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Diversification is a key to smart investing at every level. On this bonus episode of The Yield, Milind Mehere and Spencer Dinwiddie take a deep dive into what it means to pursue financial freedom, the importance of financial literacy, and how money has played a role in Spencer’s life. Washington Wizards point guard, Pac-12 all-conference honoree, Calaxy founder, sneaker designer, and entrepreneur, Spencer shares more on the importance of learning to manage large sums of money overnight as a budding NBA All-Star, and when he started to plan for life after basketball.
With successes as a basketball player, entrepreneur, creator, and philanthropist, the first question is: is there anything Spencer Dinwiddie can’t do? After sharing his one major weakness, Widdie shares the inspiration that led him to confidently- and humbly- pursue his love of entrepreneurship and his love of basketball.
Widdie was drafted into the NBA at a very young age, and that amazing success brought with it a lot of money- and a fast and steep learning curve to handle it. Widdie walks us through the approach that he has taken to managing an NBA salary, from traditional investments like real estate all the way to his higher risk- and potentially higher rewarding- investments in the cryptomarket. And at every level, his goals are clear- to realize his next level by making sound investments, not only in safer-bet investments but also in the aspirational market-plus returns that have the opportunity to be available in today’s hotter asset classes.
Widdie’s depth and breadth of investments of his time, talents, and money all show just how essential diversification can be when it comes to a balanced approach to investing. He shares the details of his three investment buckets- real estate in what he considers his “safer bucket”, investments in his NBA career as his perceived “middle-risk bucket”, and blockchain and crypto in his described “asymmetrical bucket”- and shares just how important each bucket is to him. As he says, if you only bet on one thing and that one thing fails, you’re done.
As a passionate entrepreneur, Widdie has learned plenty about things to do and things to avoid when investing in start-ups. First, he suggests making sure that you’re passionate about the products you’re investing in so that you can feel good about contributing to the company. Second, he proposes looking for companies that align with your personal values and vision. And third, and most importantly to him, he advocates staying curious and humble about all that you still have to learn about any topic- whether it’s designing sneakers or investing in the crypto market, there are people who know more than you do and can teach you if you are open to learning from them.
For more insights into the mentors that have helped Widdie along the way, the value of meaningful philanthropic investments in your community, and a look at what fans can expect from the new Washington Wizards team line-up, you won’t want to miss out on the end of this inspiring conversation with one NBA player whose approach to investing, education and entrepreneurship has made him infamous on and off the court