WEBVTT NOTE This file was generated by Descript 00:00:19.342 --> 00:00:20.882 Riccardo Stewart: Hey, I want to welcome you guys back to another 00:00:20.892 --> 00:00:23.822 episode of the AWM NFL podcast. 00:00:24.102 --> 00:00:27.562 My name is Ricardo Stewart and I'm your host and I'm joined with Jeff 00:00:27.562 --> 00:00:29.532 Locke, Zach Miller, Sam Accio. 00:00:29.812 --> 00:00:31.002 These are my friends. 00:00:31.362 --> 00:00:32.442 Now here's what happens. 00:00:33.307 --> 00:00:34.687 Every weekend, right? 00:00:34.687 --> 00:00:38.407 Soon as the game is over in college, football, NFL, heck, even, even, um, 00:00:38.407 --> 00:00:43.267 high school, the coaches get together, they watch film on the opponent, and 00:00:43.267 --> 00:00:46.467 then they put together the game plan and then you get the game plan and then 00:00:46.467 --> 00:00:49.677 you present it in front of the team of going, if we can execute these things. 00:00:49.922 --> 00:00:51.092 We will be successful. 00:00:51.672 --> 00:00:52.972 We believe there's the same thing. 00:00:52.972 --> 00:00:56.342 There's the same game plan that you need to create and sustain 00:00:56.342 --> 00:00:57.632 multi generational wealth. 00:00:57.632 --> 00:01:01.962 And today I want to be able to kind of at a 10, 000 feet level, look at what 00:01:01.982 --> 00:01:07.382 is that game plan in order for NFL athletes to be successful and creating 00:01:07.422 --> 00:01:09.772 and sustaining multi generational wealth. 00:01:09.772 --> 00:01:13.452 And so I'm going to kick it around to you guys and I'll start first with this. 00:01:13.942 --> 00:01:17.072 You got to start with money and what we say is you got to 00:01:17.072 --> 00:01:18.642 put money in its proper place. 00:01:18.662 --> 00:01:23.202 Money is just a tool to pay for the things that you want and to 00:01:23.202 --> 00:01:24.942 impact the people that you love. 00:01:25.172 --> 00:01:26.022 It's just a tool. 00:01:26.492 --> 00:01:31.382 Sam, how do I begin to even create value for myself to be able to make money? 00:01:32.442 --> 00:01:35.442 Sam Acho: What you create value is what we like to call your human capital. 00:01:35.442 --> 00:01:39.082 And to break it down simply, it's three parts of your human capital. 00:01:39.092 --> 00:01:40.317 There's a physical capital. 00:01:40.567 --> 00:01:43.227 There's your intellectual capital and your social capital. 00:01:43.227 --> 00:01:46.067 The physical capital we talk about a lot with the athletes we work with. 00:01:46.327 --> 00:01:48.687 It's your ability to earn income using your body. 00:01:48.707 --> 00:01:51.337 People would always say, man, my body is my business. 00:01:51.337 --> 00:01:52.997 My body is my moneymaker. 00:01:52.997 --> 00:01:56.467 So the way that you eat, the way that you sleep, the way that you train, 00:01:56.597 --> 00:02:00.077 the way that you sacrifice in certain times for certain seasons, in order 00:02:00.077 --> 00:02:03.027 to try and invest in your body to try and make the most amount of money. 00:02:03.417 --> 00:02:06.127 Possible, but it's not just your physical capital. 00:02:06.137 --> 00:02:09.137 It's also your intellectual capital, your brain, your mind, using your 00:02:09.137 --> 00:02:11.947 mind to make money or to make income. 00:02:11.947 --> 00:02:12.417 Think about it. 00:02:12.417 --> 00:02:15.507 Sometimes the people who started the businesses that are the apps of 00:02:15.507 --> 00:02:18.637 your use that you're using, they're using their mind to make money. 00:02:18.637 --> 00:02:21.647 Intellectual capital could be something as simple as going back to school and and 00:02:21.647 --> 00:02:23.017 said, okay, how do I get my education? 00:02:23.017 --> 00:02:25.627 So I can work in an industry when I'm done playing. 