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Category: Sports Career & Money Management

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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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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