Although research shows that most athletes go broke a few years after retirement, that doesn’t seem like a route Andy Roddick is keen on following. After bidding goodbye to the racket in 2012, the tennis ace focused his energy on his eponymously named fund, one that he founded back in 2000.
And as he recently revealed to CNBC about his investments, he follows a rule that he did when he was still plying his trade on the court. No matter how intimidated he feels, he is always consistent with his monthly savings and investments, the same way he maintained consistency in his game no matter the opponent.
Self-disciplined
If there’s one thing we know about Roddick, it’s that he has quite the self-discipline. This strict code of his takes credit for propelling him to greater heights in the sports industry ever since he went pro in 2000.
It was this same discipline that drove him towards starting his fund whose primary focus is still education for young kids. He was determined both on and off the court and in three years of playing professionally, Roddick won the 2003 US Open, a feat that effectively made him World No. 1. Although this win would remain his only Grand Slam title, the athlete is still regarded as one of the best tennis players of all time.
Luckily for Roddick, he was smart enough to know that he needed to save and invest smart early in his career. As he opened up to CNBC, his objective was that when time to retire came, the investments would still bring in as much as he was making before, and he, therefore, wouldn’t see much of a difference in his earnings.
Confirming what we already know about athletes during their early career days, Roddick confirmed that not many think of investments at that time. When loads of cash start streaming in, the dollar bills can get into your head and you end up wasting most of it. Didn’t Shaq O’Neal spend $1 million in 1 hour?
However, this tennis legend says that such athletes miss the opportunity to have their money work for them while they’re still young. No wonder most of them go broke after hanging up their boots, no?
Blessing in Disguise
And although Roddick had already gotten his big break in the tennis world, he was still to make a name for himself as a budding entrepreneur. Remember the financial crisis in 2008? It turned out to be a blessing in disguise for the star. When most of us were in a financial storm, the athlete was acquiring as much real estate as he could.
With the then economic times, Roddick managed to snatch up an impressive portfolio at a fair price, locking them down with leases as long as 20 years. And guess what he was buying? Bank buildings.
As he now says, patience is the key to investing in real estate. While you’re buying, not everyone may be supportive. In 10 years, however, they’ll see just how smart you were to make those moves.
Roddick currently owns 70 properties, and has since stopped being an aggressive buyer. All the same, he is grateful for the $20.6 million he won in prize money throughout his career. This is the amount he has translated to a sizeable and worthy investment.