Financial Strategy for AthletesSubmitted by Alloy Silverstein Financial Services, Inc. on June 5th, 2019
Step One: Find a trusted financial coach; Step Two: Listen to your coach.
Whether you are a professional athlete, a college amateur, or an aspiring Olympian, you probably know what success feels like. You also know a thing or two about being a good sport when things don’t go your way. Good news: this means you already have some of the basics needed to create a financial strategy.
Don’t think so? Building a strategy is all about having distinct goals, knowing the risks, and determining how much time you have ahead of you. It’s also about surrounding yourself with people who have your best interests in mind and share your goals.
Let’s put this in perspective.
For the sake of demonstration, let’s say you’re a football player. Maybe you’re even good enough to go pro. A recent report from Fox Business indicated that an NFL player can make $300,000 to $1 million per season. That’s a big paycheck, for sure. The question is, do you know how to get the most out of that money? There’s so much of the business to consider, beyond just the pay you earn playing the game. What if you get endorsements? Business opportunities? And who knows a good investment from a bad one at first sight? It can be a little intimidating, even for someone who puts on pads and a helmet at work.1
For athletes, the business section of the newspaper extends into the sports pages. You don’t have to search very hard for news about a promising athlete out for a season with an injury. What’s in store for you if you’re no longer earning money?
Even if you are one of the fortunate few to enjoy a long career as an athlete, you still have life after sports to think about. You might have an idea of where you’d like to invest your energy after retirement. Maybe that’s starting a business. Maybe that’s raising a family and seeing them through college. Maybe you have no idea – but having lots of options sounds better than nothing.
It bears mentioning that this is something for college athletes and amateurs aspiring to world-class competition to consider as well. Maybe you train or play when you aren’t hitting the books or working a day job. Even amateurs should have a financial strategy in mind.
A trusted financial professional is just another kind of coach.
Like a good coach or trainer, a financial professional can offer the knowledge you need to make informed decisions. Someone who doesn’t tell you what you want to hear, but what you need to hear; someone who can share in your goals and guide you on your journey.
Your success in the future may depend on the decisions you make today. For that reason, having a financial professional may be one of the most important decisions of your career.
Ronald Donato Jr., CFP®, MBA may be reached at 856.667.6228 or RDonato@asfinancialservices.com. https://www.asfinancialservices.com/team-member/ronald-donato-jr
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1 - foxbusiness.com/personal-finance/nfl-players-bankrupt-personal-finance [5/7/19]