The career and financial cycle of an athlete is different than that of any employee or business owner. The peak of an athlete’s career along with the high earnings and substantial cash flows take place early in an athlete’s life. Hence, the athlete needs to set up a financial and money management plan which should be continuously updated to cater for the different stages of the athlete’s life; from graduation, to homeownership, getting married, creating a family, setting up a business and retiring.
Personal financial planning is a life-long process; the earlier it starts, the better the chances that you become financially successful. Through proper financial planning, you will be able to manage the financial resources available to you during the different stages of your life and maximize them.
This month the Money Smart Athlete team guides athletes in financially planning for major life events. Developing a financial game plan that caters to your different life phases will not only allow you to control your financial situation; it will enhance your quality of life and it will reduce any uncertainty you may feel about money-related issues and future needs.
Athena P. Constantinou
E-mail: [email protected]
