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Category: Your Career and Life Plan

The Athlete’s Second Career – Entrepreneurship or Employment?

The Athlete’s Second Career – Entrepreneurship or Employment?

Is entrepreneurship right for you?  In your post sports career you will have to decide between two main options:  Becoming an employee or an entrepreneur.  There are two main ways of making money; employment and entrepreneurship, working for yourself or working for someone else. You should focus on choosing which of the two options will make you happier and aligns with your dreams and goals.   No one but your self can tell you which one is the best option for…

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Structuring Wealth in view of Sports Retirement

Structuring Wealth in view of Sports Retirement

Being a young athlete, one could suggest that all you should care about is performing your best in the field – an utterly mistaken perception that can be the root of a financially unsuccessful life for professional athletes. At Money Smart Athlete, we say that financial planning and wealth management should be at the core of an athlete’s mind throughout their career. The average athlete has a career of about 10 years, depending on the sport they play, and assuming…

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Planning for your children’s education – Life insurance policies, college funds and more!

Planning for your children’s education – Life insurance policies, college funds and more!

Every parent wants to provide the best to their children and probably the biggest and most expensive challenge will be sending them to university. University education is critical as it may be the key for your children getting a better job with a higher earning capacity, in the future. University tuition and fees are climbing really fast, with the average yearly cost averaging between $24,610 for public and $49,320 for private colleges in the US (2016-2017 academic year). If you…

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Protecting Your Family from the Inevitable: Estate and Inheritance Planning

Protecting Your Family from the Inevitable: Estate and Inheritance Planning

A number of people prefer not to focus on their mortality; others simply do not believe that it is a necessity.  In both cases, not planning for your departure from this world can be a major mistake.  You should put in place an estate plan to ensure that what you have built in your life so far will be there to provide for your children and perhaps later generations as well.  The absence of a will and an estate plan,…

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Getting married! Set up your financial relationship and let your love flourish.

Getting married! Set up your financial relationship and let your love flourish.

Marriage is considered as one of the most important events in a person’s lifetime. Couples usually spend a lot of time planning every little detail, and may even hire a wedding planner to assist them through the whole process. What many couples choose to skip before “tying the knot”, intentionally or not, is setting their common financial future on the right basis. Prenuptial agreements are a necessary legal step, to spell out a couple’s financial relationship before marriage. A prenup…

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Protecting your assets and your family

Protecting your assets and your family

Athletes usually create their wealth at a very young age and in a short period of time.  Therefore the preservation and protection of this wealth for a longer time horizon is of utmost importance.   While all people need to protect their wealth and other interests, the special nature of the sports profession leads athletes to have special asset protection and estate planning considerations that are quite different from the more common issues addressed by estate planners.  In the world…

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Philanthropy in Sport

Philanthropy in Sport

Sports have become one of the most popular global activities, attracting the attention of millions of people. This growth is producing more and more powerful social icons that have considerable influence in society. Athletes serve as role models for the youth that follow the sport and admire their heroes. Financial wealth and personal influence can be used towards positive social development and athletes have a long track record of aligning themselves with charitable causes, something that has become a standard,…

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Getting ready for life after sport

Getting ready for life after sport

Retirement is one of the few certainties an athlete will face in his athletic career and most of the athletes will need to get a 9 to 5 job to be able to cope financially after their career ends.  Unfortunately, research shows that athletes are often unwilling to plan in advance for their careers after sport and in combination with the fact that, most athletes don’t have any previous work experience in a full-time job, and may have missed out…

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