“Put the Money Away”: $250 Million Worth Wayne Gretzky Once Had a ‘Conservative’ Financial Advice for Athletes

We all know Wayne Gretzky for his proficiency in Ice Hockey. But apart from this what is his secret to remaining unbeatable even as a successful moneyman? It’s a little surprising to know that when it comes to moneymaking or investments, “The Great One” followed his father’s advice. He also recommended the newly emerging players to be a little conservative and thoughtful before investing money.

Gretzky has experienced many of his peers going bankrupt and that led him to decide on a safe and sound financial way to go forward. But what is his suggestion to new players? Let’s find out!

Is Wayne Gretzky a ‘conservative’ when it comes to money?

As it turns out Walter Gretzky was a bit orthodox in the matter of money and did not like to play with it.  Recalling his father’s advice Gretzky said, “I’m not a big risk taker. I’ve never been an adventurous guy on investing in things I didn’t know anything about. Put your money away — and that’s the advice I give my kids.”

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He would love to help rookies with his valuable financial tips. He advised, “Set yourself up so that when you do end up finishing your career, you don’t have to go to work. You don’t need to go spend big dollars on fancy cars and big houses and watches and jewelry. Put your money away and you’ll enjoy your life that much more when you retire.” 

In his entire career, he faced many failures but none of them was related to money. In the financial seminar, Gretzky talked about how beginners are “bigger and stronger and faster” which helps them to take smarter life choices. In addition to his previous comment, the legend said, “Be very conservative. If you’re a hockey player you have the window of maybe seven to 10 years to make good money. Put the money away. “

Gretzky’s plan throughout life

Like other advice, his father’s financial guidance too worked like magic in Gretzky’s career. Oldman Gretzky always used the instance of  Bruce McNall, the owner of Los Angeles King, who had gone bankrupt. He learned from his mistake and carried a safer strategy throughout his life.

VANCOUVER, BRITISH COLUMBIA – JUNE 21: Former NHL player Wayne Gretzky of the Edmonton Oilers looks on from the draft table during the first round of the 2019 NHL Draft at Rogers Arena on June 21, 2019 in Vancouver, Canada. (Photo by Jeff Vinnick/NHLI via Getty Images)The $250 million worth hockey legend was very clear about his choices. He now owns a restaurant, a winery, and an enterprise that manages various camps. His slow but steady mentality helps him to grow gradually which is the same advice he gives his successors.

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No matter how aggressive he was with the stick and puck when it comes to money he chose to be someone very stable. His motto was to carry on with what he had rather than make it double or triple. He is the G.O.A.T. for a reason. What do you make of Gretzky’s advice?