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business6h ago
How Sandra L. Richards Is Rewriting The Wealth Playbook For Athletes In Today’s Economy
- Richards leads Morgan Stanley’s Global Sports & Entertainment unit, helping athletes convert short-term earnings into long-term wealth and ownership.
- The article notes that many athletes face financial stress and bankruptcy risk within years after retirement, underscoring the need for wealth planning.
- Richards emphasizes ownership and personal accountability, urging clients to act as the CEOs of their own lives.
- The feature highlights the importance of early preparation for life after sports through internships, mentorships, and education.
- Access to information and networks is identified as a key limiter preventing wealth transformation for athletes and similar high-earners.
- The article frames the wealth playbook as relevant beyond sports, addressing a broader millennial challenge of securing durable wealth.
- The piece illustrates how athletes can evolve into owners to leverage their platforms for greater control.
- Richards shares a case where an athlete used an internship while still playing to shape post-career opportunities.
- The article notes the variability of career length across major sports and its impact on earnings stability.
- The piece highlights the role of mentors in opening doors to opportunities beyond athletics.
- Richards argues that early career decisions should align with longer-term visions and values.
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