WEBVTT NOTE This file was generated by Descript 00:00:19.217 --> 00:00:20.837 Riccardo Stewart: Hey, I wanna welcome you guys back to another 00:00:20.837 --> 00:00:23.837 episode of the A-W-M-N-F-L Podcast. 00:00:23.837 --> 00:00:25.067 My name is Ricardo Stewart. 00:00:25.247 --> 00:00:27.767 I have the privilege of being your host and I'm joined with my friends, 00:00:27.767 --> 00:00:30.197 my coworkers, my partners in crime. 00:00:30.317 --> 00:00:33.257 We got Sam Macho, Jeff Locke, and Zach Miller. 00:00:33.527 --> 00:00:36.737 Between the three of you guys, we got all sorts of experience financially 00:00:36.737 --> 00:00:39.497 and then as NFL players, it's one of my favorite things to do is to 00:00:39.497 --> 00:00:41.267 be able to ask you guys questions. 00:00:41.267 --> 00:00:45.587 And one of the things that overlaps as NFL players and and former players is. 00:00:46.052 --> 00:00:49.262 You're a part of a team and we all have experiences where we've been part of good 00:00:49.262 --> 00:00:53.072 teams, we've been part of bad teams, but we know the importance of a team, and 00:00:53.072 --> 00:00:54.212 that's what I wanna talk about today. 00:00:54.632 --> 00:00:58.622 When, when it comes to building your, let's say, financial structure, 00:00:58.622 --> 00:01:03.572 like how important is it to have a team as opposed to a guy, right? 00:01:03.662 --> 00:01:08.012 You think about it, so we all know what it's like to, to be like on a youth 00:01:08.012 --> 00:01:09.512 team, like you start youth football. 00:01:09.512 --> 00:01:10.802 Zach, you coach flag football. 00:01:11.072 --> 00:01:12.482 How many coaches do you have with you? 00:01:13.817 --> 00:01:15.767 Zach Miller: Uh, flag football officer's, just me out there. 00:01:15.827 --> 00:01:19.247 And I've had, I've had a defensive help before, but it's just me. 00:01:19.652 --> 00:01:20.402 Riccardo Stewart: It is just that. 00:01:20.402 --> 00:01:23.612 So you start off with kids, they're eight, nine, you know, 10 whatever. 00:01:23.792 --> 00:01:24.512 You got one coach. 00:01:24.512 --> 00:01:27.542 Then you get into tackle football and maybe you get four or five coaches. 00:01:27.842 --> 00:01:29.882 Then you get into high school varsity football. 00:01:29.942 --> 00:01:31.262 Now you got a position coach. 00:01:31.472 --> 00:01:34.562 You got somebody who's a coordinator on offense, defense, special teams. 00:01:34.742 --> 00:01:37.622 And then we all know you go to college, you got ga, you got 00:01:37.622 --> 00:01:41.072 analysts, you got all sorts of different people, and then on and on. 00:01:41.102 --> 00:01:45.062 Because the higher level you go, the more complexity it is. 00:01:45.602 --> 00:01:47.312 And I think it's the same thing when it comes to your money. 00:01:47.657 --> 00:01:50.987 Like, you've heard me say this before because we all quote notorious BIG 00:01:51.347 --> 00:01:53.447 more, more money, more problems. 00:01:53.507 --> 00:01:57.227 And then what we say, it's not necessarily more money, more problems, it's the 00:01:57.227 --> 00:01:59.267 more money you have, more complexity. 00:01:59.597 --> 00:02:03.407 And when you have that sort of complexity, it necessitates clarity. 00:02:03.857 --> 00:02:08.537 And so when you're making 40, 50, 60, a hundred million dollars, it comes so 00:02:08.537 --> 00:02:13.187 much complexity that when you say from a financial standpoint, I got a guy. 00:02:13.667 --> 00:02:15.077 Gosh, is that really enough? 00:02:15.077 --> 00:02:17.087 And so I wanna be able to talk about that today. 00:02:17.087 --> 00:02:18.677 And so I'm gonna start first with you, Jeff. 00:02:19.097 --> 00:02:21.077 And the question I have for you is, what are some of the complexities 00:02:21.077 --> 00:02:25.577 that come with wealth that, uh, it takes a team to be able to address as 00:02:25.577 --> 00:02:27.167 it as it relates to the NFL athlete? 