A racing career may bring in a huge amount of money, but what many may not realize is how to sustain that flow of money after they hang up the gloves. Kenny Wallace spoke of this exact thing. 

Speaking in a video posted on his X handle, the former NASCAR driver and ex-FOX Sports broadcaster spoke of the financial decisions that have set him apart from many of his peers, with a focus on investing to build long-term wealth, rather than spending. 

“I know athletes that make $40 million, pay 50% taxes, now they're down to $20 million, and now they're (—) broke. Dummies. Not me. I took my NASCAR money, my TV money, bought 12 homes, nurtured them, sold them for millions of dollars, invested it with the money I've already saved. Now I'm very successful.

"That is what I've zoned in on. There are some people that are upset that I'm so successful. So hopefully I've just given you an example of how to be successful.”

In the same video posted on X, Wallace credited his brother Rusty for helping him get his start in NASCAR, but also clarified that he was never handed wealth. He also pointed to his television career as the biggest turning point financially, as he said that his stint with FOX TV is what “sent him over.” 

Wallace didn’t name any of the veterans or his peers, but took examples of late model dirt racer Bobby Pierce and sprint car racer Sheldon Haudenschild, both of whom come with a racing family background. 

Wallace’s comments also come at a time when the financial realities of retired NASCAR veterans have become a talking point within the sport.

When Kyle Petty revealed the reality of Petty Enterprises’ finances

Nearly a year ago, Kenny Wallace and Charlie Marlow spoke during a live stream on YouTube. Wallace recalled a story Kyle Petty had told him regarding the financial state of Petty Enterprises during the early days. 

In the livestream, Wallace said Richard Petty told his son Kyle to deliver old parts to the late Buddy Arrington, who consistently finished around 20th place. 

Upon arriving, Kyle observed that Arrington was living in a mansion, whereas Petty Enterprises was struggling financially because they reinvested all their money back into their racing programme.

“Kyle said, ‘We were broke, Petty Enterprises didn’t have any money.’ If you look at it right now, Richard’s living in this little biddy old home, because they spent all their money on racing,” said Wallace.

Goes to show how much the world of NASCAR has changed in terms of earnings.

Written by

Aaradhya Singh

Edited by

Suyashdeep Sason