Usain Bolt Explains the Simple Financial Trick That Helped Him Save Millions

Published 12/22/2021, 1:56 PM EST

Financial management is important for a person. No matter how much money a person makes, spending it on various commodities will leave one bankrupt. Many pro athletes have filed for bankruptcy despite having a stunning career. Moreover, with all the accolades they receive, it is easier for a person to go haywire. But, Usain Bolt managed his finances to perfection.

The incredible way in which he saved money is an important lesson for most athletes. Knowing the value of money helps people overcome difficult situations. And Bolt is right there with the best in terms of money management.

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Usain Bolt knows the value of money

An athlete who won eight gold medals at the Olympic Games would automatically earn a lot. Different endorsement deals and other earnings made him a millionaire. Nevertheless, he spoke about the importance of saving money for the betterment of his future. Speaking to CNBC, he talked about how his whole idea of money management is a lesson for all. Save more than half his pay is the motto be noticed.

“Then you can spend the rest and pay bills. I tell people if you make $10, save $6, and then you can figure out what to do with the rest,” said Bolt.

He talked about not being good with money in his early years. On his road to fame, Bolt spoke about wasting most of his initially earned money. He also added how he wished he could go back and save money to improve his financial stability; although, he is ranked 45 on Forbes’ highest-paid athletes. From there he invested in a lot of companies while entering into the music industry and starting a family. Looking way ahead into the future, he reveals what his father told, which he took as advice for the future.

“He said to me: ‘Son, anything you want, just work hard and be dedicated and you will be fine.’ And for me I’ve always lived by that,” said Bolt.

Stock Investment or Cryptocurrency? Usain Bolt Makes an Interesting Choice

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Famous athletes to go bankrupt

Although Bolt got a grip on his spending, many athletes didn’t have those realizations. Mike Tyson, once earned $400 million and then filed for bankruptcy in 2003. As fame hit him hard, he spent on jewelry, limousines, and even Tigers. Famous basketball player Allen Iverson’s messy divorce handed him cracks over his finances that led to him being broke. Notably, he didn’t have enough money to even buy a cheeseburger. One of the greatest soccer players of all time, Diego Maradona had an extravagant life filled with parties, clothes, and other luxuries.

To sum up, Bolt’s financial management helped him up so that he did not end up like the aforementioned superstars. His involvement in the community and contributing to charity events helped him, while he kept his finances intact.

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Written by:

Jacob Gijy is a US Sports and NBA writer at EssentiallySports. Gijy finished his Masters in Counselling Psychology and worked in a hospital for 2 years before his passion for sports compelled him to find his way to sports journalism. A fan of the great Tim Duncan, he is always ready to pick up a debate with anyone who does not offer the center the respect he deserves.

Usain Bolt Explains the Simple Financial Trick That Helped Him Save Millions

Usain Bolt knows the value of money

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