It is important for athletes to identify and manage potential risk as well as recognize different types of fraud so that they can take measures to protect themselves from such risks. Athletes can protect themselves and their personal finances in a number of ways whether that means buying different types of insurance to cover basic and sport specific needs, protecting their wealth and their family or limiting the disastrous financial effects of a divorce.
This lesson outlines the elements of risk and insurance. It also discusses the concepts associated with risk and insurance and offers advice as to how athletes can treat these elements at different points of their lives both within and outside of sport.
Topic: Financial & Life Skills Program
Module: 6
Professional Athletes
LESSON PROGRAM & COMPONENTS
LESSON DETAILS
The definition of risk and hedging against it
Insurance for sports professionals & choosing your agent
Reputational risk & NIL protection from unauthorized use
Protect your assets and your family
Set up your financial relationship with your better half
Protect your family from the inevitable – Estate & inheritance planning
The risks and legal traps of gifting property to family
