NBA star Giannis Antetokounmpo on promoting financial literacy through sustainable investing
There was a time in Giannis Antetokounmpo's life when he had his money spread out in several different bank accounts, to protect it.
"I was always taught: don't put your eggs all in one basket," Antetokounmpo told "CBS Mornings" on Friday.
The Milwaukee Bucks forward has since learned "there are safer ways and much better ways to do the same thing," and his understanding of money has changed.
The NBA star has teamed up with John Koudounis of Calamos Investments to introduce the Calamos Antetokounmpo Sustainable Equity Fund, a collection of environmental, social and governance (ESG) funds.
ESG is a form of sustainable investing. Koudounis said the fund achieves this goal by investing in businesses with strong ethical standards, environmental practices and social influence. About 10% of the profits go to charitable causes like financial education.
"I just want to create access for people, help people as much as I can to educate them and try to teach them about financial literacy," Antetokounmpo said.
When he was only 18 years old and had no knowledge about money, Antetokounmpo was drafted by the Milwaukee Bucks, in 2013. His contract included a substantial sum of money and Antetokounmpo said he struggled to grasp what to do with it.
Several recent studies have found that more than half of professional athletes go broke after leaving or retiring from their sport.
Antetokounmpo said his father, a Nigerian Greek immigrant, didn't teach him about investing. Antetokounmpo said he intends to break this cycle and educate others, including his own two children, about the significance of managing their finances.
"That's the No. 1 thing I want to teach my kids," he said. "I want my kids to get their first dollar to know how to make it a dollar into two. Why just do it to my kids? How can I give people access to help people invest?"
for more features.