Wealthyist E42 | Staying Grounded - An Interview With Former NBA Star Steve Novak
Core Theme: How a middle-class Wisconsin upbringing, strong family values, and an athlete’s mindset of consistent small improvements shaped Steve Novak’s approach to money, lifestyle, and giving back — and kept him far away from the “broke ex-athlete” stereotype.
Key Takeaways from the Conversation:
- Grounded Upbringing as the Anchor
- Grew up in Brown Deer, WI (middle/lower-middle class); dad was a teacher/coach, mom a nurse.
- Saw bigger houses and nicer cars as a kid → early motivation that real wealth required success without debt.
- Even after making NBA money, never felt the need for a mansion. Bought a normal house in Whitefish Bay (“looks like all the other houses”) and still lives a relatively modest lifestyle.
- Financial Philosophy = Athletic Mindset
- Translated his shooting training mantra (“get 0.1% better every day”) into investing.
- Very conservative investor: prioritizes steady compounding over home-run bets or crypto.
- Learned the hard way with a few bad private deals/restaurants → “losing money felt worse than winning felt good.”
- Focus: never move backward; small, consistent forward progress compounds over a 50+ year post-basketball timeline.
- Lifestyle Choices
- Played on 9 teams, lived in Houston, LA, NY, Toronto, etc. → realized Milwaukee/SE Wisconsin is one of the most underrated places to live and raise a family.
- Chose walkable, community-oriented neighborhoods (Whitefish Bay) over sprawling estates.
- Family now owns two homes in Wisconsin (North Shore + Lake Country) instead of the typical athlete Florida/Arizona second home — “Wisconsin summers are the best in the world.”
- Giving Back & Full-Circle Moment
- Dad coached generations of kids → Steve now runs shooting clinics all over SE Wisconsin, passing on the “aha” moments he had after thousands of hours in the gym.
- Wants the next generation to say, “Steve taught me footwork and motivated me.”
- NBA Financial Realities & Lessons
- Rookie paycheck shock, royalty checks with no withholding, surprise tax bills when income jumps, jock taxes, escrow, etc.
- NBA’s unusually generous 401(k) match (up to 150%) and bridge annuities show the league/NBPA actively try to protect players.
- Mandatory financial-literacy meetings ($10k fine if you skip) — education is there, but players still have to act on it.
- Current Life
- Just hired as Walt “Clyde” Frazier’s backup Knicks broadcaster (full-circle: New York was where he played his best ball).
- Still lives in Milwaukee; kids cheer for both the Bucks and Knicks.
Bottom Line (in Steve’s words):
“Don’t try to hit home runs. Just keep the money you worked hard for moving 0.1% in the right direction every day, make it last a long time, and don’t end up on a ‘broke’ documentary.”
“Don’t try to hit home runs. Just keep the money you worked hard for moving 0.1% in the right direction every day, make it last a long time, and don’t end up on a ‘broke’ documentary.”
A refreshingly grounded, Midwestern take on wealth from someone who’s seen both the NBA flash and the long-term reality — and consciously chose the latter.
