The Mindset that Helped Tennis Hall-of-Famer Andy Roddick Grow His Net Worth
The importance of saving and investing cannot be stressed enough by experts. Financial gurus have often advised setting aside a portion of your money for your future while successful entrepreneurs have also echoed the sentiment.
Even successful athletes have underlined the importance of this habit, including former professional tennis player Andy Roddick, who retired in 2012 but remains afloat to this day, thanks to his smart financial moves.
We’ve all heard of the infamous day when former basketball player Shaquille O’Neal blew through $1 million in just under an hour after signing his first contract in 1992 and going on a shopping spree.
On the other hand, we have tennis legend Venus Williams who immediately went to the bank after winning the Grand Slam when she was just 20, saving the entire $520,000-check. The point is, we control how we spend our money, be it a small or big amount.
For Andy, saving is important, which was what pushed him to enter the realm of professional tennis at just 17 in 2000. By the next year, he already started his eponymous foundation that focuses on educational opportunities for children. At 21, he came out on top at the US Open and briefly held onto the top spot – clearly, his career was nowhere near stopping by this point.
Obviously, money was heavily pouring with left and right endorsement deals and sponsorships on top of his wins. But unlike other athletes who invested in passion, he wasn’t into the same thing.
Throughout his entire career, he raked in $20.6 million which he put to good use by investing. Andy revealed that his goal was that when he stopped playing, he would still make the same money from what he had built.
Real Estate Properties
This mindset transcended in 2008 during the financial crisis, when people liquidated their holdings. He scored some pretty neat real estate properties and secured 15 to 20-year leases.
The 37-year-old now has a sprawling property portfolio, thanks to his principles that proved to be useful. Andy knows he is fortunate to have earned the amount during his tenure but he is firm that the same sentiment is applicable no matter how much or little you earn.
He is aware that people have had complaints about how their salaries aren’t enough to start investing, but he stressed that it pays to start as soon as you can because a decade or more later, you’ll be happy that you did.
This investment was what had kept Andy grounded and avoided him to subsidize money for personal interests. According to his business partner Phil Myers, he knew that his pal realized that the money he would spend on a luxury car, say a Ferrari ride, would have lessened his net worth.
Andy didn’t only put his money on real estate properties. Last year, he and wife Brooklyn Decker decided to invest an undisclosed amount in Tiff’s Treats, an Austin-based cookie chain. The high-profile couple will also be brand ambassadors, the Austin American-Statesman said.
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