Serena on money management: ‘When you work hard, you reap the benefits’

Tennis superstar Serena Williams conducted a money management Livestream mini-class with students from historically Black colleges and young professionals.

During the JPMorgan Chase Chat, Williams relayed that it’s “important for young people to really understand how to spend money — including how to better self-evaluate needs and wants — to make truly informed decisions versus spending from pure emotion. This is still something that’s true for me, and an approach I believe is incredibly important for parents to teach and model, as well.”

Williams is a spokesperson for JPMorgan Chase.

With more than $90 million in winnings, the superstar has made more money playing tennis than any woman in the history of the sport.

“When I received my first bit of prize money, I knew right away I needed to put it in the bank,” she told NBC News, “Though I had the money, what I didn’t have was the understanding of how it works. For example, what happens if you put money into a savings account, invest it or just deposit it in a checking account? I didn’t learn those things until later in my career.”

Williams said that while her family wasn’t wealthy, her father, Richard, taught her and her sister, Venus, to work hard and reap the benefits as a result.

“At a young age, it was instilled in me that I shouldn’t splurge,” Williams said. “I remember going to parks and playing tennis with my dad, and he’d say, ‘Athletes always lose their money.’ He made it clear that as an athlete, there was a risk of losing what you earned.”

During the webcast, Williams used the coronavirus pandemic as a life lesson. She encouraged the young audience to learn and think about new skills.

“The earlier we learn how to manage what we earn and save,” she said, “the more ready we are to face life’s ups and downs.”

– The Griot