To Former Athletes Now Working a 9-5: Protect Your Wealth!

Whether it’s NIL earnings, sponsorship money, or that first paycheck from your 9-to-5 job, the thrill of earning money can spark a desire to give back to those who’ve been there for you—family, friends, even a partner. But here’s the hard truth: Are you building your financial future, or funding someone else’s lifestyle?

I recently read how Warren Buffett stopping his $10,000 holiday cash gifts to family because they weren’t using the money wisely. Instead, he began gifting assets like stocks, which helped his family create financial stability while teaching them about wealth-building. That lesson stuck with me—and it’s one I think we all can learn from.

If you’re being approached by loved ones for financial help (e.g. investing in friends' business), take a step back and evaluate before saying yes. Generosity is meaningful, but it doesn’t have to derail your financial goals. Here are six steps to help you make thoughtful decisions about helping others:

Helping Others While Protecting Your Wealth

1. Set a Budget for Giving. Decide on an amount you’re comfortable giving—and stick to it. Assume any money you give is a gift, not a loan or “investment,” and budget accordingly.

Example: If you earn $5,000/month and allocate 5% to giving, you’ve got $250 to offer. This approach ensures your generosity doesn’t harm your financial health.

2. Understand the Ask. Evaluate why the money is needed. Essentials like rent or medical expenses are different from luxury items, vacations, or non-urgent needs. Consider gifting assets—stocks, savings bonds, or similar—to encourage long-term financial thinking.

3. Communicate Boundaries. It’s okay to say no. Be clear and upfront about what you can realistically provide. Use phrases like, “I’d love to help, but here’s what I can manage,” to keep the conversation positive but firm.

4. Prioritize Yourself First. Check your financial foundation: are you saving for retirement, investing in yourself, or building an emergency fund? These should come first. You’re better equipped to help others when your own financial health is solid.

5. Offer Non-Financial Support. Support doesn’t always have to be monetary. Help loved ones find scholarships, jobs, or financial resources. Share tips on budgeting or building credit. Empower them with tools to succeed independently.

6. Get Professional Advice. If you’re unsure, consult a financial advisor. They can help you integrate giving into your financial plan and suggest options like setting up a trust or charitable fund.

Being generous is rewarding, but it should never come at the expense of your own goals. By setting boundaries and planning thoughtfully, you can support others while continuing to grow your own wealth.

Remember: When you protect your financial future, you’re in a stronger position to help others—not just now, but for years to come.

What are your thoughts on balancing generosity and building wealth? Let’s discuss!