Athletes are in a mostly lucrative, albeit peculiar profession. Many receive astronomical salaries to compete, and make more in a year than the average person in their entire working life. Nonetheless, with retirement coming at a rather young age there is an abrupt...
Regarded as a taboo until recently, discussions on mental health have certainly become mainstream in the past few years. Several high-profile athletes have opened up about their struggles including the much-debated Osaka saga. It’s hard to persuade people that athletes with their celebrity status and millions of dollars deserve sympathy, but the reality is that neither talent nor money guarantee mental stability.
Financial literacy lies at the core of our mission here at the Sports Financial Literacy Academy. We define financial literacy as the ability to understand basic financial concepts and utilize a plethora of financial tools and skills in order to make informed and effective choices. Years ago, the Money Smart Athlete Blog was created when we identified a critical shortcoming of sportspersons around the globe; the ability to make prudent financial decisions and ensure their long-term financial well-being. We are glad to see that in recent years, more and more people are starting to appreciate the importance of financial literacy, both in the context of sports and outside of it.
The developments in female sports are rapid and incessant. Although, gender inequality in salaries, investment, TV rights and even participation still exists, no one can doubt that the gap is briskly closing. Just last week, the US Women Soccer team won $24mn payout and guarantees regarding the future of the industry after a six-year legal battle over equal pay. In the spirt of women’s day which is in a week from now, we have decided to dedicate March to female sports.
It is highly unlikely that you haven’t heard of cryptocurrencies, crypto-assets, crypto-funds, or whatever other name is used to describe these electronic currencies. It all started with Bitcoin and its mysterious founder Satoshi Nakamoto. Despite the negative publicity surrounding the crypto world with its perceived relationship to criminal activity, money laundering and terrorist financing, it has gained ground with regular people and mainstream investors. Its decentralized nature has drawn millions of people from all over the world and it has made millionaires and billionaires overnight. It has also recently gained the attention of central bankers and politicians, such as Hilary Clinton and regulatory debates regarding the crypto space have already begun.
We will begin this year by discussing the importance of laying the right foundations, a particularly tough challenge for parents of young athletes. Our themes for this month will be early financial literacy, gratitude, social responsibility and peer pressure. Our formative years are of the utmost importance since that is when we are equipped with the tools and knowledge to go out in the world. Children are like blank slates and the younger they are taught something the better they will understand it as they grow, which is why is important to educate your child financially at a young age.
Betting or gambling is one of the oldest social activities of civilization. Gambling preceded history and record-keeping. The betting industry has been growing for decades. It was assisted by the digital revolution which rendered betting as easy as writing a text message and it was further boosted by the legislative changes in the US three years ago. Several market researchers believe that the market will experience meteoric rise over the next few years, with the size of the industry rising well over $100bn.
Athletes are encouraged to plan for their future early on. The short duration of sport careers in combination with the high earnings, deems early and efficient financial planning a necessity for athletes. A huge part of that is saving and then investing those savings in places that would hopefully guarantee athletes a healthy cash flow in their lives post-retirement.
The novel coronavirus – Covid-19 – broke into our lives almost two years ago and altered every aspect of our reality. Offices moved online, sporting events lost their magic and human interaction changed fundamentally. We can only hope that we are briskly taking back control of our lives with the increasing rate of vaccination and the gradual washing away of the virus itself.
Investing is one of the key ways that athletes can achieve the financial goals they have set in their financial and life plan. Through investing athletes can make their money work for them and take charge of their financial security by growing their wealth and by generating additional income streams to support their desired lifestyle.
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 on society.
The challenges in the lives of athletes are many; their wellbeing is impacted by their situation both on and off the field, while injuries, mental and physical pressures are a natural by-product of competing at a high level. The psychological stressors experienced by athletes put a lot of strain in their mental state and they can have devastating results.
Electronic Sports, commonly known as Esports, have been gaining a lot of ground during the past decade. Esports has been experiencing huge popularity during the past few years because, among other things, it is considered a far more inclusive sport than other sports where there is no gender, age, race or any other discrimination: Everyone has the potential and can train to be a professional gamer.
This month we celebrate financial literacy and the positive impact it has on athletes. We discuss how building strong financial foundations can positively affect the lives of athletes and we stress the importance of building such a foundation. The financial...
Despite the fact that women have been able to access sports in growing numbers during the past few decades, only a few women have managed to access and hold senior leadership positions in the world of sports.
The athlete’s brand is an integral part of the athlete’s career. An athlete’s brand is their promise to their audience; it tells their fans what they can expect from them, and it differentiates them from the rest of their kind.
Happy New Year to all! The past year has been a hell of a year for all of us. The coronavirus pandemic has swept the whole world, sport and athletes included, with a devastating ripple effect. Our wish for this year is to keep safe and healthy, manage to recover from the COVID effects and move on to a growth path again!
A professional athlete’s career is unlike any other profession we know of. Professional athletes, due to the nature of their careers, are exposed to a multitude of risks and have to deal with a number of legal implications pertaining to those risks.
Since its establishment under President Theodore Roosevelt, the National Collegiate Athletic Association (NCAA) has been the administrative and coordinating body of college sports. Virtually unknown to the rest of the world, the NCAA, its policies and intransigence have been a focal source of controversy regarding the image rights of student athletes in the US largely because the NCAA has been at the epicentre of every reaction against the professionalization of college sports.
