National Football League running back Arian Foster has suffered through 14 surgeries throughout his career. His last injury, a rupture of his Achilles, led to an investment opportunity, something Foster knows a bit about.
After rupturing his Achilles, Foster was approached by a company called PeerWell, which provided a plan for prehabilitation work and then a post-surgery network to track his progress and keep Foster inspired. He enjoyed the process so much that he decided to invest in the company.
PeerWell is just one of many companies that Foster has invested in throughout his career. Foster was kindly open to discussing same and providing some tips for young athletes to invest wisely.
1. Start with the end in mind
Foster says to look at each contract like it is the last one you will ever sign, because you never know when your run in sports will be over. Live below your means so you can save, save, save, and save some more, which will lead to you building a nest egg that you can conservatively invest and live off the interest and dividends.
Foster's wealth manager, Humble Lukanga, says, "Let's win this race at a turtle's pace!"
2. Invest in companies that align with your beliefs
With a fraction of your portfolio, invest in companies that are parallel to your belief system, says Foster.
"I've been approached by so many people, but my investments, LearnVest, Health Warrior, PeerWell, SmartyPants Vitamins, Juciero, etc. are companies that are providing social good for every day people," adds Foster. "Whether it's providing healthy food and vitamin options, providing access to financial planning to everyone or PeerWell, a company helping the masses discover healthcare benefits such as PreHab, that before were only available to elite athletes; every investment is rooted in my personal conquest to help people live better lives. You can do good by doing good."
3. Invest in great human spirits.
Similar to success in sports, Foster says that finding success in business is dependent on your ability to be a great talent scout. Just like an NFL team wants to put together the best team and leadership, you also do the same in business.
Foster credits Alexa Von Tobel at LearnVest, Manish Shah at PeerWell, Shane Emmett at Health Warrior as being great talents, great human spirits that you want to make history with.
"The world is full of great ideas, the execution is where the brilliance is and that takes a great leader and great team," says Foster.
4. Be part of companies where you can learn too
Foster is wise enough to know that not every investment is going to work out -- there is great risk in business. However, if you can make sure that with each company you work with, you can get your hands dirty and learn the business, that wisdom alone will always be a great rate of return on your investment.
"I've gotten a real life MBA and I'm most proud of my business acumen than any money I've made," says Foster.
5. Know who to trust... and trust them
"Find mentors, you can't go it alone, surround yourself with people you trust who are experts in areas you are weak in . . . and then, listen to them when they give you advice," are some of Foster's final thoughts. "I have a team that does due diligence on business opportunities. I lean on their expertise and I ask a million questions until everything makes sense to me. Don't be afraid to say, 'I don't know!.'"