How former MLB star Alex Rodriguez teaches his daughters about money

Former Yankee Alex Rodriguez and his daughters, Natasha and Ella
Adam Hunger | Getty Images

Since playing his last game as a New York Yankee in August 2016, Alex Rodriguez hasn't slowed down.

The former MLB star is now focusing on growing A-ROD CORP — the holding company he started 15 years ago for his various investments — is filming a new CNBC show, "Back in the Game" and will become the first Hispanic shark on ABC's "Shark Tank" this fall.

He's also a full-time dad, and he takes advantage of the daily car ride to school to teach his kids about money and business, he tells CNBC: "I have two daughters. Natasha is 12 and Ella's nine, and every day when I drive them to school, they get a business lesson.

"I always teach them something about real estate, about the stock market, about being frugal."

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As Rodriguez also tells young professional athletes, "you have an incredible opportunity if you're frugal and you're smart and you put your money away early. The ability to have compound interest over 20, 30, 40 years — you can be a very wealthy young person in a very short period of time."

While his car ride business lessons don't always go over well with the tweens — "Of course, they put the radio up … they're definitely sick over my lessons," he says — Rodriguez is in it for the long haul. As his mentor and friend Warren Buffett says, "teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult."

Ultimately, learning is the key to long-term success, Rodriguez tells CNBC: "Knowledge is power. … If you stop learning, you stop living."

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Here's the money advice A-Rod would give his 20-year-old self