As An Athlete, What Do You Want To Do With Your Money?
When you were a little kid, and all you wanted to do was something like play ball and compete with the other kids, did you ever even think about money? Probably not. Yet, as you got older and you kept getting picked for important sporting events, maybe it started occurring to you that you could use your athletic talents professionally. Talent scouts might have even started seeking you out, painting the real picture that you could play professionally and make some pretty impressive money.
That's probably when you started seeing the full financial picture. If you're a religious person, you were probably thinking words, or even saying words like, What a blessed person I am. Not only do I get to have fun playing the sports I love to play, but I get a boatload of money for doing it. Now that your dreams have come true, you are more than likely giving a lot of thought to how you'll spend the money you are earning.
Make An Honest Assessment - Be realistic about how many years you can continue to support yourself, and maybe a family, by being an athlete. Ask yourself what you would do if you had a serious injury that would prevent you from continuing your life as a professional athlete. What if you get tired of the hustle and bustle, the traveling, and the actual physical pain of playing professionally? What is the backup plan for when you retire?
Of course, you can more than likely still make money by doing things like writing a book about the years you spent as an athlete, or you might even endorse sports products. But, you might not be an actual working athlete when you are in your older years.
Consider Hiring A Financial Planner - Hiring a financial planner might be one of the most important things you do in your life. If you do decide to hire one, think about finding a financial planner that has the training and the experience to work with athletes. Perhaps you have talked with a teammate who has a good head on his or her shoulders. That very person might be able to connect you with the professional person who does financial planning for him or her.
Once you meet with a professional that offers financial planning for athletes, they will more than likely be able to help you invest your money wisely. He or she will find out if you want to spend your money on things like charities traveling. In other words, the financial planner will probably help you to live life fully at the present, and he or she will help you to have money after you retire.