Financial Strategies for Athletes
Step One: Find a trusted financial coach; Step Two: Listen to your coach.
Provided by Jamie Hansman
Whether you are a professional athlete, a college amateur, or an aspiring Olympian, you probably know what success feels like. You also know a thing or two about being a good sport when things don’t go your way. Good news: this means you already have some of the basics needed to create a financial strategy.
Don’t think so? Building a strategy is all about having distinct goals, knowing the risks, and determining how much time you have ahead of you. It’s also about surrounding yourself with people who have your best interests in mind and share your goals.
Let’s put this in perspective. For the sake of demonstration, let’s say you’re a football player. Maybe you’re even good enough to go pro. A recent report indicated that a 2021 rookie NFL player can make $675,000 to $1 million per season. That’s a big paycheck, for sure. The question is, do you know how to get the most out of that money? There’s so much of the business to consider, beyond just the pay you earn playing the game. What if you get endorsements? Business opportunities? And who knows a good investment from a bad one at first sight? It can be a little intimidating.1
For athletes, you don’t have to search very hard for news about a promising athlete out for a season with an injury. What’s in store for you if you’re no longer earning money?
Thinking ahead. Even if you are one of the fortunate few to enjoy a long career as an athlete, you still have life after sports to think about. You might have an idea of where you’d like to invest your energy after your playing days are over. Maybe that’s starting a business. Maybe that’s raising a family and seeing them through college. Maybe you have no idea – but having lots of choices sounds better than nothing.
It bears mentioning that this is something for college athletes and amateurs aspiring to world-class competition to consider as well. Maybe you train or play when you aren’t hitting the books or working a day job. Even amateurs should have a financial strategy in mind.
A trusted financial professional is just another kind of coach. Like a good coach or trainer, a financial professional can offer insights to help you make decisions. Someone who doesn’t tell you what you want to hear, but what you need to hear; someone who can share in your goals and guide you on your journey.
Your success in the future may depend on the decisions you make today. For that reason, having a financial professional may be one of the most important decisions of your career.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
1 - Profootballnetwork.com, March 10, 2021