The life of a pro sports athlete is as prosperous as it can be volatile. To get to be a pro athlete, to begin with, years of hard work, dedication, physical, mental and emotional preparation as well as many other pivotal factors come into play. Now, once athletes manage to make it to the pros, a whole new life begins for them. Depending on the career they churn out for themselves, they can go from being a stat in a team to becoming one of the main reasons their squad is a perennial betting picks favorite for sports fans all around. And of course, with all of that work, the rewards, especially economic are as big if not bigger than the level of work being done.
Professional athletes, especially in the US have had to battle for a long time with the struggles of maintaining a prosperous economy and lifestyle once their sports careers are over. Be it because of bad management calls during their sports practicing days, unnecessary spending, or any other money-ridden problem, sadly for many athletes, even while still having illustrious careers that have allowed them to amass millions of dollars in revenue, they end up on the wrong side of financial stability.
Thankfully though, those tides have been in a constant state of change, with more and more pro athletes from different disciplines starting to learn the true value of saving or investing their money for their post-retirement purposes. Here we bring you four examples of how pro athletes find financial stability for their post-retirement life.
Understanding Their Financial Reality From The Beginning
One of the main issues that has sadly damaged the livelihood of many former NFL and NBA players after they retire from professional competition, is the fact that they were not made aware of how understanding the ins and outs of their financial reality can become a genuine game-changer once they put an end to their professional careers. Before, when an athlete would make it to the pros and start making money, the idea of saving from the get-go was not necessarily something seen as a necessity, instead of being seen more like a hassle. The life of a pro athlete can expand anywhere from six months to twenty years, so understanding what the financial reality of life as a pro athlete is like for them has become of the utmost importance.
While before, pro athletes were more about the idea of the luscious lifestyles and glamour over anything else, nowadays, positive changes in that mindset have been seen. More and more young, up-and-coming athletes are entering pro leagues understanding that a life in professional sports can go away as fast as a touchdown pass, a fastball down the middle of the plate, or a slam dunk. Saving their money from the beginning, understanding that building the founding blocks for a prosperous life after sports is more important than only living in the right now, and venturing into diversifying their assets towards procuring new revenue streams for their careers has become one of the new, most popular trends amongst athletes. At the end of the day, the lesson that sports come and go but financial prosperity can stay throughout everything has become as important in the life of pro athletes as the level of physical skills they bring to their games.
Surrounding Themselves With Expert Advisers
While on the sports field or court pro athletes are always expected to perform in ways that sometimes even defy the natural laws of physics, when it comes to a life outside of sports, one of the main ways in which pro athletes nowadays are finding success is by surrounding themselves with expert advisers on different fields of life, outside of sports. Just like in their profession they have expert trainers, coaches, physicians, and others that tend to any and each of their needs and requirements to perform at the highest level day in and day out, expert financial, investment and lifestyle advisers have become integral characters in shaping the athlete’s life outside of sports, always securing that financial providence is the goal to be achieved amongst others.
Unlike in the past where pro athletes would fence for themselves when it came to securing a prosperous, post-retirement life, sometimes leading to grim and negative results because of bad money managing practices, nowadays, athletes surround themselves with teams of experts designed to help them secure a dignified lifestyle for after their playing days are over. People like their sports agents, investment experts, financial advisers, lawyers, tax advisers, psychologists, health and wellness experts, and nutrition experts have all become all-stars in becoming crucial companions for pro athletes in their lives, especially when thinking of when the time to retire comes around. This just goes to prove that, it’s not how much money you can make, it’s about what you do with it for it to not go away.
