Why You Need to Know About Finance as a Sports Person
You’ve worked hard to get where you are, and you’re not going to stop now. But as the old saying goes, You don’t make the money, you make the money work for you. This requires discipline, whether you’re just starting out or are already well on your way to being successful in your sport. One important part of making sure your finances are healthy involves learning about finance so that you can make better decisions on how to handle and grow your money over time.
1. Knowing your finances, no matter how much you make
As a sports person, you need to be aware of your finances. Why? Because no matter how much money you make, you need to know where it’s going. What are your expenses? What are your savings? What are your investments? When should you start thinking about retirement? Do you have insurance for your sport? How can you better prepare for the future? These are all questions that a sports person needs to think about and have answers for. Luckily, there are many finance advisors out there who specialize in working with sports people like yourself! They can help you identify what is most important to you when it comes to finance and then provide guidance on how best to achieve those goals. If finances aren’t something that you’ve thought about before, now is the time! Talk with an advisor today and get started on a path towards financial success for yourself.
2. Saving Money
3. Debt and Credit
4. Don't leave it all up to your agent
As a sports person, you need to be aware of the business side of things and not just leave it all up to your agent. After all, it’s your career and livelihood on the line. Here are seven reasons why you need to know about finance as a sports person
1) Injuries can happen at any time: Injuries can happen at any time, which is when you might be renegotiating your contract or looking for a new team to sign with.
2) A good understanding of finance will help make decisions: A good understanding of finance will help make decisions like what endorsement deals to take or where to invest some money that came in unexpectedly.
3) Wages can vary wildly: The wage difference between sports leagues and even sports positions within leagues can vary wildly so knowing more about finance means that you’ll have more information on how much money you should ask for during negotiations.
4) There are many costs associated with being a sports person: There are many costs associated with being a sports person including physical therapy and training fees.
5) You may want to start saving early: You may want to start saving early if you want an easy transition into retirement one day.
6) Your finances will change over time: Your finances will change over time so it’s important to stay up-to-date on changes in legislation.
7) Just because you’re retired doesn’t mean your financial savvy has to retire too!
As a sports person, you need to be aware of the financial side of your career. Knowing about finance can help you make better decisions about your money. It can also help you understand your sponsorships and endorsement deals. And if you ever want to start your own business, finance will be an important part of that too. So take the time to learn about finance and how it can help you in your career as a sports person.