That may be his largest payday to date, but it won’t be the first time he’s experienced a large infusion of cash. Fiske, a former Florida State University defensive tackle, earned six figures in college through endorsement deals under the NCAA’s name, image and likeness (NIL) policy, he told Business Insider earlier this month.
Earning so much money at such a young age convinced Fiske that he needed help figuring out the best way to spend and save his football earnings.
“I had never been around that much money,” Fiske told MarketWatch last month. “My financial advisor helped me. It’s about understanding that money is not going to last forever and only like a short period of time. And you’ve got to pay taxes on that money, as well.”
Fiske hired his financial advisor while playing for FSU, he said. Together, they’ve discussed “how my financial life is going to change” upon signing an NFL contract, Fiske noted.
“I’m putting money into mutual funds, index funds, high-yield savings accounts and maybe exploring new investment opportunities, too,” he said, adding: “I also have a Roth IRA … The more assets I can have to build wealth on the side is going to be huge for me. I want to get in as quickly as I can and start building.”
Fiske additionally credited advice from his grandfather, who “was really big on saving for retirement … [and] would always say how [it] could have made a bigger difference if he started sooner,” he said.
More college athletes should learn about financial literacy, said Fiske, especially with some earning millions of dollars from NIL deals. But that doesn’t mean he won’t splurge on a fun purchase: He’s an avowed fan of Nike’s Air Jordan 1 sneakers, for example.
“If I see a pair, I’m getting them,” he said.
He also said that “everyone” tells him to upgrade his car — a Honda Accord with 150,000 miles on it — but he’s resisted, so far.
“It gets me from A to B,” said Fiske. “I’m sure I’ll give in once I see more zeros on my account.”
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Source: What this NFL Draft pick plans to do with his new money—from mutual funds and a Roth IRA
