“That’s Been Very Solid”: Wayne Gretzky Once Revealed How Father Taking His Cheque Proved To Be the Best Investment

NHL G.O.A.T. Wayne Gretzky once signed a hefty contract with Edmonton Oilers along with numerous brand endorsements. However, he still credits his father’s sound and conservative financial advice behind his present-day stability. On Day 1 of learning about managing finances, his father egged him on about adopting a conservative way to spend one’s finances for solid sustainability.

Gretzky revealed that during his days at the World Hockey Association, he had signed up with Indianapolis Racers for a bonus of $250,000 in 1978. It is a huge amount now, and an even monster amount back then for any Hockey player. So, what did his father do?

Wayne Gretzky’s sound investments and successful businesses are attributed to his dad

Wayne Gretzky revealed that his father once said to him, “Put your money away”. He said that’s the best lesson he learned and subsequently imparted it to his children. His outlook on finance changed from that day onwards and his investments have all reflected the same. In fact, his father Walter Gretzky took the quarter-of-a-million bonus away from him in order to buy annuities.

Recollecting his father’s words, Wayne Gretzky said, “He (Walter Gretzky) said we are going to be very conservative and that’s been very solid for me since day one.” Further, he noted, “He taught me from a young age to be very conservative and that’s the way I have lived my whole life. I’m not a big risk taker. I’ve never been an adventurous guy on investing in things I didn’t know anything about.”

Gretzky said, “Financial planning at a young age is vital and very important”. He was referring to how at the early age of 20s, people showed him the ultimate dream of retiring at 50-55 with a bulk of money down the lane. They showed him the rosy surface and the glittering dream of life after retirement. However, thanks to his father helping him out at that young age, he did not fall for that.

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Gretzky’s advice for the new generation of Hockey players remains simple and uncomplicated. With a small career window of 7-10 years to make a good chunk of money, he believes players need to set themselves financial goals in order to avoid working after retirement. He recalls the same advice his father gave him to live a free, comfortable, and happy family life without any financial woes.

Learnings from Gretzky’s financial awakening

Gretzky can proudly boast about some of his successful ventures. That includes his restaurant near Rogers Centre which is named after himself and his winery located in the Niagara Region, among others. Gretzky’s conservative attitude toward businesses is why Gretzky thinks he hasn’t committed to any bad investments so far in life. After his father’s advice, it was as if The Great Gretzky had a financial awakening in his mind which continues to this day.

NEW YORK, NY – SEPTEMBER 07: Wayne Gretzky Visits “Maria Bartiromo’s Wall Street” at Fox Business Network Studios on September 7, 2018 in New York City. (Photo by Theo Wargo/Getty Images)

One other eye-opener in Gretzky’s life was watching his friend Bruce McNall, fall down the rabbit hole of financial troubles. Bruce was a former Los Angeles Kings owner, who went bankrupt and had served jail time for fraud. That incident involving his friend shook The Great One to his core and never even played the stock market to this day.

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Gretzky imparted all of his learnings to his 5 kids. His old-school manner of financial planning is ideal for someone to spend their old age in peace and without worry.