The process of setting up a financial plan, requires athletes to decide, ideally with the help of a trusted financial advisor, how their hard-earned money can be invested to generate even more money. While saving money can protect athletes’ wealth and should be the first priority in any financial plan, investing allows them to beat inflation and exponentially grow their money.
A famous Chinese proverb reads “the best time to plant a tree was 20 years ago; the second-best time is now”. Time is you ally in achieving any goal, so the earlier you start planning, the better. This is especially true for athletes, who, as previously discussed, have short term sports careers and must have a post-retirement plan in place in order to transition as smoothly as possible into their new lives.
By Demetris Constantinou, Contributor When we think about entrepreneurs, we tend to concentrate on people that came up with new ideas and innovations that have shaped our lives in different ways. While this is a core determinant of what an entrepreneur is, it...
By Constantinos Massonos, Contributor One of the hardest parts of a professional athlete’s life is transitioning to a second career after sports. Sports stakeholders, having recognized the issue, strive to help athletes realize that their “dream job” won’t last...
By Lazaros Ioannou, APC Sports Consulting Limited There are many examples of professional athletes who made it into business after their retirement from sports. Payton Manning, David Beckham, John Elway, Magic Johnson and Venus Williams are just a few examples of...
By Andreas Themistocleous, APC Sports Consulting Ltd I usually take pride in calling myself an athlete. As I have exhaustively reiterated to my family and friends, “we are a different breed, we are a rare breed”. It might sound arrogant or ill intended, but I...
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...
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...
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...
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...
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...
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...
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...
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...