00:02:28.112 --> 00:02:28.232 Jeff Locke: Yeah. 00:02:28.232 --> 00:02:30.752 Before I get into detail on the complexity, it's just like. 00:02:31.427 --> 00:02:33.887 One person can't do it all first. 00:02:34.067 --> 00:02:36.617 They can't be an expert in everything. 00:02:36.617 --> 00:02:39.737 There's so much to handle that your money touches. 00:02:39.737 --> 00:02:41.207 You can't be an expert in it all. 00:02:41.597 --> 00:02:44.327 Anyone that tells you that they are, it's probably full of it. 00:02:44.627 --> 00:02:44.897 Right? 00:02:44.897 --> 00:02:48.947 And also, one person isn't able to execute everything. 00:02:48.947 --> 00:02:52.817 They literally just don't have the amount of time in the day to, to do all the 00:02:52.817 --> 00:02:55.457 things you need done for them, right? 00:02:55.457 --> 00:02:58.277 So things that come to mind on the tax side, right? 00:02:59.567 --> 00:03:02.177 You are not a regular person when it comes to taxes. 00:03:02.327 --> 00:03:02.867 Point blank. 00:03:02.897 --> 00:03:06.017 You can't walk into HR block and bring your tax docs and have them 00:03:06.017 --> 00:03:08.147 actually do it correctly for you. 00:03:08.267 --> 00:03:08.867 We've seen it. 00:03:09.107 --> 00:03:10.817 It's never done correctly, right? 00:03:10.847 --> 00:03:13.667 You need an athlete, specific tax, person investing. 00:03:14.327 --> 00:03:19.367 Most people that invest are 50-60 years old finally coming into the money they've 00:03:19.367 --> 00:03:20.627 been trying to earn their entire life. 00:03:20.657 --> 00:03:22.007 You are completely different. 00:03:22.322 --> 00:03:25.142 Your investment strategy should be completely different from 00:03:25.142 --> 00:03:27.062 a 50 or 60-year-old, right? 00:03:27.062 --> 00:03:29.882 And then the one thing no one wants to talk about is insurance. 00:03:29.942 --> 00:03:32.222 We see this messed up all the time, right? 00:03:32.792 --> 00:03:34.802 You are riskier than the average person. 00:03:35.132 --> 00:03:35.852 Point blank. 00:03:36.002 --> 00:03:37.772 You need different types of insurance. 00:03:37.772 --> 00:03:41.342 You need experts to help you put that insurance in place. 00:03:41.372 --> 00:03:43.232 One single person can't do it all. 00:03:46.532 --> 00:03:51.317 Riccardo Stewart: Well, Zach, let's go back to 2007 if I believe that was you. 00:03:51.322 --> 00:03:52.472 You got drafted, is that right? 00:03:52.982 --> 00:03:56.552 Let's go back to 2007 and you're coming out, you're choosing a agent. 00:03:56.582 --> 00:03:57.572 You're doing the things, okay. 00:03:57.572 --> 00:04:01.172 Did you choose a guy or did you choose a team and why? 00:04:02.342 --> 00:04:04.262 Zach Miller: So mainly I chose a guy. 00:04:04.742 --> 00:04:08.852 I guess I ended up with a team because eventually it's, oh, I need this guy to do 00:04:08.852 --> 00:04:10.862 my taxes and then I gotta get insurance. 00:04:10.862 --> 00:04:12.122 So then I have a guy there. 00:04:12.482 --> 00:04:14.972 But that was not a team because they weren't together, they 00:04:14.972 --> 00:04:18.872 weren't coordinated, um, they didn't talk to each other. 00:04:19.142 --> 00:04:22.142 It definitely made everything more complicated and more complex 00:04:22.142 --> 00:04:23.822 for myself than it needed to be. 00:04:24.212 --> 00:04:26.162 Um, there's a different point of contact at. 00:04:26.852 --> 00:04:28.862 At each different place I worked with. 00:04:28.862 --> 00:04:34.832 And so it just wasn't efficient and I didn't even know there existed places 00:04:34.832 --> 00:04:39.782 where I could have everything in one place and essentially have a team 00:04:39.782 --> 00:04:43.442 that's all coordinated and all working to get the things done that I wanted 00:04:43.442 --> 00:04:44.882 done so I could focus on football. 