The uncertain futures and instability characterizing the careers of athletes can often lead to unique financial challenges athletes will need to overcome. A short earnings window, income fluctuations due to potential injuries and field performance, create the need for proactive financial planning. Financial struggles common to athletes may also stem from societal pressure and expectations of leading a lavish lifestyle and extravagant spending, among other things we will explore this month. Identifying the root of athletes’ financial struggles is the first step to dealing with them effectively, as well as acting proactively in the future, before they escalate.
This month at the Money Smart Athlete Blog, we will look into the causes of athletes’ financial struggles, as well as the importance of planning in order to achieve financial stability. Furthermore, we will highlight the different ways in which advisors can play a significant role in helping athletes stay on track with their financial planning, given that they are trustworthy and knowledgeable. Finally, we will explore sponsorships and endorsements, and the impact they can have on athletes’ financial health.
Athena P. Constantinou