“A lot of times, when people look at athletes they see a man, but … they haven’t had a chance to develop and one of the things they haven’t had a chance to develop is financial literacy,” added Michael Bennett.
“At my house, we never talked about trusts and wills and life insurance,” he said. “We never had those honest conversations.
“Now, with my kids, I try to focus on that.”
But that doesn’t mean there haven’t been any missteps along the way. Michael Bennett’s worst one? Buying a house in Seattle and filling it with furniture, only to get cut from the Seahawks days later, he said.
Now, he said, when it comes to giving advice to other young athletes, he stresses making smart investments. “That money is supposed to grow,” he said. “Compound interest is the greatest thing in the world.”
The Bennett brothers share more about the lessons they learned, the role money has played in their lives and how they teach their children about finances in the latest episode of the “Kneading Dough” series. Earlier installments featured Serena Williams, Cleveland Cavaliers’ superstar LeBron James and Draymond Green of the Golden State Warriors.
More from Personal Finance:
Serena Williams on motherhood and money
LeBron James on life after basketball
NBA star Ben Simmons: College sports is a dirty business
Source : CNBC
