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Money Smart Athlete Blog

January 2021 Editorial: Common Financial Challenges of Pro-Athletes

Jan 6, 2021 | Editorials

Happy New Year to all!  The past year has been a hell of a year for all of us.  The coronavirus pandemic has swept the whole world, sport and athletes included, with a devastating ripple effect.  Our wish for this year is to keep safe and healthy, manage to recover from the COVID effects and move on to a growth path again!

This month we are addressing the common financial challenges that professional athletes have to deal with and how they can best handle them.  There is widespread belief that professional athletes are financially set for life, living in mansions with unlimited money to spend. At the same time, stories of athletes going bankrupt, during or after their playing career, very often appear in the media. In short, the prevailing perception of fans is that the majority of professional athletes are set for life. In reality, athletes are some of the most financially vulnerable persons of our times, having to deal with a number of financial challenges.

We believe that the road to financial success has to do with the cultivation of the right attitude and the ability to plan and act before financial challenges surface.  Through this month’s articles, we want to guide Money Smart Athletes in dealing with common financial challenges positively, in a prudent manner and with consistency, so as to protect themselves and their financial future.

Athena P. Constantinou