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Month: January 2018

Saving while earning high

Saving while earning high

By Mina Kourtzi and Constantinos Masonos   We have extensively discussed the various pitfalls athletes face when managing their finances in some of our previous blog articles. We have described how the special nature of the athletic profession, characterized by unpredictable income, short career span and the danger of premature retirement due to injury, affects athletes’ financial planning. One of the most common mistakes we see athletes make, when their income is at its highest, is failing to understand the…

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Creating a simple budget based on your financial freedom plan

Creating a simple budget based on your financial freedom plan

The general belief is that people who have lots of money don’t need to follow a budget. This is not true in the case of athletes; the special financial circumstances of their professional career, their expected lifestyle and tons of stories out in the media about athletes going from “riches to rags”, make budgeting an absolute necessity. It is really important for the professional athlete to understand how imperative it is to set a budget and stick to it, but…

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Your money personality and how it affects your financial planning

Your money personality and how it affects your financial planning

Financial psychology is a science that comes to fill the gap between psychology and behavioral economics. But why should an athlete spend his or her precious free time to try and understand what such a scientific term has to do with? It probably doesn’t affect his/her busy everyday life at all, right? The reality is that the exact opposite is true, as advertisers and marketers use scientific research on this field to tempt us, consumers, to spend our money on…

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Your life and financial game plan! Tips for new professional track and field athletes

Your life and financial game plan! Tips for new professional track and field athletes

By Lauryn Williams   Having recently hung up my spikes after 10 years as a professional athlete, I’m excited about what the future holds for the sport. But as a person with first-hand knowledge of the steep learning curve required to achieve success on the national stage, I want to lend a hand to help prepare the next generation of professional track and field athletes for the journey that lies ahead, by offering them a few suggestions: Make education a priority…

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Prioritize your spending: Differentiating between wants and needs

Prioritize your spending: Differentiating between wants and needs

Let’s picture a younger version of you, let’s say at the age of 12. Remember how excited you were when a relative would hand you a twenty for Christmas or maybe for your birthday? You would immediately start thinking how much candy you could buy from the candy shop or how many times you could play a game at the local video arcade. Back then, that twenty was enough to satisfy your wants, while your needs were probably satisfied by…

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Your dreams, goals and values give a direction to your financial plan

Your dreams, goals and values give a direction to your financial plan

All people have dreams and goals in life, for themselves and their families, such as buying a home, creating a business, saving for their children’s college education, travelling and retiring comfortably. No matter which stage of your athletic career you are currently in, no matter how much money you make and no matter your other circumstances, you need to have a financial plan in place which encompasses all your values, dreams and goals in a meaningful way to achieve them….

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January 2018 Editorial: The Money Smart Athlete’s Financial Freedom Plan

January 2018 Editorial: The Money Smart Athlete’s Financial Freedom Plan

1 January 2018 Personal financial planning is a lifelong process. You will be making financial decisions all your life. Sometimes you will foresee situations and plan deliberately; sometimes, well, things just happen and you will be forced to make instant decisions. Creating your financial freedom plan means making deliberate decisions now that will allow you to get closer to your goals while reflecting the realities of being a professional athlete. The Money Smart Athlete’s personal financial planning process is rather…

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