Managing your finances as an athlete can be quite a challenge. However, knowing the most common pitfalls that athletes face goes a long way toward creating a solid financial foundation for your future. That’s why today we share with you the three financial mistakes that athletes must avoid.
Not Paying Attention to Your Money
While the above statement sounds simple, it bears repeating because it refers to the most common mistake that athletes tend to make. Caught in a whirlwind of adulation, celebrity, and earnings, it’s easy to lose sight of your money. Keep in mind that athletes hit their financial peak early and often for only a couple of years. Pay attention to your money, because no one cares about it as much as you do.
Not Having a Post-Career Plan
Excelling in your chosen sport often requires a total and almost ruthless focus on your career. However, this doesn’t mean that you should overlook making post-career plans. Needless to say, finances should play a big role in these plans. Don’t forget: thinking ahead can make all the difference for your finances.
Failing to Seek the Assistance of a Financial Advisor
As an athlete, the help of a financial advisor can be invaluable in securing your financial future. Athletes should seek the assistance of a competent financial advisor as early as possible. These are some guidelines to keep in mind as you look for an advisor to guide you in your financial decisions:
- Prefer advisors with previous experience with sports and athletes
- Consider carefully the background of any potential advisor
- Meet each prospective advisor in person before making a decision
- Make sure you understand their fees and how they get paid
- Determine the fees you can afford
New Tech Outreach: Empowering Individuals and Changing Lives
At New Tech Outreach we assist athletes at all levels and the public at large with counseling, coaching, life skills training, and financial education. We aim to change lives by empowering individuals to achieve the goals they have set for themselves.
We work with clients in Washington, Arizona, and all over the United States. Contact us today by email (firstname.lastname@example.org), telephone (202-412-4768), or through our social media accounts on Facebook and Instagram.