The money advice NFL star Jimmy Garoppolo got from his dad: ‘Save your money. Don’t be foolish’
San Francisco 49ers quarterback Jimmy Garoppolo's future with the NFL is reportedly in limbo after his team drafted a new rookie quarterback and after suffering ankle strains throughout the 2020 season. But at 29, Garoppolo has already had a lot of success.
In addition to winning two Super Bowl rings as a backup quarterback with the New England Patriots, in 2018 Garoppolo made big news when he signed a $137.5 million five-year deal with the 49ers.
But Garoppolo's dad, Tony, who retired as an electrician after 40 years, gave him some simple but important money advice early on.
"Save your money. Don't be foolish with it," Tony Garoppolo says he taught his son.
On Tuesday, Garoppolo teamed up with his dad to participate in National Signing Day with SkillsUSA and Home Depot that encourages high school seniors to pursue careers in the skilled trades.
"I think [Jimmy] has a good feel for [his money] and has good people around him and he's not being foolish with it," Tony says.
Garoppolo, on the other hand, describes himself as both a spender and a saver.
"I'm a spender, but I'd say for the most part I'm a saver. I look for the long term more than the short term," Garoppolo tells CNBC Make It.
When it comes to investing, Garoppolo says finance isn't really his forte, so he makes sure to surround himself with the right people to help him make good investment decisions.
"I've leaned on them heavily to guide me in the right direction and kind of show me the ropes," he says.
"I'm still learning literally every day about it," he says. "But for the most part, just the slow and steady approach [to investing] — 'let your money work for you' is the greatest thing I've ever heard."
Garoppolo says he is also intrigued by cryptocurrency. "I'm not currently invested in any but trying to figure out which one I want to [invest in]," he says. "I know I'm late to the game."
Garoppolo says a lot of his teammates own crypto, and he has heard just about every pitch you can imagine. But "[I'm] still learning about it," he says.
As for NFTs, which have become increasingly popular and profitable in sports memorabilia, "they are a little confusing to me still," he says.
In addition to money advice, Garoppolo learned what he calls a "blue collar mindset" from his dad, which includes working hard and staying "cool."
"Especially as a quarterback, you have to ... stay cool," Garoppolo says.
"I've seen just about everything you could see [in my football career]," says Garoppolo — for instance, right after signing that big contract, his 2018 season ended prematurely thanks to a torn ACL.
"I'm sure there will be something new tomorrow," he says. So "you just gotta roll with the punches and enjoy the moment while you're there."
Don't miss:
Chiefs quarterback Patrick Mahomes: ‘Defeat helps you more than success’
Alex Rodriguez on his life and career: 'It's an imperfect story'