June 22nd 2023.
Rashaun Williams, a Morehouse graduate and founder of Antimatter Business Partners, is making big moves in the professional athlete world. His goal is to create a culture around wealth management and give athletes the opportunity to manage and grow their money through venture capital and private equity investing.
Williams sees a need for financial literacy among professional athletes. He told Sportico, "The vast majority of financial advisors are not bad people, but many of them are misdiagnosing athletes and entertainers." He continued, "They are giving athletes the same strategy as they give someone that works until they are 65 and spend $50K a year."
ABP has already attracted over 100 professional athletes, both current and retired, including NFL safety Minkah Fitzpatrick, NBA forward Wendell Carter Jr. and NBA guard Terance Mann. ESPN's 30 For 30: Broke documentary revealed that 78% of football players and 60% of basketball players go broke within five years of retiring. This can be attributed to a lack of financial literacy, extravagant purchases and poor or non-existent financial planning. Child support payments, as well as injuries sustained over time, are also factors in why athletes might mismanage their money.
With ABP, Williams is creating a platform for athletes to learn about investing and gain financial literacy. His mission is to provide athletes with the same strategies and opportunities as the owners. It's no surprise that this groundbreaking firm is growing in popularity and changing the culture around professional athletes and wealth management.
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