00:04:44.882 --> 00:04:48.302 It, it was, uh, you know, investing world. 00:04:48.302 --> 00:04:50.192 I didn't realize it, you know. 00:04:50.567 --> 00:04:52.757 Financial advisors, they're not all the same. 00:04:53.087 --> 00:04:57.017 They all are kind of an a different, where they work at matters to 00:04:57.017 --> 00:04:58.882 how they serve you, and so. 00:04:59.447 --> 00:05:02.747 If there's, you know, one thing you take away is not every 00:05:02.747 --> 00:05:04.457 place you work with is the same. 00:05:04.457 --> 00:05:08.087 Whether that's their expertise, have they done it before? 00:05:08.087 --> 00:05:10.847 Do they even understand what it's like to be in the NFL world? 00:05:11.057 --> 00:05:14.267 That's one of the biggest things I can recommend is, is you gotta go 00:05:14.267 --> 00:05:16.127 with people that know your situation. 00:05:16.217 --> 00:05:21.227 NFL is so specific that if they, if you get anyone that just works 00:05:21.227 --> 00:05:24.257 with the masses, whether that's financial advice or tax advice. 00:05:24.917 --> 00:05:29.117 You're, you're doing yourself a disservice because they need to specialize. 00:05:29.177 --> 00:05:30.977 It's that team, it's that specialization. 00:05:30.977 --> 00:05:34.367 The further you go in football, the more advanced you get as a tight end. 00:05:34.427 --> 00:05:38.387 The more further I went in football, the, you know, more expertise, the more 00:05:38.387 --> 00:05:39.887 technique, all those things matter. 00:05:39.977 --> 00:05:41.387 It's the same thing in the financial world. 00:05:41.747 --> 00:05:46.397 As you go further and deeper into wealth, you need experts that know exactly your 00:05:46.397 --> 00:05:48.557 situation and can advise you on that. 00:05:50.447 --> 00:05:50.477 Riccardo Stewart: Acho. 00:05:51.617 --> 00:05:52.097 Okay. 00:05:52.607 --> 00:05:54.317 Everybody's like, I got a guy. 00:05:54.347 --> 00:05:55.127 I got a guy. 00:05:55.187 --> 00:05:55.787 My guy. 00:05:55.787 --> 00:05:56.267 My guy. 00:05:56.537 --> 00:05:56.957 Right? 00:05:57.257 --> 00:06:02.807 So as somebody who's gone from having a guy, actually a gal, and then switched 00:06:02.807 --> 00:06:06.617 to having a team, what were some of the short-term and then long-term benefits, 00:06:06.827 --> 00:06:08.147 uh, that you see between the two? 00:06:08.852 --> 00:06:12.272 Sam Acho: Yeah, the biggest benefit is just understanding that I have a lot of 00:06:12.272 --> 00:06:17.372 needs and you as an athlete, you as one of the top pa pop, top paid players, 00:06:17.672 --> 00:06:21.302 not only at your position or in the league, but also like in the world. 00:06:21.302 --> 00:06:21.362 I. 00:06:21.737 --> 00:06:23.387 You need more than just a person. 00:06:23.387 --> 00:06:26.147 When I first came out, I had a guy at UBS and he was a guy. 00:06:26.147 --> 00:06:28.067 He was like, yeah, man, I got these investments and those 00:06:28.067 --> 00:06:31.217 investments, but he had no idea about the things that also mattered. 00:06:31.217 --> 00:06:34.187 IIE taxes, IE, my NFL benefits. 00:06:34.187 --> 00:06:37.367 He had no idea about some of those things, so he was a little bit frustrated when I 00:06:37.367 --> 00:06:38.807 was like, Hey man, I have these questions. 00:06:38.807 --> 00:06:39.977 He didn't have those answers. 00:06:40.247 --> 00:06:42.647 Then I switched to another person, which was an individual, but 00:06:42.647 --> 00:06:45.467 wasn't a team, and though that person, I had a great relationship. 00:06:45.647 --> 00:06:48.587 One thing I've learned is that now having a team, all of a 00:06:48.587 --> 00:06:50.687 sudden questions that I had. 00:06:50.972 --> 00:06:53.552 They're getting answered because there's a multitude of 00:06:53.552 --> 00:06:55.892 experts on our team, on a team. 00:06:55.892 --> 00:07:00.452 So for example, the team at the Athlete family office at AWM has four different 00:07:00.452 --> 00:07:04.292 CPAs from the four big accounting firms, people who can do taxes, not just 00:07:04.292 --> 00:07:06.152 filing them, but also do tax planning. 