Athletes & Financial Psychology

The Psychology of Overspending: Common Money Pitfalls for Athletes

An athlete’s emotional state is often influenced from many factors outside the playing field. Effectively handling one’s personal finances is a major factor for maintaining emotional stability especially because the contrary can lead to negative psychological effects.  While an athlete’s success on the field may yield considerable earnings from a young age, these financial gains present their own set of challenges when it comes to managing them.  When money is flowing in, season after season, it sort of becomes the norm for the athlete and leads to the belief that it will never stop flowing in. As a result, athletes may resort to reckless spending, without any plan or thought for the future.