6 money tips from pro athletes Isaiah Thomas and Dexter Fowler — and their financial advisor
HUNTINGTON BEACH, Calif. — Professional athletes are faced with a difficult task early in their careers — learning to deal with big sums of cash as they're thrust into stardom, often at a young age.
Isaiah Thomas, an all-star basketball player, and major league baseball player Dexter Fowler sat down with CNBC at the Future Proof wealth festival to discuss the money lessons they've learned during their professional careers. Financial advisor Joe McLean, who works with Fowler and Thomas, also shared advice from working with wealthy athletes such as NBA star Klay Thompson and pro golfer Sergio Garcia.
Here are six of their best money tips.
«Once I got money, once my professional career started, learning how to save was the most important thing I learned,» said Thomas, 33, a point guard who's currently a free agent. He's played for many teams over a decade-long career, and was a two-time NBA All-Star during a stint with the Boston Celtics from 2014 to 2017.
When his first paychecks rolled in, Thomas and McLean set parameters: 70% of every net dollar was allocated to a savings bucket. This made the saving automatic, said McLean, founder and CEO of San Ramon, California-based Intersect Capital, which ranked 94th on the CNBC Top 100 Financial Advisors list in 2021.
«Saving more than you spend was our philosophy every month,» Thomas said.
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The percentage saved can change, depending on the athlete and stage of their career, McLean said. It might be 40% on a player's first contract, 60% to 70% on the second, and 80% for the
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