Ross Stripling No. 36 of the Oakland Athletics pitches in the bottom of the first inning of a spring training game at Salt River Fields at Talking Stick on March 18, 2024 in Scottsdale, Arizona. (Photo by Chris Coduto/Getty Images)
MESA – Ten years ago, Ross Stripling sat at home unable to pitch, wondering if Tommy John elbow surgery had derailed his career.
Stripling, 24 at the time, was a rising prospect competing for the Los Angeles Dodgers' No. 5 starting pitcher spot after finishing the season with a 2.82 ERA in 127.2 innings between High-A and Double-A.
During that recovery period, Stripling, who is scheduled to start tonight's game between the Oakland Athletics and the Cleveland Guardians, has moved forward with a backup plan in case his playing career doesn't work out: a career in personal finance.
He graduated from Texas A&M with a degree in business finance, but he didn't initially plan on pursuing that path.
After growing up in Southlake, Texas, Stripling enrolled in A&M's highly regarded engineering program. After some time, he decided to change his mind and get a degree in finance. He said he enjoys the way finance looks to the future rather than the past.
The initial interest came from his family. Over the years, Stripling slowly gained knowledge from his two grandfathers who were active investors in the stock market.
“I talked to them and picked their brains to find out,” he said. “I invested my signing bonus ($130,000) when I signed the contract. Not that it was anything crazy, but it got me interested in investing.”
It all came together when Stripling sat out the 2014 season and began making strides toward securing his financial license.
“It's like someone that my mom's father was investing with in Houston responded to a call from my grandfather and said, 'Hey, my grandson has a lot of free time right now. , I guess they're looking for a backup if baseball doesn't work out. Do you have anything for him?'' Stripling said.
“I didn't know what to expect. I walked in all dressed up and had no idea what was going to happen. And he said, 'The best thing I can do is probably get my license. To become a qualified money manager, you must take Series 7 (General Securities Representative Examination) and (Series) 66 (Uniform State Law Comprehensive Examination). ”
The plan was for Stripling to return to baseball and, successful or not, build a network of potential customers.
Stripling, who joined the Athletics in a trade with the Giants in February, stuck to that goal. From his debut in 2016 to the present, Stripling has worked with a variety of people, and he still actively manages 11 accounts.
Of course, baseball worked out for Stripling, a former All-Star. He has earned approximately $36 million in his career and is the Athletics' highest-paid player at $9.25 million (plus his $3.25 million from the Giants).
Money management issues for professional athletes are not new. Fifteen years ago, Sports Illustrated, through interviews with players, agents, and others, found that 78 percent of former NFL players went bankrupt or were under financial stress within two years of retiring, and 60 percent of NBA players He published a groundbreaking article reporting that he became bankrupt within two years of retiring. It's been 5 years since I retired.
Former major leaguer Jody Gerutt estimates that 70 percent of foreign-born Latino players in MLB endure financial hardship within four years of retiring.
Stripling believes baseball players are generally good with money. Players with big contract bonuses are often quick to seek expert advice, while lower draft picks are quick to seek guidance on how to budget to survive.
In his eight years at the Major League level, he has guided many of his teammates. Top-level professionals may earn high salaries, but most athletes have relatively short careers, so financial literacy is important.
“I’ve been actively trying to make sure people know that I have those skills,” Stripling said. “I’ve been trying to have open communication with me and a lot of guys tapping into my brain.”
