Latest / Success Story with Scott Clary / Lessons - How to Dominate When Everyone Wants to Take You Down | Chris Pronger - NHL MVP & 2x Olympic Gold Medalist

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Lessons - How to Dominate When Everyone Wants to Take You Down | Chris Pronger - NHL MVP & 2x Olympic Gold Medalist · Success Story with Scott Clary

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  In this lessons episode, explore why sudden wealth and identity tie to performance often
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  lead many athletes toward financial struggles after their careers end.
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  Discover how pressure and comparison push high earners toward unnecessary risk,
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  learn why focusing on consistent singles and doubles builds lasting wealth,
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  and understand how evaluating character, risk, and deal structure leads to smarter investments.
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  So a couple of points. First thing, I was looking to set up 70% of
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  lot of winners lose their money or go bankrupt in five years. So that's 70% of
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  people that know they're not going to get another paycheck burned through that
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  money. So think about that for a second. So imagine now you're making that kind of
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  money and then you think you're going to get another paycheck. You think you're
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  going to get and that's not just a one time event. Now that's ingrained in you over 15 years.
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  So that's messing with you. So you're not you're not thinking in the right mindset.
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  Obviously now I think that you and here's and here's the second point to that and here's the
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  follow up to that. Your whole life you've been solely focused on your sport, solely focused on
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  being the best that you're a sport that you can be most likely not focusing on your schooling
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  as much as maybe you should. And now you're done. Now what? You're you you're solely immersed
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  yourself in this sport. You spent every waking second grinding at your sport. And now what?
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  And a lot of times your your whole identity is built around your sport. There's Scott the
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  hockey player. How you doing? It's not Scott. It's not Scott from Toronto. It's not Scott from
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  whatever. It's got the hockey player. Your hockey player. No, no, I play hockey, but that's not who I
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  am. That's not my sole person. So it that and that will you the more you hear that over and over
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  and over and over and over again, it tends to get ingrained in you and it's so and so the football
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  players. So now now you think you're just a football player. Oh, you're just a dumb jock. You hear
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  that over and over again. Now you're just a dumb jock. And and you hear these things over and
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  over and over again and people just didn't like, all right, maybe I am because you hear it all the
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  time. And they're unwilling to buck the trend and and buck what people's perceptions are. And so
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  you know, you're you're you're kind of just going with the flow as opposed to trying to break
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  that cycle and and and being smart with your money and being smart with what you're doing and how
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  you're kind of laying it all out there. You know, everybody wants to take care of their family.
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  Everybody wants to take care of their friends, but at what cost? Yeah, you know, it just it can
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  some of the stories you hear, you're like, I can't believe that happened. So out of the guys you played
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  at the guys you played puck with, what percentage of them do you think struggled to some extent?
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  Guys that you're close with.
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  Yeah, I don't think a lot a lot of the guys that I played with, you know, summer summer struggling.
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  There's no question like the problem is you don't hear about it. You know, because they're embarrassed
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  because they don't want to ask for help because they don't they're unwilling to kind of
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  open themselves up for criticism because they made mistakes. They got into a risky deal. They
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  thought they were going to hit the lottery and or they went to hit the lottery again. Like,
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  you know, you think, oh, I just won the lottery. I made $10 million playing my sport.
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  You should be creating a nest egg and and building off of that. Instead, you're risking it all,
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  thinking you want to be LeBron James or Kevin Durant and doing all the stuff that they do. Meanwhile,
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  they're making 40, 50 million bucks a year playing their sport. They can take those risks and
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  they're making hundreds of millions of dollars in endorsements. People look at the cream cream cream
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  of the crop and think, I want to be there. They have no chance of getting there. You have to be
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  comfortable in who you are and where you are in order to be a sound investor, you know, and
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  look for singles. You know, I tell people, I just want singles and doubles. And if a double turns into
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  a home run, then great, but I just want singles and doubles. And the more you do that over and over again,
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  as you know, you're you're going to have a lot of success. And too often these people, they're
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  constantly trying to hit home runs. Why I have no idea, they're not satisfied with whatever they've
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  got or they see this guy flying around on a private jet and this guy with a freaking McLaren or whatever.
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  Or he's on a yacht or what? I mean, and they're jealous. So they start risking it all for no reason.
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  And it's really just the mindset and their mind playing games on them. So it's understanding
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  and it's hard for athletes to, you know, you're competitive. You're driven, you know, that you're
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  using that as a tool to push yourself, but it's you're pushing yourself that you're taking a lot
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  of risk that you don't have to take. And it's hard for some guys to kind of get out of that
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  competition and you know, to always trying to be better than the next guy and and just being happy
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  with where you're at. And you know, there's certainly lots of guys that struggle. There's lots of
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  success stories. There's lots of guys that are struggling. I think you see that in all walks of
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  life, you know, it's just as an athlete. It's front center and it's in the paper. It's on TV.
