Daytona 500 champ follows this simple money rule
27-year old NASCAR driver William Byron has won the Daytona 500 race for the second straight year. Here's how he keeps his finances in check.
At just 27, NASCAR driver William Byron made history by clinching his second consecutive Daytona 500 victory. The two-time champion joined TheStreet to discuss how he plans to spend the prize money, and his financial advice for other young athletes.
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Full Video Transcript Below:
CONWAY GITTENS: So, listen, you are in rarefied air. You won the Daytona 500, second year in a row. Not many drivers have been able to do that. Tell me, how do you leverage this success in terms of your sponsorships, your, you know, business opportunities and stuff like that?
WILLIAM BYRON: Yeah well, it's a huge opportunity to not only give back to the sponsors that we have, but also expand our brand as a race team. And we're just using this momentum to capitalize on it and give a lot of positivity. We have some great sponsors Axalta, Valvoline, Liberty University, HP Computers. So it's great to give back to them and really just continue the momentum that we have.
CONWAY GITTENS: So when you think about the prize money, you won from this event, where do you look to put money to work?
WILLIAM BYRON: Yeah, well, I invest most of my money, so I would say it's probably going to go there first and foremost. And then I'm not a big purchaser, so I just kind of will probably save most of it and just kind of let it develop and grow in my portfolio.
CONWAY GITTENS: And what is your advice to other young athletes on how to handle their money, handle their Fame, handle the business of money?
WILLIAM BYRON: Yeah, I think you hear a lot of horror stories about athletes and the way that, you know, they manage their money, but I feel like it's just you have to live like you normally were before then and not really like changing your lifestyle based on, you know, success, so I feel like I try to live by that. Obviously, there's some things that make your job easier and you try to invest in those things. Like for us, having a motorhome at the racetrack is a big expense, but it's something that's well worth it because you're using it 36 weekends of the year. So it really becomes a home. So just trying to make sure that you are investing in a smart way. And not changing your lifestyle too much.
