Finance … is the monster under the bed. Nobody wants to face it,” he says.
But Arian offers these words of encouragement: If you’re ever afraid of anything, go attack it. How exactly? He views access to information and open dialogue about money as a critical part of getting on track.
“Be grateful for what you earn and enjoy it. But understand you can always take a step forward or a step backwards,” says Arian. “Saving for that rainy day … really opened my eyes to always putting your money away and saving, for the future or an emergency.”
LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc., that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Arian Foster is an investor in LearnVest, Inc., but is neither a client nor employee of LearnVest Planning Services or LearnVest, Inc. and the views expressed are his own. LearnVest Planning Services and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.