By Constantinos Massonos, Contributor
Becoming a professional athlete requires a combination of natural talent, dedication, hard work, perseverance, and in most cases, a bit of luck. The volatility of professional athletes’ income though, might affect their ability to meet financial obligations, maintain a comfortable standard of living, and withstand unexpected expenses without significant hardship. Thus, it is critical for athletes to gain control of their financial situation and build the financial stability to support both their present and post-sports financial well-being.
Is it possible for professional athletes to thrive both on and off the field? To achieve success and fulfillment in aspects of life, other than their athletic pursuits? The key lies in applying the strong work ethic, discipline, and competitive drive that pushes them to constantly set new records and win championships, into achieving personal growth.
While they are distinct concepts, personal growth can contribute to financial stability, and vice versa. Financial stability can create an environment conducive to personal growth as when basic financial needs are met, athletes may have the freedom and resources to focus on personal growth goals. On the other hand, personal growth, such as improving financial literacy skills, acquiring financial knowledge, or developing key traits like discipline, resilience, or leadership, can help an athlete make informed financial decisions and manage money effectively contributing to higher financial stability. Gaining expertise in a particular field, or acquiring new skills can also help the athletes’ transition to a second career with higher income potential and improved financial prospects.
Some skills and mindset traits that contribute to personal growth can also be beneficial for achieving financial stability. For example, effective goal-setting, perseverance, adaptability, and financial literacy are qualities that can enhance both personal growth and financial stability.
Having financial stability can provide athletes with the means to invest in personal growth activities. This might include attending workshops or courses, seeking guidance from mentors or coaches, or investing in resources and experiences that foster personal development. Financial stability can remove barriers and provide the necessary resources to pursue personal growth goals.
Personal growth can also empower athletes to rely less on their sports contract for financial stability. By developing their skills, knowledge, and self-reliance, athletes can develop an entrepreneurial mindset and the ability to create opportunities for higher financial stability, such as starting a business or creating alternative multiple income streams.
Ultimately, in order for athletes to thrive both on and off the field, it is important to pursue both personal growth and financial stability as they are interconnected and positively influence one another. The ability to pursue both, lies on creating a balance between their athletic career and other aspects of life by prioritizing on their well-being, maintaining healthy relationships with their loved ones and giving back to their community.
The Money Smart Athlete® Blog is established and run by the Sports Financial Literacy Academy® (SFLA). Through its education programs, the SFLA has the vision to financially educate and empower athletes of all ages to become better people, not just better athletes. For more information on our courses, our SFLA Approved Trainer Program®, and how they can benefit you and your clients, please get in touch with us at [email protected].