Money Monday

Every offseason someone asks what he should do with his money. They just got back from a season abroad, their account is bigger than anything they saw in their entire lives, and they want to know the move. How to build wealth in an offseason. Now I am not a financial advisor, but we have @Jeff Durr with us in OverseasX to help figure out the intelligent choice…this is just my experience.

In 2006 I was playing in Australia and I took the majority of my season money and put it in an ING Direct account over there. That was my master plan. ING was paying around 6.5% back then while a normal bank was giving you fucking nothing, so the money sat there and quietly grew on its own. I didn't touch it, I didn't tell a soul about it because there was nothing to brag about. It just compounded while I played…and that combounded money bought a house and a Mercedes when I returned home. The Benz was a dumbass purchase, but made me feel like I “made it”. The house was an investment…a really smart one.

That worked out much better than following trends...Like copying Nancy Pelosi has a solid record up around 185 percent, but over that same stretch a plain boring index fund returned almost 280 percent. Now everyone wants to be like Elon and became the first trillionaire on the planet, but he didn't get there trading either, just owning huge chunks of his own companies and refusing to sell.

Which brings me to crypto. Just this month Bitcoin fell from around $67K to $59K in about two days and wiped out more than three billion dollars in a single stretch. That's the difference between slow money and hype money. Slow money survives a bad week. Hype money gets fucking destroyed by it.

The summer is when the damage happens. The season ends, you have time and cash and a group chat full of tips which becomes the most dangerous thing in this whole fucking business. That's when the car gets bought, the bet gets placed, the buddy's startup gets funded.

So do this…pay yourself first, before the trip, or the chain, drop a large chunk in a high-yield savings account and a plain index fund and forget it exists. Keep enough liquid to cover the gap until your next contract. Then live on the rest like the season might not come, because some summers it doesn't.

Boring builds your future while the sexy tip could burn you down. Nobody posts the savings account, which is exactly why it works.

With OverseasX, you'll never have to walk this journey alone.