00:07:06.152 --> 00:07:07.982 And oh, by the way, to Zach's point. 00:07:08.277 --> 00:07:12.147 They're on the exact same team as a team that's doing the investments. 00:07:12.147 --> 00:07:14.997 You know, Ricardo talks about these analysts who just get to higher levels. 00:07:15.177 --> 00:07:17.067 Well, it's the same thing in the, in the investment world, there 00:07:17.067 --> 00:07:20.337 are analysts, chartered, financial analysts, that's been their whole time 00:07:20.337 --> 00:07:23.577 studying what an opponent is going to do or what the market is going to do. 00:07:23.697 --> 00:07:27.297 So you, in your specific category when it comes to your wealth, can 00:07:27.297 --> 00:07:30.657 gain as much as possible, save as much as possible, and pass that down. 00:07:31.307 --> 00:07:33.017 To as many generations as possible. 00:07:33.257 --> 00:07:34.997 One person cannot do that. 00:07:35.207 --> 00:07:38.627 Not only because of the time, but also because of the skill and the expertise. 00:07:38.777 --> 00:07:43.247 It's almost like saying, okay, my head coach is also going to, 00:07:43.427 --> 00:07:45.497 uh, be the offensive coordinator. 00:07:45.497 --> 00:07:48.407 Defensive coordinator, special teams coordinator is also gonna be the general 00:07:48.407 --> 00:07:50.297 manager also gonna handle the salary cap. 00:07:50.327 --> 00:07:53.057 Also, it's like, no, you have to have experts. 00:07:53.057 --> 00:07:56.597 And so for me, one thing that I've learned in having a team is that now 00:07:56.597 --> 00:07:58.097 all of a sudden when I have questions. 00:07:58.517 --> 00:07:59.897 It's not the runaround. 00:07:59.897 --> 00:08:02.837 It's not this feeling of like, oh wait, you don't want me to ask it. 00:08:03.197 --> 00:08:06.347 I'm getting answers because there are experts on my team. 00:08:07.412 --> 00:08:10.202 Riccardo Stewart: Yeah, we, we come across athletes like 00:08:10.202 --> 00:08:12.362 this NFL players all the time. 00:08:12.917 --> 00:08:17.057 Where they get to their second contract, they're making 50, 60, 80, a hundred plus 00:08:17.057 --> 00:08:21.047 million, and, and they come to us because they're, they're realizing that they've 00:08:21.047 --> 00:08:25.337 been with a guy and they're going, there's some things that are possibly missing. 00:08:25.577 --> 00:08:30.347 Jeff, in your experience, as you've seen guys, our athletes leave a guy to 00:08:30.347 --> 00:08:34.097 come to a team, what are some of the more common things that they're missing? 00:08:35.062 --> 00:08:37.817 Jeff Locke: And the, the biggest thing I'm gonna hit on is, is the tax side. 00:08:38.087 --> 00:08:38.327 Right? 00:08:38.327 --> 00:08:39.227 You just don't get. 00:08:41.027 --> 00:08:42.377 The tax expertise. 00:08:42.377 --> 00:08:45.617 We're just with a guy that kind of says, Hey, I got a CPA that I use. 00:08:45.647 --> 00:08:48.347 You know, we'll deal with the CPA around like February, March, 00:08:48.347 --> 00:08:49.457 and then we're all good to go. 00:08:49.727 --> 00:08:49.847 Right? 00:08:49.847 --> 00:08:53.837 When you sign a big deal, your tax team should be revving up, ready to go. 00:08:53.837 --> 00:08:57.107 They should be in contact with your new team immediately, and they should 00:08:57.107 --> 00:09:01.637 be thinking, how do I help you pay the least amount in taxes upfront? 00:09:01.997 --> 00:09:06.497 Delay paying your taxes for as long as possible so you can invest that money. 00:09:06.822 --> 00:09:08.982 Instead, it's called Safe Harbor strategy. 00:09:09.012 --> 00:09:14.082 We see it missed all of the time with guys that sign new big deals. 