00:02:25.897 --> 00:02:27.937 That I can use my mind as a moneymaker. 00:02:27.947 --> 00:02:31.467 Then lastly, your, your social capital, it's a, it's almost 00:02:31.467 --> 00:02:32.707 like your network, right? 00:02:32.707 --> 00:02:36.677 Your network and your net worth are interrelated, but that last name 00:02:36.947 --> 00:02:40.387 meaning something when you text someone, when you call someone walking 00:02:40.387 --> 00:02:42.607 into a room, it means something. 00:02:42.607 --> 00:02:45.847 And so your social capital is sometimes we say, man, people were 00:02:45.917 --> 00:02:46.827 thinking about playing or not. 00:02:46.827 --> 00:02:48.217 It's like, man, play as long as you can. 00:02:48.247 --> 00:02:51.382 Cause when you're an NFL player, People open doors for you. 00:02:51.402 --> 00:02:52.482 Maybe you played in college. 00:02:52.492 --> 00:02:53.392 People open doors. 00:02:53.402 --> 00:02:58.812 So that social capital is a third piece, physical, intellectual, social capital. 00:02:58.812 --> 00:03:01.172 Your human capital is how you can earn income. 00:03:01.502 --> 00:03:01.862 Riccardo Stewart: Okay. 00:03:01.902 --> 00:03:05.082 We got to have human capital, be able to create value. 00:03:05.262 --> 00:03:09.562 And then now teams, companies, brands, they pay me for that. 00:03:09.572 --> 00:03:11.262 Now, now I begin to get paid. 00:03:11.262 --> 00:03:12.082 I have income. 00:03:12.497 --> 00:03:15.727 What now happens when I start getting that gross income, Jeff? 00:03:16.672 --> 00:03:20.222 Jeff Locke: know, there's a reason they call it gross, coach, it's because it's 00:03:20.222 --> 00:03:24.362 discussing what happens next, which is the tax man comes and takes theirs. 00:03:24.722 --> 00:03:28.252 So no matter what, right, you got to pay taxes. 00:03:28.282 --> 00:03:31.192 No matter what TikTok tells you, what Instagram tells you, you're 00:03:31.192 --> 00:03:32.812 paying taxes on your income. 00:03:33.162 --> 00:03:35.802 There's just ways to maneuver to try and pay as little as 00:03:35.802 --> 00:03:37.202 possible over your lifetime. 00:03:37.672 --> 00:03:38.622 So whether it's. 00:03:39.847 --> 00:03:44.227 Income off the field, income from the team, income from other sources. 00:03:44.697 --> 00:03:49.847 It's getting taxed before you can actually go and use it for other things. 00:03:50.307 --> 00:03:50.667 Riccardo Stewart: Okay. 00:03:50.807 --> 00:03:54.657 So I created this value for myself with my physical, my intellectual, 00:03:54.657 --> 00:03:58.097 my social, and then I got to pay the man for our NFL guys. 00:03:58.147 --> 00:03:59.767 Usually it's going to be about 40%. 00:03:59.957 --> 00:04:00.927 You're going to go to taxes. 00:04:01.397 --> 00:04:06.057 And then now I have this cash and I got this money and how do like, 00:04:06.107 --> 00:04:09.417 what's my next step now when it comes to my use of money, Zach? 00:04:10.612 --> 00:04:11.582 Zach Miller: Well, you're going to spend it. 00:04:11.852 --> 00:04:15.342 Uh, I know that's couldn't be the most fun part, but you can also share it. 00:04:15.402 --> 00:04:20.432 And so Ricardo, I know you say this is giving unlocks the grips of greed. 00:04:20.997 --> 00:04:26.037 So share is hugely important to, to every NFL player that I've seen, that I've been 00:04:26.037 --> 00:04:28.307 in a locker room with is sharing is huge. 00:04:28.307 --> 00:04:30.857 And whether that's family helping out family, the people that got you 00:04:30.857 --> 00:04:34.687 to where you are or other causes, things that are important to you, that 00:04:34.687 --> 00:04:36.847 money's a tool to be able to give. 00:04:37.597 --> 00:04:39.037 Then there's that spend part. 00:04:39.037 --> 00:04:42.817 That spend is if you hit, if you take nothing else away during your 00:04:42.817 --> 00:04:46.967 NFL career, hit a 40% savings rate. 00:04:47.027 --> 00:04:47.957 So what does that give you? 00:04:47.957 --> 00:04:51.617 Left a spend rate of 20%, 40, 40, 20. 