Dear Players of the WNBA,
Congratulations on your new Collective Bargaining Agreement. With it, you've gone from a WNBA employee to a true stakeholder, and with that revenue-share comes the opportunity to create real wealth.
Generational wealth.
So the question is, how do you protect and grow that money? Because really, it represents a lot more than your time on the court. It is your passport to a life after basketball that can be as impactful as your time in the game. It's your ability to provide for your future self, your family, your community.
So be smart.
This league is purpose-built, and you can forge a path that avoids the mistakes so many pro players have made. Bad financial decisions, short-term thinking, too many cars.
We wanted actionable advice, so we turned to advisor Emily Green, to better understand the most common mistakes when it comes to money. She’s got the cred — and heads the Wealth Management team at Ellevest, a fiduciary that center women as clients.
Here are some strategies that every WNBA player could incorporate into a financial strategy and (ahem) maybe even some of us without a big time contract.
First of all, women’s financial needs are different. Our earnings peak sooner. Our businesses are less likely to get funded. Our health care and caregiving costs are higher. And we tend to live longer.
You get that first check, and it’s an amazing moment, but a paycheck is not a plan.
Take taxes, everybody’s favorite subject! It’s smart to use a tax expert to know what the rules are at the state and federal level so you don’t get behind in what you owe. And honestly, while you’re in the gym, while you’re training, let someone else figure that out.
Next up; financial security. Set aside 3 to 6 months of expenses in a savings account for an emergency. Then, divide the rest between “current you”and “future you.” Tuck away about 20%.
But watch out for lifestyle creep. Add the perks, but don’t go overboard.
This season is about more than stats. It can be the season you start building security, ownership, and long-term power. Build the right team around you. Ask smarter questions. Make decisions today your future self will thank you for.
Be invested in your own story, your own freedom.
