Money Smart Athlete Blog

October 2023 Editorial: Athletes & the NIL developing landscape

With the recent developments in collegiate athletes’ Name, Image, and Likeness (NIL) rights, a plethora of new opportunities for brand capitalization and monetization have emerged, translating into generous new income sources. Student athletes are now encouraged to work not only on their athletic performance but also on building a name for themselves and the image they want to portray to their fans and the general public. A public persona with a strong social media presence and great reach can lead to important endorsement deals, sponsorships and partnerships. However, these NIL developments need to be handled with caution, since they come with complex NCAA regulations, as well as challenges and controversies.

Oct 1, 2023

The Influence of Sponsorships and Endorsements on the Financial Wellbeing of Athletes

In the world of professional sports, individuals are praised on their outstanding talents and sports accomplishments, but also on their ability to sell. Athletes' careers nowadays wouldn't be complete without sponsorships and endorsements, which have a substantial impact on their financial well-being. These types of partnerships can be greatly profitable, but they also have a unique set of difficulties and factors to be taken into account.

Sep 27, 2023

Off the Field MVPs: Financial Advisors Making a Difference for Athletes

In the exciting world of sports, not all stars are in the spotlight. Some heroes work quietly in the background, helping athletes manage their money wisely. These background heroes include financial advisors who are just as important to an athlete's success off the field, as an MVP is during the game. They are the ones who help athletes build a secure and long-lasting future.

Sep 20, 2023

The Short Shelf Life of Athlete Earnings: Planning for Financial Stability

In the realm of professional sports, athletes often capture our admiration with their remarkable physical abilities and their capacity to astound us on the field, court, or track. They break records, win championships, and attain levels of excellence that remain mere aspirations for most of us. Yet, concealed beneath the spotlight lies a challenging reality that confronts many athletes: the limited duration of their earnings. When athletes make the leap to professional sports, they frequently undergo a significant financial transformation, shifting from modest financial means to substantially larger incomes, all while lacking substantial experience in financial management. Moreover, finding a dependable financial advisor can prove challenging, especially for athletes embarking on international careers. Considering the short career of athletes, typically spanning less than a decade, it underscores the heightened significance of prudent financial management for those who enjoy substantial earnings for a brief window of time.

Sep 13, 2023

Breaking the Bank: Why Do Many Athletes Face Financial Struggles?

When thinking about the lifestyle of professional athletes, extravagant spending, lavish homes and luxury cars usually come to mind. With lucrative multi-million-dollar contracts, the impression of infinite wealth can be created. However, this is only an illusion, since there are numerous examples of famous professional athletes who found themselves breaking the bank, due to financial struggles. So why do so many athletes face financial struggles?

Sep 6, 2023

September 2023 Editorial: Athletes and Financial Struggles

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.

Sep 1, 2023

Overcoming Burnout: Strategies for Rekindling Passion in Sports

With a total of 28 gold medals, Michael Phelps is the most decorated and successful Olympian of all time. He is just one of many well-known athletes, such as basketball player Kevin Love and gymnast Simone Biles, who have opened up about their struggles with burnout. No matter the sport, level of competition, or professional status, sustained high levels of training and competition, pressure to succeed, and constant media attention can result in a condition known as burnout, which is characterized by physical, mental, and emotional tiredness followed by significant drops in performance, motivation, and general wellbeing. So how can athletes overcome burnout and keep competing? What are some strategies athletes can utilize to rekindle their passion for their sport?

Aug 30, 2023

Athletes: Creating a strong support network by surrounding themselves with positive influences

Have you ever noticed how you feel after a chat with positive, uplifting friends? There is a liveliness in your step, a smile on your face, and suddenly those big challenges seem a bit more manageable. Now, put yourself in an athlete's shoes. Their world is intense and every move is under the microscope. But just like anyone, the company they surround themselves with, has a significant impact on their mindset and performance. Let’s dive into why having the right people around is a game-changer for athletes.

Aug 23, 2023

Overcoming Performance Anxiety in Sports: Techniques for Boosting Confidence

Performance anxiety is a common phenomenon experienced by athletes across various sports disciplines. The pressure to deliver exceptional results in high-stakes situations can lead to nervousness, self-doubt, and diminished confidence. However, overcoming performance anxiety is crucial for athletes to unlock their true potential. This article explores effective techniques that can help athletes conquer performance anxiety and enhance their self-assurance, drawing inspiration from real-life examples of athletes who have triumphed over this mental hurdle.

Aug 16, 2023

Athletes: The Importance of Rest and Recovery in Maintaining Motivation

In the world of sports, the celebration of productivity and success often take precedence over the importance of rest and recovery. Nevertheless, athletes need to recognize the substantial benefits that rest and recovery can bring to sustaining both their productivity and motivation, in their sport but also in life.

Aug 9, 2023

Unlocking Your Inner Champion: Self-motivation strategies for athletes

When it comes to succeeding in sports, motivation plays a crucial role for athletes, since there will be countless obstacles, setbacks and losses they will have to overcome before they can achieve success. The key is never giving up, but pushing through with perseverance until they get their much-anticipated results. However, this process can be very challenging, putting a strain on the mental wellbeing of athletes who need to continuously find ways to motivate themselves, in the face of adversity, staying true to their journey towards the fulfillment of their goals and objectives in sports.

Aug 2, 2023

August 2023 Editorial: Athletes: Motivation & Empowerment

When thinking about the characteristics of successful athletes, self-motivation comes to mind, since athletes are always working hard to overcome any obstacle that comes their way with resilience and perseverance, in order to achieve physical and mental excellence. However, their pursuit of greatness, requires them having high levels of confidence and low levels of self-doubt, to enhance their motivation and passion for their sport. Motivation and empowerment undoubtedly represent crucial components of the sport success equation. These can be affected not only by internal but also by external stimuli and influences, as we will explore.

Aug 1, 2023

Game Changers: Child Support Guidelines for Professional Athletes

Professional athletes, with their extraordinary earnings and unique lifestyle, require specialized guidelines to address child support matters; safeguarding the financial stability of their child but also their own.

Jul 26, 2023

The Complexities of Athletes’ Divorce Settlements: Child Support and Alimony

Divorce proceedings can be intricate and multifaceted, requiring careful consideration of legal and financial aspects. Athletes' divorce settlements often involve high stakes due to their substantial incomes and unique circumstances. In addition to property division, child support and alimony are two critical components that demand careful attention. This article explores the complexities surrounding child support and alimony in athletes' divorce cases, looking into various factors that influence the determination of financial obligations. Through examining additional examples, we gain further insight into the intricate nature of these settlements and the challenges faced by both athletes and their spouses.

Jul 19, 2023

Protecting Assets and Family: Athletes and Pre-nuptial Agreements

Considering athletes and their financial well-being, protecting assets and securing the future of their families is extremely important. Lucrative contracts, endorsements, and substantial wealth often accompany successful athletic careers and therefore, it is crucial for athletes to consider the importance of pre-nuptial agreements.

Jul 12, 2023

The Challenges of Co-Parenting for Athletes: Balancing Careers and Co-Parenting

Healthy co-parenting requires setting your own emotions aside and compromising to a great extent, since the child’s needs always come first. For a professional athlete, maintaining a balance between their demanding athletic career and complex co-parenting responsibilities can be very challenging and intimidating, but not impossible.

Jul 5, 2023