00:04:52.057 --> 00:04:54.547 You tax man's gonna take 40 or around there. 00:04:55.017 --> 00:04:57.177 40 is gonna be your, your save. 00:04:57.237 --> 00:05:00.207 And then you can spend 20%, you're making millions. 00:05:00.207 --> 00:05:03.517 So that spending rate, that spend, that's a lot of money. 00:05:03.932 --> 00:05:06.952 You can still buy really nice house, really nice car, stay in 00:05:06.952 --> 00:05:10.202 nice places, eat at nice food, all those things you can spend. 00:05:10.612 --> 00:05:14.492 But the number one thing that's going to give you more money in the future, 00:05:14.802 --> 00:05:18.122 kind of paying your future self is controlling that spending number. 00:05:18.592 --> 00:05:22.512 And that is if you hit that 40 percent savings rate as Jeff is 00:05:22.512 --> 00:05:27.462 going to talk about next, that allows you to save it and then invest it. 00:05:27.472 --> 00:05:28.812 So I'll let Jeff take that away. 00:05:29.337 --> 00:05:29.727 Riccardo Stewart: Get it? 00:05:30.607 --> 00:05:30.817 Jeff Locke: Yeah. 00:05:30.817 --> 00:05:31.307 Cue me up. 00:05:31.307 --> 00:05:31.597 Great. 00:05:31.607 --> 00:05:34.667 So the 40 number, we did not just pull that out of our butts guys. 00:05:34.737 --> 00:05:39.417 Like we've worked with athletes for now going on more than a decade and 00:05:39.777 --> 00:05:44.567 40 percent is what you need to try and hit to be setting yourself up for 00:05:44.567 --> 00:05:48.017 life after sports and to be setting up your family for generations. 00:05:48.047 --> 00:05:50.377 We call this the multi generational wealth sketch. 00:05:50.767 --> 00:05:54.857 For a reason right you got to save a big chunk of your money while you're 00:05:54.867 --> 00:06:00.097 playing In order for it to last and be able to take care of people now 00:06:00.237 --> 00:06:05.917 and people in the future So this is what one of the hardest things to do 00:06:06.167 --> 00:06:11.057 is to hit that 40 number because 40 to tax 40 going to save and then as zach 00:06:11.057 --> 00:06:16.112 mentioned If we can live and give off of that 20, we're in a pretty good spot. 00:06:16.717 --> 00:06:17.267 Riccardo Stewart: That's great. 00:06:17.637 --> 00:06:19.127 I'm, I'm listening to this plan, right? 00:06:19.157 --> 00:06:23.227 And this is like when the special teams coordinator gets inside the meeting room 00:06:23.467 --> 00:06:26.207 and he draws it up on the screen and he goes, this guy's going to block him. 00:06:26.207 --> 00:06:27.707 We're going to have him kick out this guy. 00:06:27.907 --> 00:06:31.657 And then we're going to get this touchdown and almost like, Oh, you're human capital. 00:06:31.677 --> 00:06:34.057 You're going to create value and then you're going to get income. 00:06:34.297 --> 00:06:37.067 And yeah, the tax man's going to take is, but like Zach says, you're going to 00:06:37.077 --> 00:06:38.557 spend some, you're going to share some. 00:06:38.787 --> 00:06:41.187 And Jeff, you're going to invest some and save some. 00:06:41.487 --> 00:06:42.587 Everything's going to go great. 00:06:42.872 --> 00:06:45.982 But we do know this, just like the special teams coordinator, we go, Hey, 00:06:46.312 --> 00:06:48.292 we got to actually go block real humans. 00:06:48.332 --> 00:06:49.812 And it doesn't always go as planned. 00:06:49.822 --> 00:06:51.762 I mean, there's a way that this could blow up. 00:06:52.142 --> 00:06:55.022 And the way that that can blow up is one bad investments. 00:06:55.502 --> 00:06:56.822 Another one is liability. 