Financial psychology refers to the idea that our beliefs and the way we feel about money and what it means to us, influence our spending decisions. For athletes, financial psychology plays a crucial role in the way they deal with the sudden wealth effect and the way they choose to manage this wealth, given their unique circumstances; with fluctuating incomes and a relatively short career span. Athletes need to take the strategic way of thinking they apply in their sport, and use it in their financial decision-making, leveraging their mental strength to overcome the challenges of wealth preservation.
This month at the Money Smart Athlete Blog, we will explore ways athletes can develop a wealth-building attitude, identifying common money pitfalls. We will also address the psychological toll financial challenges can have on athletes. Finally, we will look into the influence of peer pressure and how athletes can make smart financial choices.
Athena P. Constantinou
E-mail: [email protected]
