When Athletes reach their ultimate goal and make it to the league, they often receive large sums of money in exchange for their talents and skills. However, this access to newly found wealth doesn’t necessarily mean that they are financially literate. Many pro athletes go bankrupt or fall into debt within a few years of retiring from their sport. This can be attributed to many reasons such as poor financial management, lack of education, or misguided investment decisions. Hence, it is essential for athletes to become financially selfish if they want to secure their financial future.
Now I know when we hear the word selfish it’s filled with negative connotations. However, putting yourself first is of the utmost importance if you want to be successful in the league as well as after it. Being financially selfish means not being influenced by external factors regarding their finances, such as giving in to everyone having their hands out or everyone having a business, they want them to invest in. Athletes must focus on their own financial objectives rather than trying to please everyone around them. They must choose the right investment opportunities and partners for themselves. Financial advisors, family, and friends may offer lucrative deals, but athletes must understand to separate their professional and personal lives. Athletes must also be aware of and consider the potential risks and rewards of the investments they choose.
In addition, financial selfishness also involves being proactive and taking charge of their finances. Even if athletes have a financial advisor, it is not enough to blindly trust them. Athletes must constantly monitor, review and understand their investments. They should be aware of the market trends, take decisions regarding their investments when necessary, and avoid complacency. Being financially active minimizes the possibility of being swindled or taken advantage of by others.
Moreover, being financially selfish also means being disciplined and responsible. Athletes must understand the importance of living within their means and not indulging in unnecessary expenses. Now I’m not saying that they can’t enjoy their hard-earned money, they can but, they must have a budget, monitor their expenses and prioritize their financial goals. They must also be responsible for their debts, bills, and taxes, ensuring that they are paid on time and without fail. These skills are critical in making sure their money is managed correctly and are essential for the long-term financial stability of athletes.
In conclusion, athletes need to be financially selfish if they want to succeed in securing their financial future. They must focus on their own financial objectives, as well as be proactive and disciplined. By taking control of their finances, athletes can ensure that their hard-earned money is well-managed. This approach also reduces the stress and anxiety that comes with unsure financial situations, which can impact performance on the field, which is especially important in the what have you done for me lately culture that is professional sports. Ultimately, financial selfishness is a necessary trait for athletes to achieve long-term success both on and off the field.
We would be happy to schedule a time to discuss how we can help you and your family empower the next generation. Feel free to schedule a 30 Minute Zoom Meeting for us to discuss this.
This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.
