⚠️ Not financial advice.
🗄️ From the vault: recorded May 2025.
What's the biggest money mistake a young athlete can make? Chad Smith, a former senior vice president of wealth management at UBS, has seen it up close, and it starts with the math nobody explains on draft night.
In this segment:
- The two biggest rookie mistakes: not understanding the time value of money, and rushing to be the next LeBron, Shaq or Magic Johnson in business
- Rich for a while vs. wealthy forever
- Chad's rule of thumb: a $50 million deal is really about $25 million after taxes
- The jock tax: you play for the Knicks, you're Jalen Brunson, and you may owe the state of California some tax
Gross vs. net. It's a big slice.
🎥 Full episode with Chad Smith:
https://youtu.be/oINESDAJP-s
📸 Jalen Brunson photo (thumbnail): Erik Drost / CC BY 2.0 (cropped, edited), via Wikimedia Commons
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Disclaimer: The content shared on Brick by Brick is for informational and entertainment purposes only. We are not financial advisors. Nothing discussed should be considered financial, investment, legal, or tax advice. Always do your own research and consult a professional before making any financial decisions. The views on this podcast are of the guests, and do not represent Windermere Abode, or Dam Cryotherapy.
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