August 1, 2019
Athletes may earn substantial amounts of income but within the limits of a short time span, usually 10 to 15 years. The average annual salary of an athlete can be anywhere from 50 to 100 times more than the average household income both in the U.S. and Europe. The end of the athlete’s field play usually marks the end of the substantial earnings.
With the limited time span of most athletic careers, it is imperative for athletes to utilize their earnings from sport as best as possible so as to build long term wealth and become financially independent for life.
This month, we look into how athletes can build long-term wealth during their sports glory days, when their sports earnings are at their peak. With proper planning, prudent spending and careful investment, sports earnings can turn into life-long money-making machines for athletes. How athletes choose to attain financial freedom is a personal decision but the choices are abundant; investing in stocks, bonds, mutual funds, real estate, new businesses, can all create parallel sources of income which are not dependent on the athlete’s sporting abilities or performance. After all, financial freedom is not about how much money you earn while working but rather how much money you earn when you are not working!
Athena P. Constantinou