Tony Hawk, the skateboarding legend, recently shared on SoFi’s Richer Lives podcast how purchasing a “party house” at the young age of 17 significantly impacted his life, both personally and professionally. Following his father Frank’s advice to invest in real estate, Hawk bought his first property during his senior year of high school. While he interpreted his dad’s suggestion as a green light for a party pad, the purchase proved to be a pivotal decision with long-term consequences.
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With his father co-signing the mortgage, Hawk moved into the house with roommates, many of whom were also still in high school. Given his parents’ frequent travels, the house naturally became the go-to spot for gatherings. “My parents were always out of town, so my house was the party house by default,” Hawk recalled.
Balancing Act: Partying and Professional Skateboarding
Despite the constant parties, Hawk understood the importance of maintaining his skateboarding career. The financial responsibilities of owning a home kept him grounded and focused. “We were relatively responsible, mostly because I couldn’t afford to just burn out and party all the time. I was required to skate and perform at a high level all the time,” he explained. Weekends were filled with competitions, video shoots, and other professional commitments.
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From Dream to Financial Struggle
Years later, Hawk faced financial difficulties when his career slowed down. He purchased another property and invested in a skateboard company, leading him into significant debt. “I ended up buying another property, kind of getting underwater with my expenses. I had a big ramp set up there. That was the dream, but I just really was in over my head,” he admitted. Eventually, he was forced to sell the second property and move back into his first home.
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A Valuable Lesson Learned
This experience served as a crucial “wake-up call” for Hawk, who by then was a father to his eldest son, Riley. He cut back on expenses, took on side jobs, and learned the importance of living within his means. “The baseline was, ‘Don’t live beyond your means.’ I thought that I wasn’t…And then at some point, I definitely was not making as much as I was spending and I still had all these expenses,” Hawk reflected. Facing a mounting water bill and financial uncertainty, Hawk realized the vital importance of saving money. This financial hardship ultimately taught him a lesson he carries to this day: always live within your means and prioritize saving for the future.