00:06:57.102 --> 00:07:00.792 If you, or even death and disability, if you're not alive, you can't make money. 00:07:00.982 --> 00:07:04.162 If you're, if you find yourself in a position where your body can't perform 00:07:04.162 --> 00:07:07.992 the way because of injury or so forth, okay, you need to have protection. 00:07:08.282 --> 00:07:09.972 So there's gotta be the appropriate insurance. 00:07:10.172 --> 00:07:11.422 You gotta have the state planning. 00:07:11.572 --> 00:07:14.382 You gotta make sure you have the correct people that are giving you 00:07:14.382 --> 00:07:16.382 advice in terms of your investments. 00:07:16.442 --> 00:07:18.032 There's a lot to be able to protect. 00:07:18.452 --> 00:07:19.372 And even then. 00:07:19.882 --> 00:07:22.822 Like you need a team, Sam, I want you to just kind of wrap 00:07:23.282 --> 00:07:24.562 the whole picture up and go on. 00:07:24.792 --> 00:07:25.972 Who are the type of people? 00:07:25.982 --> 00:07:28.272 Cause it doesn't seem like it'd just be one person to do all these 00:07:28.272 --> 00:07:30.072 things that athletes need to hire. 00:07:31.872 --> 00:07:33.872 Sam Acho: before I answer that, Ricardo, I just want to talk about 00:07:33.872 --> 00:07:38.382 the importance not just in financial advice, but in life about a team. 00:07:38.902 --> 00:07:41.642 There was a situation we had in my family where there was like a 00:07:41.652 --> 00:07:45.002 medical emergency with my little one and we had to call an ambulance. 00:07:45.002 --> 00:07:46.632 It was a very scary situation. 00:07:47.032 --> 00:07:52.397 And when the, the, Medics came, came to our house, and it wasn't just one person. 00:07:53.182 --> 00:07:57.352 It was to the first person came in and assess situation and was checking out 00:07:57.352 --> 00:07:58.652 my son and making sure he was okay. 00:07:58.652 --> 00:08:01.502 But then another person was talking to me and just going through the 00:08:01.502 --> 00:08:03.012 process of, okay, here are the steps. 00:08:03.032 --> 00:08:05.182 What happened a document? 00:08:05.182 --> 00:08:06.122 Let's write it down, right? 00:08:06.132 --> 00:08:09.352 A team, even when I was at the national championship game, I do stuff with ESPN. 00:08:09.352 --> 00:08:11.652 I was covering the game and I was doing my work. 00:08:11.652 --> 00:08:13.782 But also, in addition to do my work, I wanted to go watch the game. 00:08:13.782 --> 00:08:14.942 I couldn't go back there by myself. 00:08:14.942 --> 00:08:16.702 They had certain things I need to do in place. 00:08:16.702 --> 00:08:17.052 I need to go. 00:08:17.052 --> 00:08:18.512 I had someone with me a team. 00:08:18.762 --> 00:08:21.012 In order to make sure I needed to get to make sure I got 00:08:21.012 --> 00:08:22.362 to where I needed to get to. 00:08:22.372 --> 00:08:25.992 The importance of a team is integral and monumental. 00:08:25.992 --> 00:08:27.032 It's hard to do things. 00:08:27.032 --> 00:08:27.942 It's not wise. 00:08:28.797 --> 00:08:29.697 To do things alone. 00:08:30.277 --> 00:08:32.767 And so when it comes to financial advice, especially when it comes to 00:08:32.767 --> 00:08:35.227 the money that you're making right now or the money you're about to 00:08:35.237 --> 00:08:39.377 be making, you need a team and that team can't just be one person, right? 00:08:39.377 --> 00:08:43.357 It consists of what we call CFP certified financial planners. 00:08:43.687 --> 00:08:48.037 It consists of accountants, CPAs It consists of certified private wealth 00:08:48.077 --> 00:08:51.197 advisors, chartered financial analysts, people who spend their entire day. 00:08:51.197 --> 00:08:52.277 You talk about special teams meetings. 00:08:52.547 --> 00:08:53.367 These are the analysts. 