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Month: November 2018

6 Money Management Strategies for Athletes

6 Money Management Strategies for Athletes

“Mo Money, Mo Problems” is the title of one of the top hits American rapper Notorious B.I.G wrote back in the 90’s, describing the struggle of managing increasing levels of income. Money management, in simple terms, is the process of knowing where money is going, how it is being spent and having a well-drawn-out plan to facilitate a specific goal. Along with their on field success, athletes might find themselves in a position where they need to properly manage their…

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How to overcome the uncertainty of athletes’ uneven cash flows with proper money management

How to overcome the uncertainty of athletes’ uneven cash flows with proper money management

Athletes are lucky enough to be earning more money than every average, or even well-paid job that’s out there in the job market. Nevertheless, this comes with a huge caveat; this caveat is called uncertainty of uneven cash flows or in simpler words, the fact that you may find yourself making $1,000,000 today but $50,000 in a year from now and vice versa. You may think that it doesn’t really matter, because at the end of the day you’re still…

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Finding Financial Success as a Professional Athlete

Finding Financial Success as a Professional Athlete

The life of a professional athlete appears to be very exciting and stress-free on the surface. Your athletic skills surpass most normal individuals, providing you the ability to earn a higher than normal income, possibly leading to a luxurious lifestyle. Even if you do not yet have the financial ability to lead a comparable lifestyle to other higher profile athletes, it does not seem to stop some athletes from trying. The average person has heard the old adage, “Keeping up…

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Bad Money Habits of Athletes and how to avoid them

Bad Money Habits of Athletes and how to avoid them

Who we are is not just a product of the goals we set or our circumstances, but a product of our actions repeated over time, our habits. Professional athletes, more than any other group of people, are well aware of the extremely important role good routines and habits have in reaching the top level of any sport. Focusing on developing good habits in your diet or sports training, can help you eventually sign a professional contract and perhaps excel to…

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How Money Smart Athletes Manage their Money Through-out and at Different Stages of their Sports Career

How Money Smart Athletes Manage their Money Through-out and at Different Stages of their Sports Career

The career and financial cycle of an athlete is different than that of any employee or business owner.  The peak of an athlete’s career along with the high earnings and substantial cash flows takes place early in the life of the athlete.  Hence, the athlete is required to have in place a financial plan which will cater for the post retirement days.  Financial plans are written, organized strategies for maintaining financial health and accomplishing financial goals.  Developing a personal financial…

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November 2018 Editorial: Sports Career and Money Management

November 2018 Editorial: Sports Career and Money Management

1 November, 2018 Learning to live and save within your means and knowing how to manage money are some of the most important life skills you will ever master. Adopting good spending habits and sound saving strategies will guide you towards a balanced and complete life. As an athlete, you are considered lucky because you earn a lot more money than average. At the same time though, the money that athletes like yourself earn, come with a huge disadvantage; they…

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