When it comes to athletes and the challenges they face in their sports career, most people do not make the distinction between solo sports and team sports. However, the differences are significant, with solo-sport athletes facing a completely different set of obstacles relative to athletes in team sports, with loneliness being a great struggle. In individual sports, athletes only have themselves to rely on and when they fail to achieve their goals, the effect can be demoralizing; putting a strain on their emotional and mental health and well-being. This in turn can have a major impact on their personal life as a whole- not just on their sports performance.
This month at the Money Smart Athlete Blog, we will explore the lifestyle of solo-sport athletes, focusing on their non-financial challenges. We will look into the tax obligations that apply to athletes of individual sports, and what is expected of them, in addition to ways of selecting the most suitable advisors who will provide solo-sport athletes with the guidance and support they need to navigate their career, making informed decisions. Finally, we will go through case studies and real-life examples of industries that invest in athletes of individual sports.
Athena P. Constantinou