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Author: moneysmart

Juggling a family and an elite career in individual sports

Juggling a family and an elite career in individual sports

By Niovie Constantinou, Contributor In the 2016 Olympics, swimmer Michael Phelps won his 23rd Olympic gold and 28th medal overall in the 4×100m, and at the same time, he broke the world record of the most gold medals won in a single Olympic Games event, which had stood since 1972. Also in 2016, a few months before the Olympics, Phelps’ son was born.  So, can an elite athlete manage to have both a successful career and a family? Being an…

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Athletes’ Financial Sustainability in individual sports

Athletes’ Financial Sustainability in individual sports

By Andreas T. Themistocleous, Contributor When discussing athletes’ salaries and overall personal revenues, it’s normal to think of professional sports in the USA where male athletes make millions in salaries and more millions in endorsements. The Jordans, the Lebrons, the Bradys of this world, do in fact make money that can financially secure their entire life plus their families’ lives. The Messis and Ronaldos of this world have annual commercial deals in place that far exceed their annual salaries. However,…

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September 2019 Editorial: The Challenges of an Elite Career in Individual Sports

September 2019 Editorial: The Challenges of an Elite Career in Individual Sports

September 1, 2019 The life of an elite athlete in individual sports can be a very lonely one; long practice hours, extensive travelling around the globe, not much time to spend with family or cultivate friendships, and the list goes on.  An elite sports career takes a lot of hard work; a strict training schedule, strenuous and consistent practice and foremost, personal sacrifices. The challenges faced by elite athletes in individual sports are many; financial difficulties; parental and social pressure;…

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Athletes Investing in Technology

Athletes Investing in Technology

By Andreas Themistocleous, Contributor Reading from the official website: “The third annual Players Technology Summit, presented by Bloomberg, is an exclusive and intimate gathering of world-class athletes, entrepreneurs and investors taking place on Thursday, June 27th 2019 in San Francisco. The summit provides a forum for some of America’s most celebrated athletes and business leaders to share their success stories, lessons learned and consumer technology trends to watch in an environment that promotes networking.” It’s out there and it’s happening…

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How can Athletes create wealth by investing in Real Estate

How can Athletes create wealth by investing in Real Estate

By Constantinos Massonos, Contributor The idea that financial planning is not optional, but a must for any professional athlete who aims to avoid financial trouble and build towards financial freedom, has been discussed in a great number of articles previously featured in the Money Smart Athlete blog. Achieving the goals set in your financial plan will greatly depend on your ability to make your money work for you, by investing, based on the basic principle that the riskier the investment,…

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Creating long term wealth for the money smart athlete

Creating long term wealth for the money smart athlete

By Beth Buckley Morgan– Family Business Wealth Wayne Gretzky said, “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” Being able to do this requires vision, an understanding of your sport and the ability to fast forward in the action to a future point in the game. Learning this skill is tremendously valuable in sports because you put yourself/your team in a better position to score and win….

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Setting up a business, parallel to your sports career

Setting up a business, parallel to your sports career

By Niovie Constantinou, Contributor As previously discussed, a sports career brings with it a lot of uncertainty, and so proactivity is the key to ensuring long term financial stability. In the past, most sports professionals would venture to the business world post sports career, but a common problem was that many were unable to put their income to good use and some even ended up bankrupt, such as Diego Maradona and Mike Tyson. Over the past few years the trend…

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4 Ways through which Athletes can Create Long-term Wealth through Investments

4 Ways through which Athletes can Create Long-term Wealth through Investments

By Lazaros Ioannou, APC Sports Consulting Limited Athletes usually create their wealth at a very young age and in a short period of time. Therefore the creation of long term wealth is of utmost importance. Whatever goals you have set in your financial freedom plan, whether educating your children or retiring on a yacht in the Greek Islands, investing is the key to getting you where you want to be.   By investing your money, you are getting your money…

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August 2019 Editorial: Creating Long-Term Wealth for the Money Smart Athlete

August 2019 Editorial: Creating Long-Term Wealth for the Money Smart Athlete

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…

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Third Party Ownership and its repercussions on the financial success of top performing athletes

Third Party Ownership and its repercussions on the financial success of top performing athletes

By Andreas Themistocleous, Contributor Third Party Ownership (TPO) is a mechanism, most widely utilized in international football, through which clubs assign a player’s economic rights or part thereof, including the right to benefit from transfer fees, to third-party investors in return for a financial counterpart. It was a mechanism devised by Clubs looking to fund their operations, by creating investment opportunities for third parties, who in turn seek long term benefits and great returns; young promising players, destined for international…

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