E13: What we have learned: Lessons from our First 10 Episodes

With over a decade of NFL experience, Alec is uniquely positioned to understand the mental, physical, and financial challenges faced by professional athletes.  Kris, with his experience in the world of private equity real estate has a bunch to offer!   In this special reflection episode of Beyond the Game, they re-examine pivotal moments from past episodes to extract the most impactful takeaways around managing money, avoiding bad investments, navigating career transitions,, and reinventing oneself throughout different stages of life.

Here are some power takeaways from today’s conversation:

[02:25] Understanding your burn rate

[06:22] Rethinking wealth beyond dollars and cents

[07:42] The ego of the athlete

[11:29] The power of intention

[13:46] Finding the right mentors

[18:01] Starting early for long-term success

[21:53] Believe in yourself

[31:29] Personal growth and reinvention over the next decades

 

Episode Highlights:

[02:25] Understanding Your Burn Rate

Properly understanding expenses is pivotal for athletes to make informed financial decisions both during and after their careers. Calculate your true "burn rate" to determine what level of returns you need to achieve financial freedom. Alec relates this to his own experience of wanting to remain debt free as a player so he didn't take on unnecessary overhead. 

[06:22] A Tool for Freedom: Rethinking Wealth Beyond Dollars and Cents

While some athletes earn millions each year, Kris points out that at the end of the day, it's all just numbers - the principles of financial management are the same whether you're making 20 mil or 20 grand. The rue goal of getting your money right isn't the cash itself, but rather the freedom it can provide. If managed properly, wealth is really about gaining independence, opportunities and quality of life through smart planning today with an eye on long-term freedom.

[11:29] The Power of Intention

Athletes must be intentional about creating long-term wealth, whether that means hiring advisors, building a strong support team, or continuously educating themselves. Kris highlights how most guests, even those with financial backgrounds, were initially in the same position of having little knowledge after being drafted. But through proactively seeking guidance and information, they were able to achieve stability and fulfill their goals of financial freedom.

[21:53] Believe in Yourself

Especially in the cut-throat world of professional sports, an athlete has to maintain an extremely high level of belief in themselves at all times. Alec explains that without a rock-solid internal conviction of your own abilities, it's impossible for others to believe in you either. Coaches, teams, and fans will just expect you to fail if you don't unequivocally believe in your talent and work ethic. By always keeping confidence in your skills and work ethic at an all-time high, you give yourself the fighting chance to achieve your goals even when facing setbacks, criticism or doubts from the outside world.