Education and one sport will be the primary focus for all of my children.
Sports is great for all of the reasons you stated but let me put you onto some more game.
The types of sports you invest your children's time in matters even more. Why?
Most wealthy people in America were born rich. This doesn't just mean a generational transfer of physical wealth. It also means transferring the ability to have access to an upscale network. Wealthy people are able to both maintain and transfer an upper class lifestyle because they spend time cultivating an upper class socialization for themselves and their kids.
What does this mean? They make sure that all of their waking hours, whether at work, school, or otherwise is spent around other wealthy individuals. This not only cultivates the formation of intimate relationships with other high net worth individuals but it also helps one to acquire the ways and manners of other wealthy individuals. The way they think, the things they like, their priorities. They are essentially ensuring their kids are being socialized into an upper class life.
One of the ways this is done is through sports. What we might think as being a racial divide in some sports is actually a class divide. The idea is that those who come from more humble backgrounds tend to favor more physical sports whereas those of the higher classes are attracted to more mental inaccessible sports. The difference between basketball and football vs crew and squash. Simply put wealthy people invest their time in sports such as crew, squash, lacrosse, skiing, water polo, polo, racquets, tennis and cycling.
If you put your child in crew as opposed to basketball, there is a higher chance one of his teammates parents could be a managing director at Goldman Sachs. Your child may be mediocre in school, but since he spent years cultivating close relationships with the son of an MD at GS, your son can tap into that network for internships and potentially a full time job making six figures. He may not have the smarts but he was able to fall back on a upper class safety net to ensure that he maintains a high position in society. This is how elites maintain their power. They have a number of safeguards in place to ensure the perpetuation of their wealth irrespective of the fact that they may not have intelligence or talent.
We as black folks need to start thinking strategically. Think outside of the typical football/basketball...because we are only exposing our kids to more people who have neither money or network.
A person becomes their network. If you desire an upper class lifestyle you have to start thinking and doing upper class shyt.