Money & Me: ‘Losing my Rolex watch taught me that material things hold less value’

Jazz Ferguson, a professional basketball player turned life coach, believes financial education is essential

Jazz Ferguson says his best investment was going back to school. Chris Whiteoak / The National

Jazz Ferguson, a professional basketball player, learnt the value of money the hard way after splurging cash during the early stages of his career.

Today, he is a life coach who advises on consistency, discipline and perseverance. Through his company, Reps With Jazz, he mentors young people and leaders to manage social pressures.

Over a 15-year professional basketball career, Mr Ferguson, 36, played in Italy, Greece, France, Australia and now the Middle East.

“I still consider myself a current active player, but I am taking some time now, since our relocation to the UAE, to focus on my business. When athletes find their next passion, it's important for them to focus on that,” he says.

Raised in Louisville, Kentucky, he studied communication and psychology at the Indiana University South-East and has a life coaching certification from Jay Shetty Certification School.

The US citizen currently lives in Downtown Dubai with his wife, who works in real estate, and 13-month-old son. They relocated to the UAE from France three months ago.

Did wealth feature in your childhood? What did you learn from it?

There was absolutely no wealth in my childhood. I come from a family with no financial literacy in the US. It was an impoverished community, so everything that I've learnt about money has been through experience.

How did you first earn? What did your first job pay?

I started working at the age of 14. I earned minimum wage working at KFC, maybe $6 an hour. But my first professional job in Australia paid me about $3,000 per month at the age of 21. That was good money because I had nothing to compare it to.

I decided to pursue a professional career instead of finishing my last semester in university, because the opportunity to become a professional athlete comes and goes very quickly. From there, I gradually grew in my career.

Any early financial jolts?

When you're making a few thousands of dollars a month with no financial literacy at all, the only thing you know to do is spend. There was no discipline to save, manage money or invest. So, for the first six or seven years of my career, I was a spender. I started to earn more money and enjoy things that I thought held a lot of value, such as travel, experiences and a car, without having any plans of being able to grow financially.

Have you been wise with money?

I'm growing towards that. I wouldn't completely label myself as wise with money as I have to grow my business a bit more. That takes a lot of investing. I would call myself wise with money about three to five years now.

What has been your best investment?

It was investing in myself, going back to school and giving myself the opportunity to understand what I'm going to do after sports. This investment in myself, mentally and financially, has been the biggest step in my life in the last five years. I have a clear vision and understand how much growth potential I have in the UAE.

Jazz Ferguson would tell his younger self to learn as much about money and spending as possible. Chris Whiteoak / The National

Any cherished purchases?

I had purchased a Rolex watch around the fourth year of my career, which made me feel like I had made it. But it was stolen from a bag on a train journey from Paris to Lyon, and it made me understand that material things hold way less value than I had imagined. So, that would be my most cherished purchase because I learnt a valuable lesson and it has stuck with me to this day.

How do you grow your wealth?

I've a few different investments. I trade AI stocks and general stocks. I've been heavily invested in stocks for about 10 years now, and it's done fairly well with a few bumps in the road.

I also try to build my savings, be more responsible with spending and understand that acquiring wealth takes discipline and attention. I have a long way to go but am on the right path to build wealth.

Are you a spender or a saver?

I've been a spender my entire life, but within the past year, I'm a saver. But it came with some real hardships, lessons learnt and some financial hits because you learnt the hard way.

Any financial advice for your younger self?

I would tell my younger self to learn as much about money and spending as possible. Not having a financial background is not an excuse, because the opportunities I was able to create for myself allowed me to have a financial advantage that most people never have.

Any key financial milestones?

Yes. I’ve been able to move to Dubai with my family on our own merit. Being able to fit in right away, establish my business and invest in it without asking or needing a handout from someone has given me the ability to grow independently a little faster than some others may be able to.

What luxuries are important to you?

I value discipline and consistency. For me, those are luxuries because I understand how much they are missing in our society today. Mental health is the ultimate luxury, being able to nurture other people's minds and help them build confidence.

What are your financial goals?

To build generational wealth, be able to live comfortably and continue to do so for years to come for my son's children and other close people in my family.