Shedeur Sanders’ financial goals are bold, but not unheard of.
“It starts with a B and ends with an E,” Sanders, the 22-year-old son of NFL Hall of Famer Deion Sanders, said in an interview. “Billionaire. That’s what he has to be.
Billionaire athletes are rare. Michael Jordan sold his stake in the Charlotte Hornets for $3 billion. According to the Bloomberg Billionaires Index, LeBron James had a net worth of approximately $1.1 billion.
The younger Sanders is already a household name among college football fans as a star quarterback at the University of Colorado, where his father is entering his second season as head coach. He has cashed in on that fame by using a large online following—including 1.8 million on Instagram—to sign endorsements with Nike and other brands worth an estimated $4.7 million, according to On3.
This tied Shedeur for first place among college athletes with Bronny James, another son of a superstar athlete (LeBron). And Shedeur’s stardom will likely continue to grow with him expected to be a top pick in next year’s NFL Draft. If he does, he’ll have a clothing brand he founded called Legendary to bring to fans of his new team.
Shedeur recently spoke with Bloomberg about cryptocurrency mistakes, working with his father and other investing advice Lessons and investments, a new short video series in which athletes, commentators and investors talk about their best (and worst) investments. The series featured boxing champion Terence Crawford, Super Bowl champion Michael Strahan, Olympic gold medalist Sydney McLaughlin, San Antonio Spurs basketball player Victor Wembanyama and others.
You’ve made some great purchases so far, like that big gold chain you’re wearing and a Rolls-Royce. Looking back, do you regret that kind of expense?
My chain, every time I look at it, inspires me. I like my cars every time I get in. It inspires me.
Does your father give you financial advice? Do they put you in business?
My dad and I just did something that was about 100 acres. I would never buy something small. My dad always had something that was 100 or more as the standard, so why would I ever do anything less?
OK. But do you always follow what he says?
I did Dogecoin. And my dad said ‘what are you doing with that?’
I invested about $3,000. It was like 2021 during the summer. He went all the way. I had made $7,000. Damn, he crashed. I check it every now and then. I’m down $2,000. I wish I had brought it up and listened to my dad when he told me. He said to take it off immediately. But I didn’t.
What is your advice for those navigating this relatively new era where college athletes can accept sponsorships through Image and Likeness Agreements (NIL)?
Understand that taxes are real. You will have to pay taxes. You can have all the fun you want because you’ll have to get it out of your system, but know that taxes don’t play games with you.
What is something you would like to invest in?
Nothing. I never have regrets because I really sit down and think about everything. The main thing in life, and what people don’t understand, is investing in your own stocks. This is the only brand you can check. If those people are losing your stock, they don’t care about your money. You worry about your money. If you invest in yourself and fail, it’s your fault. So that’s the main thing.
Invest in yourself. Invest in what will make you successful.
Editor’s note: This interview has been edited and condensed.