Jamaican sprinter Usain Bolt is still considered the fastest man in the world and one of the richest athletes.
In 2018, Bolt was ranked 45th on Forbes Magazine’s list of the 100 Richest Athletes in the World. He made $ 31 million in 2017 when he officially retired.
But Bolt, 34, admits he wasn’t always good with his money.
“When I started moving up, I was spending a little more than I wanted,” Bolt told CNBC Make It.
The eight-time Olympic gold medalist says that after his first Olympic debut in 2004 when he was just 18, he started “spending” because he was starting to make money.
Fortunately, Bolt says his teammates sat him down and explained the finances to him.
“I have to pay tribute to my team,” says Bolt. “You really helped me understand how to save.”
The biggest lesson Bolt learned is how to save over half your income.
“Then you can spend the rest and pay the bills,” he says. “I tell people if you make $ 10, save $ 6, and then you can find out what to do with the rest.”
Bolt still holds the official world record in both the 100-meter and 200-meter sprints for men, which he achieved at the 2009 World Championships in Berlin. He ran the 100 meters in 9.58 seconds and the 200 meters in 19.19 seconds. And he was part of the 4×100 meter world record relay at the 2012 Summer Olympics in London.
In 2017, Bolt was forced to return his 2008 Olympic gold medal in the 4 x 100 meter relay from the International Olympic Committee when his Jamaican relay colleague failed a drug test.
Although he’s now a retired athlete, some of Bolt’s sponsorships haven’t let up. He has a lifelong partnership with Puma and has just signed up as a spokesperson for CarMax. He is also a real estate investor and co-founder of the electric scooter company Bolt Mobility.
Even so, Bolt would advise his younger self to “save as much as possible”.
“There are a lot of athletes out there who got injured,” says Bolt, “and I’ve learned that and seen it with my own eyes.”
As for career advice, Bolt says the best advice he’s ever received is from his father.
“He said to me, ‘Son, whatever you want, just work hard and be dedicated and you’ll be fine.’ And for me, I’ve always lived according to it, “says Bolt.
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