• Loading stock data...
Wednesday, February 21, 2024
Register Now for Future of Sports: Cybersecurity

Meet your new finance professor: Portland Timbers player Amobi Okugo

The MLS player is hoping to change how professional athletes view financial literacy.

(Photo via Amobi Okugo)


Amobi Okugo, professional soccer player for the Portland Timbers, is realistic. One day his athletic career will come to a close and there is a chapter that will come once he hangs up his cleats that he needs to be ready for. Two years ago, with this in mind, he started taking serious steps to prepare himself for life off the field.

Okugo has been an entrepreneur for as long as he can remember. Almost as long as he’s been playing soccer.

When he didn’t like hot lunch as a kid at school, he convinced his mom to make him lunch every day. Soon enough, he was selling his extra food to turn a profit. As he got older and advanced in soccer, he received hoards of new apparel and equipment for being a part of U.S. Soccer’s Youth National Team. He found he could sell some of that to earn extra money as well.

“I’ve always wanted to be financially independent and have never wanted to have to ask anyone for money or struggle to make ends meet,” says Okugo.

His ambition led him to leave UCLA following his freshman year when he was drafted into Major League Soccer (MLS). The drive and creativity that powered his entrepreneurship as a child stayed with Okugo as he turned professional.

While building his reputation on the field, he continued in school, first taking classes in community college and eventually transferring to the University of Louisville where he’s been studying online and is set to graduate this December.

Outside of school, he stayed informed on topics that interest him.

“I’ve always been interested in how athletes transition after sports. Do they go into business do or they’re high up as a CEO or president of operations for a team?”

He followed that topic closely and paid particular attention when the 30 for 30 Broke came out. Watching that documentary, something struck a cord.

“I started to look for players who didn’t go broke. I was looking and it kept showing players who lost their money through unfortunate situations and investments or athletes who are killing off the court business wise, but it was players like Lebron James, Kobe Bryant and Magic Johnson. Franchise players. I’m going to be honest with myself, I’m not Lebron James. I play in the MLS. The pay fields are different,“ says Okugo.

That experience led to conversations with his brother and best friend, both former D1 basketball players, who all came to the same conclusion.

“There’s no platform that showcases athletes who are good with their money…there are occasional articles here and there from The Players Tribune that highlights it, but there’s nothing consistent,” says Okugo.

So he created Frugal Athlete.

His mission for the site is to educate athletes about something he’s seen lacking in the sports space: financial literacy. His goal is to empower athletes, ranging from the best of the best like Lebron James, to the rookies, who are living off the salary minimum.

“The two main pillars of Frugal Athlete are promoting financial literacy for athletes and showcasing prudent financial playbooks or practices from different athletes,” explains Okugo.

Off the field, Okugo is an entreprenuer (Photo via Amobi Okugo)

He recently started Team Frugal Tuesdays where he interviews athletes and features stories of those who have successfully managed their money or navigated their way into the business world post-sports. He also shares information on the site that breaks down financial terms like burn rate and 401 (k), as well as certain tax laws that apply to athletes.

A conversation with Okugo will blow your mind. He’s poised, polite, and well-spoken. He’s able to rattle off financial terms at the rate of a professor. It’s clear he knows what he’s talking about.

Okugo’s wealth of knowledge has been a combination self-taught and learned from a great team of advisors. He has actively sought mentors in the sports business field and aligned himself with an off-the-field team that has educated him while looking out for his best interests.

Not every athlete has that.

“There’s a lot of work to be done. You could be interested in [prudent financial practices], but there are guys in four major sports leagues who are making a minimum of $400,000. When you have that much cash you aren’t really thinking about the things you should be thinking about long-term because you can get anything you need at really short notice,” says Okugo.

One of the hard things about athletes’ participation in their personal financial management is the fact that their careers are limited.

“It’s tough because you’re playing a sport you can only play for a certain amount of time so you’re trying to compete at the highest level. At the same time, you have to be smart with your money, but a lot of time athletes just trust their financial advisors to do all the work for them.”

That shouldn’t be the case. Okugo believes there should be a collaboration between the two where the athletes are aware of what is happening with their finances so they are better prepared for the future.

He’s building a platform to create that.

