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.
Money Smart Athlete Blog
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.
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.
The transition into retirement from professional sports can be a difficult and emotional process for many athletes. Having devoted their lives to rigorous training and achieving success in their sport, retired athletes often face the challenge of maintaining financial stability and finding purpose outside of their athletic careers. By engaging in thorough and careful planning beforehand and focusing on personal growth, retired athletes can establish a path towards lasting financial stability and a sense of fulfillment in their post-sports lives.
We have seen that athletes who tend to focus on their personal growth, often meet great business success, by demonstrating a wide range of traits and qualities, many of which they have developed through sports, including great determination, adaptability, and resilience. Athletes have shown time and time again that their athletic achievements can transcend the boundaries of their respective sports.
When we think about the lives of professional athletes, fame, success, extravagant lifestyles and glorious athletic achievements come to mind. Little attention is paid to personal growth and development, skill-enhancement and financial stability beyond their sports years. To lead a meaningful and financially sustainable life, an athlete needs to invest time and effort to build the necessary foundations.
June 2023 Editorial: Athletes: How personal growth and development contribute to financial stability
It is evident that athletes who continuously invest in themselves can achieve personal growth and development, which can consequently lead to long-term financial stability and success across different areas of life. Personal growth translates into athletes enhancing their skills, qualities and personality traits, including but not limited to discipline, perseverance, flexibility and most importantly a growth mindset. These characteristics can be seen as essential tools for achieving their goals not only in terms of sports but also in terms of finances. Expanding their skillset through personal development strategies can also help with athletes’ financial literacy, financial decision-making and potentially income diversification; leading to business success. Finally, personal growth can also be key in their personal brand development, further encouraging endorsement and sponsorship potential, through the image they portray to the public.