Most people will wait until they can barely remember what day it is due to their age advancement before they give up on working. Retiring before the age of 60 is not something most of us think about doing; not when we feel that the money we have saved up so far is not enough to cover our expenses for more than a few years. Consequently, anyone you look to for financial advice will tell you to start saving immediately you get your hands on your first paycheck no matter how meager the wages are. Those who were lucky enough to venture in professional sports early have raked in loads of money from their many endorsement deals and contracts and among them is Andrew Stephen Roddick who you might know as Andy Roddick. Andy decided to give up on his tennis career at the age of 30, and if you think he was giving up being on the court so he can relax and squander the money he had earned for the few years he had been playing, you are wrong. Andy Roddick is among the wealthy few who believe in making every move cautiously, and while it is said in matters of love you have to follow your heart and take your brain with you, Andy uses this expression in his undertakings. He has managed to build up an impressive portfolio even after retiring, and here are a few of his investments.
Some people get into business by accident while others strategize. Andy Roddick can be said to be more of a strategist, but with the help of his wife, he has stumbled upon another business venture. Andy ventured into real estate with the help of his business partner Phil Meyers, and together they established Roddimeyer III LLC which is listed as a foreign limited liability company headquartered in Paradise Valley Arizona.
As he revealed to Forbes, Andy's commercial real estate focuses on triple-net leased properties with major clients such as Starbucks and Home Depot. Even with his retirement, he can bet on getting steady cash flow from the triple-net lease agreements that investors prefer since tenants cater for most of the expenses including taxes, maintenance, and insurance. His only concern will have to be the interest rates, bankrupt tenants, and getting new tenants once the lease expires.
Still, with his wife Brook by his side, the money will keep flowing in because now they have turned her eye for design and his easy-to-get-bored character into a business venture. Andy tends to get bored easily, and they, therefore, have to keep moving from one house to another, although they have decided to stay in Austin. Brook, on the other hand, is talented in home design and each house they buy, they turn it into their own and sell it for a profit a few years later. For instance, last year they put up their house which they had been living in for 13 years for sale at a price tag of $5.95, but this year they lowered it to $5.5 million, according to Los Angeles Times.
Not many people would run to become a shareholder in a cookie business with the belief that most people can bake their own cookies at home, but Andy's mindset is different. Matter of fact is he was begging to be part of the team in Tiff's Treats, and admittedly he has never begged as hard as he did to be part of the business before, probably because with his celebrity status entrepreneurs would be dying to have him onboard. Finally, his begging paid off, and he and his wife became not only brand ambassadors but also shareholders, although the details of the financial arrangement remained undisclosed.
With many of us having the guilty pleasure of a glass of milk and cookies, Tiff's Treats has been in the business for more than a decade and is still going strong. Andy must have foreseen the successful future of the business because as reported by Business Journal, Tiffany said they would open additional locations over the next few years and since they deliver to businesses and homes, the pressure on mums to bake perfect cookies has been lifted off much to the advantage of Tiff's Treats shareholders.
The beginning of something usually determines its ending, and perhaps this is the reason that Andy prefers to get into business at their early stages. One such company is Wheels Up, a private jet firm that offers three kinds of memberships, namely Wheels Up connect, Wheels up Core and Wheels up business as per its website. The options afford flexibility depending on the needs of the member such as the Wheels up Business being best for a business which cannot afford to buy a long-term asset but still requires the services of a private jet while the Wheels Connect is for frequent flyers who would appreciate a cheaper cost through sharing of the expenses.
Once you have been in sports, it seems getting out fully can be a tough thing even after retiring. Andy has proven this to be true because he and Venus Williams decided to partake a stake of the World TeamTennis with each of them acquiring 5% ownership. Their deal did not have them pay for the ownership; instead, they are equity owners and market the summer league according to Sports Business Daily, and as such, they are subjected to cash calls.
Is he done with investments?
For a person who has built a portfolio of 17 companies, Andy admits that he is not worried about raising that number because he has learned that diversifying is the trick once you decide to become an investor. His antennae are always ready to pick up on a new idea either from his network or from being in Austin for over a decade, as Forbes reveals. However, he still is picky about the kind of business he can invest in with real estate having taught him the patience required in entrepreneurship.
Written by Lily Wordsmith
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