WSL Hawaii recently presented a Financial Management Workshop in partnership with Morgan Stanley at their regional office in the North Shore Marketplace, which saw a gathering of junior surfers and big wave athletes along with parents, coaches and WSL staffers. To arm members with the tools and tips for achieving financial success throughout their surf careers, Morgan Stanley Financial Advisor/Wealth Manager Miki Wallace broke down the basics; set goals, save early and seek help.
It’s never too soon to start tucking away earnings, in fact Miki stated that saving 25 percent of your income is recommended for a healthy savings account. For top athletes like regional junior frontrunner Barron Mamiya, who won three events in a row this year, saving a quarter of every pay check could help offset travel expenses, equipment, cross-training classes and coaching, all common expenses that athletes are up against. It is these types of recommendations that Morgan Stanley Global Sports & Entertainment, a dedicated division within Morgan Stanley Wealth Management, can offer to aspiring professionals.
Knowing the difference between fixed and variable incomes and how to spend (and save) accordingly were other key takeaways from the workshop, as well as financial planning and goal setting. Visualizing the process, from start to finish, is equally as important as visualizing the goal itself, explained Miki. For athletes, a financially sound exit from their career can be the most challenging part of the money management and seeking professional help from a wealth manager or financial advisor can be a great tool.
The Financial Management Workshop was part of WSL Hawaii’s athlete development activations, which aim to support members in a variety of ways. Youth seminars that focus on career readiness, CPR certification for safer waters and industry sessions for creative thinking are a few of the other ways the organization stays involved beyond the surf events.
Attendees made donations to the Hawaii Youth Surfing Development Organization, a 501c3 nonprofit that dedicates 100% of proceeds to youth workshops, and were treated to a Cholo’s Homestyle Mexican dinner after the seminar concluded. For any athletes interested in Morgan Stanley Global Sports & Entertainment, please contact hawaii@worldsurfleague.com for more information.