00:08:53.367 --> 00:08:54.962 These are the guys who spend their entire day with you. 00:08:55.112 --> 00:08:57.562 Doing what, uh, Belichick and then was doing is five gate. 00:08:57.582 --> 00:08:59.572 Just looking through that's five gate, but they were looking through 00:08:59.572 --> 00:09:02.962 and studying opponents and watching what is happening in the market. 00:09:02.962 --> 00:09:04.302 You need a team, right? 00:09:04.302 --> 00:09:07.472 People who can talk to you about what is your human capital look like? 00:09:07.472 --> 00:09:09.882 People can, that can talk to you about, okay, you want to start that foundation. 00:09:10.122 --> 00:09:11.972 Let's actually build a team around you. 00:09:12.282 --> 00:09:15.662 And so when it comes to having, even, even think about what you do 00:09:15.712 --> 00:09:18.372 as a football player, even as an athlete or as everyone's listening. 00:09:19.277 --> 00:09:22.017 Rarely do you do it alone, right? 00:09:22.017 --> 00:09:24.627 People say you want to go, you want to go, want to go far, you 00:09:24.627 --> 00:09:25.687 go together, go with the team. 00:09:25.687 --> 00:09:28.527 And so those are the people that you need, right? 00:09:28.527 --> 00:09:30.537 Those are the types of people that you need if you want to 00:09:30.537 --> 00:09:32.887 build multi generational wealth. 00:09:33.462 --> 00:09:33.622 Riccardo Stewart: All 00:09:33.672 --> 00:09:35.762 Jeff Locke: this might be my favorite episode yet, Rick, just because 00:09:35.762 --> 00:09:37.112 there's so much special teams talk. 00:09:37.132 --> 00:09:39.952 You guys have dropped it like three times without me even prompting it. 00:09:39.962 --> 00:09:42.722 So I really appreciate the shouts here today guys on teams. 00:09:43.032 --> 00:09:45.652 Riccardo Stewart: I feel like that's exactly what, what, what, you know, 00:09:45.652 --> 00:09:48.072 giving true holistic financial advice is. 00:09:48.072 --> 00:09:50.982 It is like special teams because it's something that people don't think about. 00:09:51.272 --> 00:09:52.692 Until something actually goes wrong. 00:09:52.902 --> 00:09:55.682 And then the people who do think about it, they know how to plan well. 00:09:55.862 --> 00:09:59.102 So just to kind of summarize multi generational wealth, it starts with money. 00:09:59.102 --> 00:10:02.832 Just being a tool to bless the people you love and care for 00:10:02.832 --> 00:10:04.312 the places in which you live. 00:10:04.862 --> 00:10:06.822 You create value by yourself. 00:10:06.902 --> 00:10:09.592 That's your human capital, physical, intellectual, social. 00:10:09.832 --> 00:10:11.042 You got to pay the tax man. 00:10:11.222 --> 00:10:12.382 And so understand the tax game. 00:10:12.382 --> 00:10:14.612 And then there's the cashflow is that talked about. 00:10:14.622 --> 00:10:17.072 You can spend it and you can share it both really good. 00:10:17.562 --> 00:10:22.042 40 percent of that taxes, 40 percent of that is save and invest, 00:10:22.362 --> 00:10:23.662 which is what Jeff talked about. 00:10:23.782 --> 00:10:25.542 20 percent you get a chance to spend. 00:10:25.812 --> 00:10:28.342 And when it comes down to it, you want to make sure you protect your assets, 00:10:28.602 --> 00:10:31.482 that you make sure that you have the appropriate insurance and so forth and 00:10:31.482 --> 00:10:36.302 proper planning, and then making sure you have a team of expert as Sam talked about. 00:10:36.717 --> 00:10:38.827 If you have questions of going, how do I get this team? 00:10:39.047 --> 00:10:42.867 One, can you guys tell me more about taxes, more about spending any questions 00:10:42.867 --> 00:10:44.407 you have, please reach out to us. 00:10:44.407 --> 00:10:49.607 You can shoot us a text or give us a call at six zero two nine eight nine five zero.