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Category: Build & Maintain Your Financial Freedom Plan

Franchising – Is it Right for the Money Smart Athlete?

Franchising – Is it Right for the Money Smart Athlete?

Just like any other business, franchising requires a serious commitment of both money and time.  Before buying a franchise, athletes need to consider all the pros and cons of owning a franchise in order to decide if the franchising option is the right one for them.  The International Franchise Association website (www.franchise.org) offers an abundance of tools to help aspiring franchisees decide whether franchising is right for them, the criteria through which they can select a particular franchise, and many…

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Social Entrepreneurship and how a Money Smart Athlete can help people through business

Social Entrepreneurship and how a Money Smart Athlete can help people through business

Becoming a successful entrepreneur and building your own business from scratch, during or after the end of your athletic career, is definitely something admirable. But that shouldn’t be your endgame. If you can combine your commercial skills with social issues, you can create positive changes in the society and improve the lives of people around you. This is the notion behind social entrepreneurship, a constantly growing field, which is gaining popularity and attracting lots of talented individuals and funds. Social…

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Internet based businesses as an option for the entrepreneurial Money Smart Athlete

Internet based businesses as an option for the entrepreneurial Money Smart Athlete

When preparing for your future outside of sport and trying to figure out how you will financially support yourself and your family after retirement from sport, you will have a few major decisions to make.  One of the most important decisions you will have to make, concerns transitioning your career to either being employed or starting your own business.  If you feel ready to take the risks associated with becoming an entrepreneur and decide that the world of business is…

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Business Fundamentals for Aspiring Money Smart Athlete Entrepreneurs

Business Fundamentals for Aspiring Money Smart Athlete Entrepreneurs

In previous articles, we’ve always stressed out how athletes have a unique career in the sense that it’s both short and rewarding, as opposed to an ordinary career path. As a result, as an athlete, once you retire, or even while you’re still a player, you have the time, money as well as the energy it takes to become an entrepreneur. Being an entrepreneur can mean several things but simply put, it means starting your own business and implementing your…

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Resetting your finances: 5 steps to help you take control of the situation

Resetting your finances: 5 steps to help you take control of the situation

Athletes need to make financial decisions like any other person, but the challenges they face, such as the special nature of their income and managing sudden wealth, makes them susceptible to taking a hard fall when faced with similar financial hurdles as the majority of the population. Whatever the cause of finding yourself in financial distress and with no light visible at the end of the tunnel, giving up shouldn’t be an option. We have created a list of 5…

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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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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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