Financial distress is a fact of life and a lot of people including athletes will experience it once or even multiple times throughout the course of their lives. It is more likely to affect the have-nots; however, the rich are not immune to it. Financial distress refers to individuals who are simply unable to generate sufficient revenue to meet their financial obligations.
As we highlighted in our previous article, setting financial goals is a vital component of constructing a robust financial plan for athletes. However, merely setting financial goals is insufficient to ensure their attainment. To successfully reach your financial objectives, a well-crafted action plan is crucial. Achieving financial stability and success as an athlete is a lifelong pursuit that necessitates patience, determination, and unwavering discipline.
Goal-setting is a crucial part of the financial planning process for athletes aiming to transform their financial dreams into reality. Once athletes determine and assess their current financial situation, the next step is deciding where they want to be financially over a period of time; that is developing and setting financial goals.
Athletes succeeding in professional sports may find themselves acquiring extravagant amounts of money almost overnight. However, these same athletes may find themselves drowning in debt just as fast, as we have seen happen with boxing champion Mike Tyson, figure skating legend Dorothy Hamill and NFL quarterback Vince Young, among many others.
