In today’s economy, more people are searching for answers on how to build lasting wealth in unstable career environments. The traditional “linear career” is fading fast, replaced by layoffs, pivots, side hustles, and unpredictable income cycles. Few leaders understand this better than Sandra L. Richards. As Managing Director and Head of Global Sports & Entertainment at Morgan Stanley Wealth Management, she helps athletes and entertainers convert short-term earnings into long-term financial stability. Her work offers more than celebrity finance advice. It provides a blueprint for anyone trying to turn volatile income into durable wealth.

Why Athlete Wealth Is One of the Hardest Financial Challenges

Professional sports may look glamorous, but the financial reality is far harsher than most people assume. Athletic careers are short, peak earning windows are compressed, and income volatility is extreme. Research cited by Sports Illustrated shows that around 78% of NFL players face financial stress within two years of retirement, while 60% of NBA players experience similar struggles within five years. Bankruptcy is not rare, even among top performers. The problem isn’t simply overspending. It’s the challenge of making a few years of earnings last for decades. Richards’ wealth strategy sits directly at the intersection of these realities.

Access Is the Foundation of the Wealth Playbook

Richards believes the biggest driver of transformation is access, not hype or luck. Access to education, resources, and the right financial rooms changes what becomes possible. “When you have access to information, it changes what’s possible,” she explains. That mindset has shaped her leadership across nearly two decades working with athletes, entertainers, and executives. For Richards, wealth is not just about numbers. It’s about empowering clients with the knowledge to make decisions that compound into ownership and legacy.

A Leadership Lesson: Why Hype Can Become a Liability

Richards traces one of her greatest lessons back to a high school basketball game. After hitting back-to-back three-pointers, she heard someone shout “Showtime!” Adrenaline took over, and she celebrated loudly—only to be benched moments later. That moment stayed with her for decades. It taught her that sustaining success requires humility, focus, and discipline. Celebration may feel good, but longevity demands restraint. In sports and entertainment, Richards helps clients resist the temptation of short-term wins in favor of decisions that build lasting wealth.

Sandra L. Richards Wealth Playbook: Be the CEO of You

One of Richards’ most powerful frameworks is teaching athletes to think like enterprises. “When you think of yourself as a mini enterprise, you hold yourself accountable,” she says. Wealth isn’t something you outsource completely. You must stay engaged, ask questions, and align opportunities with your vision. Richards recalls an athlete early in his career who let others make financial decisions. When he finally checked his bank account, the reality shocked him. That wake-up call became the start of true stewardship.

Ownership Is the New Power Move for Athletes

Richards emphasizes that today’s athletes are increasingly shifting from talent to ownership. Ownership creates control, leverage, and long-term influence beyond the playing years. “When you have ownership, you can call the shots,” she explains. That power allows athletes to decide what aligns with their future and what is merely distraction. The wealth playbook is not just about saving money. It is about building platforms that outlast performance. In the modern economy, ownership is often the difference between earning and truly building.

Preparing for Life After Sports While Still in the Game

The athletes who transition successfully do not wait until retirement to plan. Richards highlights clients who pursued internships and business exposure while still playing professionally. That early preparation reshaped how they saw their future beyond sports. Planning ahead creates options, confidence, and momentum. Richards’ team begins every client relationship with discovery: What legacy do you want? Who are you taking care of? What comes next after the spotlight fades? Those questions often uncover dreams clients didn’t even realize they had.

Vision Before Dollars: The Discovery Process That Builds Legacy

Richards insists that wealth planning must begin with clarity, not transactions. Before moving money into place, her team explores identity, values, and long-term goals. Do clients want to become entrepreneurs, broadcasters, investors, or community leaders? Money is only a tool, not the destination. The discovery process ensures wealth aligns with purpose. That alignment is what allows financial decisions to compound into generational impact rather than short-lived success.

The Bigger Lesson: Access Turns Earnings Into Generational Wealth

At its core, Sandra L. Richards’ wealth playbook is about closing the access gap. Mentors opened doors for her that she didn’t even know existed, and she now helps athletes walk through those same doors. “When you put athletes and entertainers in the room and give them access to information, the light bulb goes off,” she says. That access is what transforms careers into legacies. In a world where income is increasingly volatile, Richards’ approach offers a universal lesson: wealth is built through vision, engagement, ownership, and the right knowledge at the right time.