Pro/College Athletes Need Planning Also!

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. Financial literacy is even more important now with all the planning now for college athletes as they are allowed to be compensated for their name, likeness, etc.

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…