Sports Noah Syndergaard on Long-Term Financial Wellness

by the editorial team at Citi | October 04, 2019

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The New York Mets pitching ace Noah Syndergaard doesn’t lead a typical life.


The 6-foot, 6-inch Texan started his pro baseball career at age 18 and built a name for himself both on and off the field, rising to become one of the most popular and recognizable figures in the league.
 

The pressure to stay on his game is certainly intense: millions of eyes are on him while he’s on the mound, and countless heads turn while he’s out and about. Meanwhile, he’s aware of the risks and realities of being a pro ball player and that, on average, careers last less than 6 years. And the 27-year-old has heeded the importance of financial responsibility to balance both his career and lifestyle as he plans for the long-term.
 

Julie Booth – a Queens, NY, native, a Mets super fan and a Citi employee – recently met Syndergaard for lunch at Café Clover in New York’s West Village for a candid conversation about financial wellness and saving for the future. Check out the video above for highlights from their talk.
 

And what’s on Syndergaard’s mind when it comes to financial health? Here are some tips as reliable as his 98-mph sinker:

1. Savings and financial education starts early


According to a recent report by CreditCards.com, 65% of people surveyed said they learned about financial wellness and savings from their parents. That’s true for Syndergaard, too: “I think my parents did a really good job at raising me and teaching me to be responsible and the value of a dollar,” he says. “So right now I'm still living that kind of frugal-ish lifestyle, not necessarily going under the water because I want to save up as much money as I possibly can, reach free agency, and then, talk where to go next.”
 

2. Trust is critical when managing money


When working with someone to manage his money, Syndergaard says, trust is paramount. “Just the [comfort] of the relationship that I have with that person” matters above all, he says. “I want to make sure I have constant communication with them… Multiple times a year, we sit down and talk about strategy, talk about savings, what we're going to do in terms of investments. The best thing about having them is I can go out there and focus on pitching and my career,” he adds.

3. Plan for the long-term


Since the average length of a pro baseball career is much shorter than, say, that of an office job, long-term planning is top-of-mind for Syndergaard. “I always want to be prepared for tomorrow and whether it's a career in finance or even anything else... I want to be more multifaceted in different things. I don't want to just be focusing on baseball. I want to branch out into other things. I'm also understanding that my career is very short-lived. It could end tomorrow, it could last another 20 years,” Syndergaard says.
 

Indeed, not knowing what tomorrow will bring, it’s wise for everyone to start saving today. Here are some ways you can bring more stability to your financial outlook, no matter what stage you’re at:

Infographic explaining the types of savings products for consideration based on consumers savings goals. Indicating a savings account is recommended for people with the goal of saving for a rainy day or having a financial cushion, that a Certificate of deposit is recommended for people who want to grow their savings at a competitive rate to build a nest egg and that a wealth manager is recommended for people looking for personalized financial guidance to put their money to work