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  It's whatever. It's on social media. I mean, I see people all the time that, you know,
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  had great jobs and made a lot of money and now they're struggling for whatever reason. You know,
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  whether they're trying to keep up with the Joneses or, you know, trying to be somebody who they're
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  not. And you know, I think that's, you know, the biggest takeaway for me is understanding who you are
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  and then being who you are and not worrying about, you know, living this whatever dream they're
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  living over there and just live your own dream, live out your own life. And you know, I think that's
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  where a lot of players really struggle because they're they're trying to be somebody they're not.
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  How did you set yourself up properly? Did you, did you just get lucky with the right advice and
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  mentors and financial advisors when you're still playing or what was your strategy? Yeah, I
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  I made my first mistakes too. Don't get me wrong. Okay, give me give a good give a good mistake.
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  Give a good mistake. That's always interesting. I have poor investments, you know, like I
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  I, you know, bought a second why I don't know why I bought a second home thinking, okay,
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  well, I'm going to I'm in St. Louis. You know, it'll be a good great place for my wife to take
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  her kids in the wintertime. They're young. They can go hang on the beach while we're off for a week
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  playing. And then I get traded. So now I'm like, well, that one wasn't finished yet. So then I'm like,
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  all right, we'll wait over here. I mean, you just you don't logically think things through.
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  And then next thing, you know, you're saddled with two properties that you don't use. You're like,
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  okay, and you have your main one and you're like, hey, why do I need all this crap? And then the
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  market tanks, you're like, okay, great. And it just you're, you know, you're, you're not paying it.
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  You don't know. First off, you're not paying attention to all that stuff because that's not your
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  job. You're focused on your job. And you're just doing things
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  without really looking at the with with unintended consequences. And then you're not you're not
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  realizing how deep you're into it. You know, and you know, you're thinking, all right,
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  this looks like a great idea. You know, you're, you know, you see some of these deals and they're just
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  totally bloated with fees and all kinds of stuff. Basically trying to take advantage of you.
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  You know, it's just sometimes it's just you make mistakes, you know, and I tell my financial
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  guarantee, listen, out of those mistakes and out of that money that was lost came a really good
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  guidelines for what we want to invest in. And then guidelines for who we don't want to invest with.
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  And and as you make those mistakes, you're able to really understand
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  and what good deals look like and what bad deals look like. And and ones that are in your
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  wheelhouse and other ones that they may, you know what, they may be home runs. But they could just
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  as easily go to zero and you have to kind of be willing to, you know, let those potential
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  grand slams go for the, you know, singles and doubles, you know, you're just going to kind of chip
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  away, chip away, chip away because you don't have to, you don't have to do them run. If it happens
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  great, but the premise around the investment is that it's not going to be a home run. It's going
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  to be a really good deal and you're going to make money. Wealth preservation versus crazy risk
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  for no apparent reason whatsoever. And so, you know, once once you make those mistakes, you learn
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  real quick. Okay, I don't like that feeling. I don't like that. And I, and I'm not a big gambler.
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  I learned, I learned early on when I was a kid, I started playing in between and I hit the post
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  that I lost the crap load of money. And I'm like, as a kid, and I'm like, all right, I'm not,
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  I'm not a gambler either. I don't like this. So I just, you know what, I learned my lesson. All right,
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  that was my, that was my investing gambling store. And I'm like, all right, I'm done. I'm not
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  doing that no more. So what's the lesson that you learned? So when, when you look at, when you
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  look at investments now, who do you invest in? What's safe for you? What do you, what do you try
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  and focus on? Give it. Obviously, this is no, parameters, the parameters of guidelines, parameters
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  of guidelines would be a character of the people, structure of the deal, leverage,
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  you know, upside versus downside, you know, what's a, what's a risk reward look like?
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  You know, there's, there's a number of factors, but, but a lot of it boils down to the character of
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  the deal maker. And, and then, you know, what, what the risk profile looks like, these
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  of you, whether it's leverage, you know, what the sector is, what type of investment it is,
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  and, and kind of really anything that doesn't fit inside those guardrails, I just, I just get rid
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  of them. I'm like, no, I'm not interested. Are you, are you more personally invested in, like,
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  things that are more early stage, or do you like doing more profitable cash flowing later stage,
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  get a piece of, like, I got a stack does all these franchises and whatnot, right? Yeah.
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  Yeah, he's got a little bit more money than I do. Listen, everyone plays at their own level.
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  It's all good. That's right. I was just saying that, but you got to know. Yeah.
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  Yeah, yeah, more cash flowing, more, less risky, you know, there's a, there's a time and a place
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  for venture capital and for risky, you got, you got to understand, you got your buckets,
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  and you got to use those buckets appropriately. I mean, it's not like you don't do any risky stuff,
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  but you try to look at the tranches and, and, and how big the buckets are, and then you
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  allocate them accordingly. And, you know, obviously, if you're talking venture, that's crazy risky,
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  but it is a reward there. So kind of picking and choosing.
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  Thanks for tuning in. If you found this valuable, don't forget to hit that subscribe button,
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  so you never miss an episode. And if you want to dive deeper into this conversation,
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  check out the links in the description to watch the full episode. See you in the next one.