A famous Chinese proverb reads “the best time to plant a tree was 20 years ago; the second-best time is now”. Time is you ally in achieving any goal, so the earlier you start planning, the better. This is especially true for athletes, who, as previously discussed, have short term sports careers and must have a post-retirement plan in place in order to transition as smoothly as possible into their new lives.
Money Smart Athlete Blog
The aim of the Money Smart Athlete Blog is to provide athletes worldwide with the tools to become money smart and help them make savvy financial decisions. We created this blog to transmit and share the knowledge we have accumulated as financial and business advisors during the past two decades.
Winner of 28 Olympic medals, swimmer Michael Phelps is one of a number of star athletes who has publicly discussed in recent years his struggle with depression, anxiety and suicidal thoughts. NBA star basketball player DeMar DeRozan has also talked about the importance of addressing mental health issues, as all athletes are first of all humans. Gymnast Aly Raisman has described her efforts to cope with post-traumatic stress disorder after being the victim of sexual abuse.
The challenges in the lives of athletes are many; their wellbeing is impacted by their situation both on and off the field, while injuries, mental and physical pressures are a natural by-product of competing at a high level. The psychological stressors experienced by athletes put a lot of strain in their mental state and they can have devastating results.
The electronic gaming industry has grown dramatically in recent years as an alternative to other sports and, in many countries around the world, eSports is already recognized as an official sport which clearly illustrates its dynamic. In 2020, and in spite of the pandemic, the revenue of the eSports industry amounted to $947.1 million. According to analysts, the global revenue of eSports will reach and exceed $1 billion by 2021.
The online gaming industry is huge. There are currently over 2 billion e-gamers globally, generating approximately $1 billion per year for the industry. Additionally, a good amount of money is derived by purchases that the players make when playing, such as when they buy in-game currency or in-game items.
Most people are now familiar with eSports and people younger than 40 have almost definitely had a discussion regarding eSports with friends or acquaintances. When eSports started gaining traction, the very inclusion of the word “sports” in the context of videogaming was enough to lead to mockery and sarcasm. Generally, discussions orbiting around eSports spark controversy. The success of eSports lies—partly—on the fact that the industry tapped into a market that simply did not exist before, as gamers are not the first thing that comes to mind when one thinks of sports professionals or fans. Whether you love it or hate it, it does not matter anymore; eSports is on the up and up and one needs only turn to the numbers to understand the extent of its success.
Over the last decade, the eSports industry has experienced phenomenal growth, leading people to question the conventional definition of sports, one that assumes the involvement of physicality. In short, one side argues that eSports do not necessarily constitute a sport because they lack the physical aspect that we’re used to seeing in sports such as basketball, football and others. On the contrary, the other side suggests that eSports, through their competitive nature, as well as their ability to entertain, should definitely be included in the bucket of sports. In this article, we don’t seek to take part in this debate but rather explain why eSports, through their financial outlook and popularity, are here to stay.
Video games were considered a waste of time by the majority of parents who saw their children spending an excessive number of hours in front of a screen, with a controller in their hands, instead of studying for school. Nowadays, there are people who quit their 9 to 5 jobs to become professional gamers and earn up to six figures per year. This form of competitive video gaming, where teams or individuals compete against each other, mostly in online tournaments, to earn prize money or other benefits, is called Esports.
Electronic Sports, commonly known as Esports, have been gaining a lot of ground during the past decade. Esports has been experiencing huge popularity during the past few years because, among other things, it is considered a far more inclusive sport than other sports where there is no gender, age, race or any other discrimination: Everyone has the potential and can train to be a professional gamer.
In an era of mass commercialization, where the desire for profit and power become the main drivers of one’s actions, we seek to understand what keeps athletes from going astray, what keeps them focused in their goals and prevents them from losing sight of their game. From a very young age, athletes develop moral values, as well as character traits, that guide them through life, through the tough as well as the good times. In this article, we seek to explore what these values and traits are and why athletes develop and stick to them. Specifically, we will begin by trying to understand what values and traits are, how one develops them and how sports through their nature, grow some specific values and traits in every athlete.
The younger you are the more hopeful you are and the more hopeful you are the wilder dreams you have. When kids are young their imagination runs wild and they all want to become famous and great. They want to become football players, basketball players, astronauts, race car drivers and so on. Dreams are good and a fundamental aspect of being a child, however, as your kids get older you have to slowly pull them to reality, without of course crushing their hopes and dreams.
We have previously discussed the importance of parents helping young athletes excel both academically and in the sports field; a sporting parent can offer emotional support, practical time management tips and encouragement for their child to realize their potential in a healthy manner. It may sometimes be difficult for a young athlete to combine their education with a sport and, at times, it may feel like the two areas are competing priorities. However, with the right attitude, they can enhance each other; helping your child learn to balance school and sports is a lesson that will serve them well through adulthood.
A time comes when parents have to decide, along with their child which educational path they will follow, and that decision can greatly determine their child’s future life. But, equally important for a child’s long-term happiness and prosperity, is their physical well-being, which can be achieved through their participation in sports.
Usually, when we hear the word “environment”, the first thing that comes to mind is our ecosystem. However, there is also the artificial environment that we create within our societies that encompasses anything that involves human and social interaction and affects our decisions and our personality.
Athletes particularly the most successful and famous ones have an army of advisers behind them, regulating their every move and advising them on various aspects of their lives ranging from investments to public conduct. Nonetheless, a certain degree of financial literacy is still vital irrespective of how many advisers an athlete has at their back or who those advisers are. At the end of the day, nobody cares as much about your future as you and you should never delegate the handling of your interests entirely to your advisers. Hence, the relationship between financial literacy and your team of advisers should always be seen as complementary and not as substitutive or mutually exclusive.
The reward for athletes who reach a top level in their sport, does not only come in the form of public recognition and a display case full of medals. Most professional athletes are privileged with earning what an average person earns in a lifetime, in just a few years. Many will squander this money away in a short time, but others will make the right decisions, including investments, that will allow them to retain their financial freedom and security after their retirement.
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