For professional athletes, true financial success goes beyond the signing of big contracts or landing approval. It is about making smart decisions that convert short -term income into sustainable wealth.
In this series, I interview athletes and entertainment to explore how they have sailed to the high and low levels of their careers – learning from great pay, unexpected challenges and strategies that set them for sustainable success.
I recently sat down with 2023 US Open Champion and PGA Tour Golfer Wyndham Clark, currently ranked 8th in the world, with career revenues about $ 43 million, according to Spotic.
Evan Vradem: You and the coach/caddy, John, do the work before the shifts. To make it interesting, you put money in the line – if you drain a hit in practice outside 40 feet, you earn a few hundred dollars for that friendly bet. You guys have done this for years. Be honest – do you save and invest that money, or go directly to festive dinners?
Wyndham Clark: (Laughter) is an excellent question (more laughter). This is a kind of money such as “fun”. … So to answer your question, we do not invest it. Would be more at dinners or other friendly bets (laughter) or buying things. … Yes. … Definitely is definitely more “fun” money.
Ev: Ah, that makes sense. You and your cadad have to have a strong relationship. Do you ever discuss investment strategies while walking on the course?
WC: Yes, a little. John and I both came to a good fortune. John did not necessarily know what to do, and I am blessed that I have a bunch of advisers and great people help me with it, so yes, (John) asked. He has asked for some tips, and I have given my two cents. I also handed it to some of the professionals I had suggested. I remember saying, 'I think you have to put your money with these people and they will help you invest your money and help you raise your money while looking for me.'
Ev: That'S is great, and it's a good split because golf is a sport, unlike many others. Unlike team sports, where you have integrated support, there is no concealment. You are CEO and you need to build a strong team around you. Most people know that there are marketing agents and boys, but what about other business professionals around you? How did you build that team?
WC: I have an accountant who is great – this is really big and important for golf because we play in so many different countries and places. With all the different tax laws, it is great to have someone to take care of this for you. I have a great and trusted CPA.
I have two boys who help me manage my money. A boy is my private banker – he deals with all entry and money output, whether he is paying my cadet, investing in certain things or covering the bills. It also monitors my investments.
Then I have a son I knew how to get out of the college who is a very successful wealth adviser. He manages much of my money, and through him, I have been involved with a small piece of funds. Now, I am in three or four different funds in different industries. My money is not just in the stock market or immovable property; I am really diverse, and I have investments in technology, oil, gold, bonds and even small starting companies.
We have built a really strong team and is working well so far.
Ev: In 2023, you took $ 3.6 million in a single day when you earned US Open – the biggest pay at the time. You continued to have an extraordinary year. Did the US OPEN change your approach to financial planning? Did it lead to any changes to your investment strategy or how you share your income?
WC: Yes, I would say there is. I was pretty conservative with my money for the first years on the tournament. I remember talking to my initial wealth advisor, and I was like, 'We are hoping to do so for 30 years, let's complicate our money, aim for 10% -15% returns, and ask for a day and be super happy.'
This was our initial approach, and it still constitutes much of my strategy. But while I have come to the most considerable asset, we are arranged. We started sharing 10% -15% of my profits in higher growth, aiming at a greater upside. Instead of targeting only 10% -15% returns, we are seeing a chance of 20% -25% returns.
Moreover, many companies approach me and my team with investment opportunities – new golf equipment companies, Startup Golfi. We appreciate them carefully, asking: 'Is this our time worth it? Is it too dangerous? Do we see possible profits? 'It's been a great process, and I really like to get involved in different businesses.
My dad was a delightful businessman and he taught me a lot growing up. I really liked this part of being a professional golf player.
Ev: PGA Tour golfists are considered independent contractors – you do not have a pro -sports team that covers your expenses like in other sports. What are some things that people don't understand about the financial side of being a golf?
WC: We tax it to the state where we play and then again in the state where we live. Because we are our CEO, people can see a $ 1 million winning tour and think, 'wow, this is a ton of money'. And it's – but after taxes, paying caddy, coaches, flights, hotels and all other expenses, many are cutting from above.
You have to be very fiscally responsible. We learn to charge as much expense as possible for our business credit cards while traveling. You get a ton of travel points, so try to maximize the system in every way possible. Each golf player is very aware of the way we spend, where we invest and how we structure costs to be tax efficient.
Ev: How do you feel about the latest market instability? Do you see it as an opportunity or concern?
WC: Yes, I mean, it's a little worrying. But if you look back over the years, people who make the most money are those who capitalize on instability. When things are going up and down, they succeed when the market sits and know they will come back. They also have the means to do it. I hope we are on that side.
We have been careful with some investments and are waiting for the right opportunities in the market and real estate. We are trying to position us to maximize our “profits”.
Ev: Looking back, what are the best money you've ever spent or the smartest investment you've ever made – whether financial or personal?
WC: Well, the simple answer is investing in myself. I have made some decisions where I have taken risks for myself-checking long-term short-term options. This strategy has been repaid after playing better and succeeding.