Deion Sanders’ son reveals the crypto advice he should’ve taken from his dad

“It starts with B and ends with an E,” Sanders, the 22-year-old son of NFL Hall of Famer Deion Sanders, said in an interview. “Billionaire. That’s what it got to be.”

Billionaire athletes are rare. Michael Jordan sold his stake in the Charlotte Hornets for $3 billion. LeBron James had a net worth of about $1.1 billion, according to the Bloomberg Billionaires Index.

The younger Sanders is already a household name among college football fans as a star quarterback at the University of Colorado, where his father is entering his second season as head coach. He’s been cashing in on that fame by using a big online following — including 1.8 million on Instagram — to ink endorsements with Nike and other brands worth an estimated $4.7 million, according to On3.

That tied Shedeur for the most among college athletes with Bronny James, another son of a superstar athlete (LeBron). And Shedeur’s celebrity is likely to keep rising with him expected to be one of the top picks in next year’s NFL Draft. If it does, he’ll have a clothing brand he founded called Legendary to pitch to the fans of his new team.

Shedeur recently spoke to Bloomberg about crypto mistakes, partnering with his dad and other investment advice, as part of Lessons and Investments, a new short video series where athletes, commentators and investors speak about their best — and worst — investments. The series has featured boxing champion Terence Crawford, Super Bowl champion Michael Strahan, Olympic gold medalist Sydney McLaughlin, San Antonio Spurs basketballer Victor Wembanyama and more.

You’ve made some splashy purchases so far, like that big gold chain you’re wearing and a Rolls-Royce. Looking back, do you regret that kind of spending?

My chain, every time I look at it inspires me. I like my cars every time I get in. It inspires me. 

Does your dad give you financial advice? Cut you in on deals?

Me and my dad just did something that was like 100 something acres. I was never going to buy something small. My dad always had something that was 100 or more that was the standard, so why would I ever do something less?

OK.  But do you always follow what he says?

I did Dogecoin. And my dad said ‘what are you doing with that?’ 

I invested like $3,000. This was like 2021 during the summer. It went all the way up. I was up $7,000. Man it crashed. I check it every now and then. I’m down $2,000. I wish I would have just taken it out and listened to my dad when he told me. He said take it out right then. But I didn’t. 

What’s your advice for those who are coming up through this relatively new era of college athletes being allowed to accept endorsements through name image and likeness (NIL) deals?

Understand taxes are real. You are going to have to pay taxes. You can have all the fun you want because you are going to have to get it out of your system, but know that taxes are not playing with you.

What’s something you wish you invested in? 

Nothing. I never have regrets because I really sit there and think about everything. The main thing in life, and the thing people don’t understand is invest in your stock. That is the only brand that you can control. If them people are losing your stocks, they don’t care about your money. You care about your money. If you invest in yourself and you fail, that’s on you. So that’s the main thing.

Invest in yourself. Invest in what will make you successful.

Editor’s note: This interview has been edited and condensed.