The family of the Money Smart Athlete is an integral component of the athlete’s success. The lives of athletes go through transitions and changes in a much faster pace than those of everyday people. The families of athletes are very much affected by such changes and transitions.
Apart from being on the road and on a strict training schedule, there is always the possibility of the athlete being traded, or signing up with a new team in another city or another country, the possibility of sustaining temporary or career-ending injuries, the possibility of losing endorsement or playing contracts leading to financial instability, and so forth.
With the challenges of the athletes’ unique lifestyle in mind, we believe that it is of utmost importance for athletes to protect their families and hedge against the above unforeseen situations.
This month we focus on the Money Smart Athlete’s family needs and share our thoughts on how Money Smart Athletes can ensure that their families are protected from the unique challenges of professional sports life.