You know how to play ball, how to score and defend, how to take on an opposing player… your skills have brought you to the next level. But what about money? Do you know how to make it work for you? How to get it and keep it through NIL deals and beyond?
Not a problem, you think. You got it covered. After all, you have talent and there will be more and more money. But there are dozens of stories of athletes who had it all—wealth, fame, everything they’d ever dreamed of—only to lose it all. They went from expensive cars and luxury houses to owing millions of dollars and filing for bankruptcy.
In fact, over 70 per cent of NFL and NBA players combined face poverty after their careers are finished, with some even ending up homeless. A whopping 16 per cent will file for bankruptcy, as compared to the 0.12 per cent of everyday workers and businesspeople who will face the same hardship. That’s a staggering difference!
But it’s not all bad news. There are retired athletes who’ve managed to continue living the dream of financial success well past their playing days, gaining millions in the process.
The difference between those who lost it all and those who’ve been able to parlay their earnings into even greater wealth? The power of understanding, of awareness of how their money was being spent and invested. They made sure they understood their deals and what would happen with their money. Simple and straightforward. But it takes time and effort to gain that understanding—and we want to help you with that.
Over the coming weeks, we’ll post articles on building a knowledge base about finances and how to manage your earnings for lasting success. From tracking expenses through spreadsheets and financial apps to strategies on spending habits and investing (in yourself and companies and stocks), we’ll start with the basics and build to a point where you understand how to manage your finances, so you don’t end up on the list of athletes who lost it all. It’s your money. Let’s keep it that way!
Our next post will cover how to build a spreadsheet, an essential tool to map your path to financial understanding and freedom. So stay tuned… we’re just getting started!
