Chad ‘Ochocinco’ saved 83% of his NFL salary by buying fake jewelry and sleeping in the stadium — here are 5 ways to preserve your wealth at an all-star level

Save like Ochocinco

According to Mike Olivia — a registered financial advisor with the NFL — the optimum savings rate is 20%. Still, most people struggle to save even 5% due to ongoing expenses like mortgages, insurance, and paying off loans.

One of the easiest ways to reap some major savings is by shopping around for better car insurance rates.

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Discover how a simple decision today could lead to an extra $1.3 million in retirement

Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.

Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.

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Put your money to work

How do rich people get rich — beyond inheriting money or landing a cash windfall like freshly-drafted NFL players?

“It's business ownership, it's having some interest in a business (whether it's your own or another) such as stock options, RSUs, or some other ownership of stock,” said Olivia, “Or it's likely to be real estate, or some passive income vehicle.”

While you may not consider yourself rich, it’s still worth accumulating assets (if you can) to help you reach your long-term financial ambitions.

First National Realty Partners lets accredited investors own a share of institutional-quality properties leased by national brands like Whole Foods, CVS, Kroger and Walmart — and collect stable grocery store-anchored incomeon a quarterly basis.

Play defense

With NFL stars, a career-ending injury is common, said Olivia, which is why he advises players to buy disability insurance.

“Their income, bonuses, performance-based compensation — all of those things can be insured, but a lot of these athletes don’t have the time [to think about personal risk management],” he said.

You can perform your own personal risk management amidst rising inflation by cushioning your finances with inflation-hedging assets, such as precious metals. Opening a Gold IRA with Goldco might be the place to start.

By opening a Gold IRA, you’re looking out for your future self and cushioning your retirement. Opting for a Gold IRA gives you the opportunity to diversify your portfolio and stabilize your finances.

Kiss your credit card debt goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Get advice from a coach

Spur-of-the-moment financial decisions driven by FOMO — fear of missing out — do not always end well.

Olivia said it’s better to take a step back and calculate the risks, perhaps with the help of a mentor or a financial professional.

WiserAdvisor’s free platform connects you with experienced financial advisors. It’s a great tool to use to get financial guidance that is suited to your unique needs.

Whether it be tips on safeguarding your savings, making the right investments or even spending your money strategically, WiserAdvisor’s vetted professionals have got you covered.

Just answer a few questions and within minutes WiserAdvisor will pair you with a list of financial advisors to choose from.