Navigating Finances Beyond the Field: An Athlete's Perspective

This chapter explores an NFL player's shift from the field to life after football, emphasizing the critical need for financial planning and smart investing. It highlights the changing attitudes towards money management in the sports community and the urgency of preparing for post-career challenges.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income!

Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications!

In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money!

In This Episode We Cover

How Devon scaled his real estate portfolio while playing in the NFL

Four passive real estate investing strategies you can use today

Speeding up your financial independence timeline with real estate side hustles

Fast money versus slow money (and which bucket you should be filling)

The pros and cons of syndications and how to weed out “shady” operators

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Join BiggerPockets for FREE