Find a Financial Mentor or Coach: If I had one regret regarding the early days of my professional career, it would be that I did not understand the importance of having a mentor or coach. Having someone on your team who has been where you are trying to go and can provide guidance and support, will help eliminate some of the financial pitfalls that young athletes often make.
Create a Plan: Develop a financial plan that includes short-term and long-term goals, managing credit, budgeting, saving, and investing.
Live Within Your Means: Avoid overspending by living within or below your means. Maintain a budget that accounts for your income, expenses, and savings goals. There is a difference between being financially secure and looking like you are financially secure. Making big purchases such as cars, houses and jewelry can often lead to a false sense of financial success. Be wise about how you spend your money.
Save for the Future: Save a portion of your earnings for the future, including retirement savings, emergency funds, and investments. Consider working with a financial coach to help you make smart investment decisions.
Understand Your Income: Understand your contract terms, endorsement deals, partnerships, and taxes. Be aware of the timing of your income and plan accordingly.
Educate Yourself: Take the time to educate yourself about personal finance and investing. Attend financial literacy workshops, read books, or take online courses to improve your financial knowledge. Pursue financial education relentlestly! You are responsible for your own future.