00:09:14.112 --> 00:09:18.132 It's not that people are lazy, it's just they don't have that expertise. 00:09:18.642 --> 00:09:19.062 Right? 00:09:19.152 --> 00:09:20.352 We see it happen all the time. 00:09:20.952 --> 00:09:24.132 Insurance, we talked about, you're way more risky as a human being. 00:09:24.132 --> 00:09:26.772 When you sign a 50, $60 million deal, your name is all over every 00:09:26.772 --> 00:09:28.662 single headline out there, right? 00:09:28.662 --> 00:09:32.862 We gotta make sure you and your family are completely protected on that side. 00:09:33.102 --> 00:09:34.182 And we also see like. 00:09:34.967 --> 00:09:36.527 How do I give to my family? 00:09:36.647 --> 00:09:37.757 How do I give to charity? 00:09:37.757 --> 00:09:41.867 How do I give back to my community now that I have more money than 00:09:41.867 --> 00:09:43.907 I can use in my entire lifetime? 00:09:44.207 --> 00:09:45.647 How do I set the next generation? 00:09:46.007 --> 00:09:50.447 There are strategies to do this that need to happen in that first year when you 00:09:50.447 --> 00:09:54.647 sign your contract, if you wanna take full advantage and pay the least amount in tax 00:09:54.677 --> 00:09:57.017 over your whole lifetime when doing it. 00:09:57.437 --> 00:09:58.457 Just a couple of 'em. 00:09:58.937 --> 00:10:01.337 I could talk for days on this, what you should be doing when 00:10:01.337 --> 00:10:02.507 you sign that new big deal. 00:10:04.292 --> 00:10:05.972 Riccardo Stewart: Zach, I'm gonna, I started with you. 00:10:05.972 --> 00:10:08.072 I'm gonna finish with you because we said okay when you 00:10:08.072 --> 00:10:10.592 were going into the draft 2007. 00:10:10.592 --> 00:10:12.632 Well, let's fast forward to get to your second contract where you're 00:10:12.632 --> 00:10:15.872 about to make, and, you know, you're about to make life-changing. 00:10:16.202 --> 00:10:21.602 Um, giving you the possibility to have multi-generational wealth was 00:10:21.662 --> 00:10:26.492 the thought of having a team even in your mind, and why or why not? 00:10:28.072 --> 00:10:30.047 Zach Miller: I mean, we, uh, we explored it. 00:10:30.107 --> 00:10:33.347 Uh, I explored it with Goldman Sachs, but the problem is they 00:10:33.347 --> 00:10:35.072 had a $10 million minimum. 00:10:35.867 --> 00:10:38.267 And you're still just getting the investment advice. 00:10:38.267 --> 00:10:39.347 No tax advice. 00:10:39.347 --> 00:10:42.377 So there were not family offices. 00:10:42.377 --> 00:10:45.347 And the family offices that are the best of the best, 00:10:45.797 --> 00:10:47.177 they don't work with athletes. 00:10:47.177 --> 00:10:51.137 They might dabble in athletes, but they don't specialize in athletes and 00:10:51.137 --> 00:10:52.787 they don't work with them specifically. 00:10:53.447 --> 00:10:58.367 So really it's it, it wouldn't have helped because there weren't ver, 00:10:58.457 --> 00:11:01.217 I mean there just was not as much. 00:11:01.907 --> 00:11:05.602 Good advice for athletes as there is now, I can say that unequivocally. 00:11:06.992 --> 00:11:07.472 Riccardo Stewart: That's good. 00:11:07.892 --> 00:11:10.322 Well, if there's anything that you've heard, you're going, 00:11:10.322 --> 00:11:11.672 wait a minute, I got a guy. 00:11:11.732 --> 00:11:13.112 Did you just tell me that's wrong? 00:11:13.112 --> 00:11:13.172 I. 00:11:13.457 --> 00:11:15.197 Um, no, we didn't say that that's wrong. 00:11:15.437 --> 00:11:17.087 We're just saying it may not be what's best. 00:11:17.267 --> 00:11:19.667 And so if you wanna know what's best or if you have any questions or any 00:11:19.667 --> 00:11:20.957 thoughts, please reach out to us. 00:11:21.167 --> 00:11:22.607 You can send us a text. 00:11:22.607 --> 00:11:23.987 We'd love to send you some resources. 00:11:24.167 --> 00:11:27.832 That number is 6 0 2 9 8 9 5 0 2 2.