Student athletes are advised to start creating a support circle which will help them in the implementation and management of their financial and life plan. They first have to deal with fulfilling their support needs during their college years by having a mentor, an athletic coach and perhaps an athlete-mindset and performance coach. In addition, student athletes need to become acquainted with how to assemble a competent financial team to help them design their financial future. There are important lessons to be learned from a plethora of athletes who have financially failed, and a common denominator often, is the trust athletes have placed in the wrong professionals. We have all heard of a number of cases all over the world, where lawyers, accountants, investment advisors, agents, etc, have defrauded athletes by advising them to invest in various potentially “high and fast profit” schemes. In a lot of cases, athletes not only lost the money they had invested but also ended up being accused of tax fraud. The module is divided into six separate sessions with each session addressing a key area of the module’s theme.
Topic: Financial & Life Skills Program
Module: 4
Ages 18 to 22
LESSON PROGRAM & COMPONENTS
LESSON DETAILS
Module Duration: 190 minutes
Prioritize your spending by differentiating between needs and wants
Earning money and living within your means
The financial planning process – Part 1: Figure out where you are financially and where you want to be
The financial planning process – Part 2: Figure out how to achieve your financial goals by considering different alternatives
The financial responsibilities of living on your own
Money management strategies for athletes