At only 26 years old, Okugo still has several years of a soccer career ahead of him, but that isn’t stopping him from planning ahead. His goal over the next few years is to build out Frugal Athlete so it is able to reach and empower more athletes. He’s developing pamphlets to promote financial literacy and would eventually like to explore a partnership with leagues, such as the NFL or NBA, to integrate Frugal Athletes’ resources with rookie trainings.

When his soccer career does come to a close, he hopes Frugal Athlete will be acquired by a larger sports business publication so he can shift his focus to creating a management consulting firm with an emphasis on sports.

In the meantime, Okugo will continue to educate athletes from the Kevin Durants of the world to the newly signed rookies. While growing Frugal Athletes platform, Okugo will continue to live its values and share its resources with all those who are ready to learn.

Check out Frugal Athlete at https://www.afrugalathlete.com/ and follow Amobi Okugo on Twitter @amobisays.


This piece has been presented to you by SMU’s Master of Science in Sport Management.


Front Office Sports is a leading multi-platform publication and industry resource that covers the intersection of business and sports.

Want to learn more, or have a story featured about you or your organization? Contact us today.

https://upscri.be/f32ae1

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Inter Miami CF forward Lionel Messi looks on before taking a free-kick against New York City during the second half at DRV PNK Stadium.

Inter Miami Already Sold Out 2024 Season Tickets

Miami saw a 1,215% surge in demand even after prices almost doubled.
Everton goalkeeper Jordan Pickford passes during the first half against the Everton.

Everton’s Financial Violations Result in Unprecedented Punishment

The Premier League has docked Everton 10 points for PSR violations.
Inter Miami CF forward Lionel Messi smiles as he walks on the field against the New York Red Bulls during the second half at Red Bull Arena.

The Results of Messi Mania Are In

A million people per match tuned in for Messi and Inter Miami.
podcast thumbnail mobile
Front Office Sports Today

Deconstructing the A’s and Their Messy Move

0:00
0:00

Featured Today

Sabrina-Steph Wasn’t the ‘Battle of the Sexes’—But It Was Part of the Bigger War

The competition could play a factor in increasing the WNBA’s media value.
NASCAR Cup Series driver Bubba Wallace (23), in a Star Wars rebel alliance X-wing fighter pilot-inspired race suit, motions to the crowd to get louder during the driver introductions for the Cup Series Championship race at Phoenix Raceway in Avondale on Nov. 5, 2023.
February 17, 2024

Celebrity Owners, International Ambitions, and $7B Media Deals: Welcome to the New NASCAR

NASCAR boldly keeps pace with the increasingly competitive sports and entertainment world.
February 16, 2024

Wilson Introduced an Airless Basketball for $2,500. We Had Questions

The black, 3D-printed ball appeared in last year’s Slam Dunk Contest.
Emily Henegar, a baker and content creator, made a batch of NFL-inspired cookies featuring Taylor Swift and Travis Kelce.
February 11, 2024

The ‘Life-Changing’ Economy of Taylor Swift’s NFL Outfits

Appearing in Swift’s game-day wardrobe has been “life-changing” for small businesses.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Finance Manager
FanDuel
New York, NY
Senior Technical Artist - Sports Technology
EA Sports
Orlando, FL
Assistant Manager, Affiliate Operations
Adidas
Portland, OR

Top Sports Business Jobs This Week (February 2024)

Each week, our staff combs through the thousands of job listings from…
August 10, 2022

PGA Tour Touts Projected Earnings to Keep Players

The PGA Tour is asking its players to consider their potential futures.
October 3, 2022

Real Madrid President Renews Call for Super League

Real Madrid’s president believes that soccer is losing ground.
Sponsored

Live Sports Are Now High-Tech Experiences

Oracle is leading the technology revolution happening in stadiums across the world.
August 10, 2022

Bayern Munich to Make Growth Push in U.S. Market

Bayern Munich is looking to expand its reach in the U.S.
Nintendo-logo
August 3, 2022

Nintendo Profits Underwhelm, Switch Sales Decline

Nintendo failed to meet expectations in the company’s latest earnings report.
manfred_at_microphone
August 19, 2021

MLB Owners Propose $100M Salary Floor

Major League Baseball owners have proposed a $100 million payroll minimum for MLB’s 30 teams and a lower luxury tax threshold.
nfl_logo
July 23, 2021

NFL to Players: Get Vaccinated or Pay the Price

The NFL’s threatening to drop the financial hammer on un-vaccinated players and teams that cause forfeited games in 2021, according to memo.