December 1, 2020
While we all tend to treat professional athletes like gods and goddesses, the truth of the matter is that they are all just human like us. This means they face the same daily challenges that many of us face. In fact, some of them may face even more than we do.
That said, money management is a problem we all have to face one way or the other, and it has gotten more challenging due to the ongoing pandemic. If you are an athlete currently facing money management issues, here are some ways to help you cope.
Money management issues athletes face
Many might assume that athletes, such as Olympians, make plenty of money from their careers. However, many of them struggle to earn enough to enjoy a good lifestyle. That is because they generally earn through sponsorships and prize money. With the coronavirus still at large, many of these income sources have been disrupted, leaving athletes with gaping holes in their wallets.
Not earning money during the pandemic is difficult enough, but another challenge that athletes may face now is maintaining their physical fitness. COVID-19 has forced many athletes to go back to their homes, away from their personal trainers, chefs, training equipment, and so on. For that reason, they now have to invest in new coaches and equipment to continue maintaining their fitness.
Finally, many of these athletes' lifestyles involve frequent expenses that were sustained by their income. However, now that their income has dwindled, being forced to save now has proven difficult. They now have to break old habits and learn new skills to reduce their spending, at least until the pandemic ends.
Addressing money management issues
The fact remains that saving money now can be challenging. However, it is not impossible. There are still many ways that athletes can save money during the pandemic to survive until this worldwide issue has been solved.
Other than purchasing the basic essentials, prioritizing and keeping up with bills is the one thing athletes should use their money on. This ensures no money is wasted on things that are not needed.
Another example is that athletes should leave their money in their bank accounts or use it to invest. With the former, they can let their money slowly accumulate interest and avoid the temptation of spending it. With the latter, they can use their money to make more income. Although investing can be challenging, it can act as a reliable secondary or even primary source of income.
Conclusion
The pandemic is a real challenge that has disrupted our lifestyles. While the emotional and physical stress of social distancing and lockdowns has taken its toll, most of our finances have also taken a hit. Whether you are an athlete or not, we implore you to act right away into saving your money. Now is not the time to splurge on things you do not need, and it is not the time to take money for granted.
Anything can happen to your finances, and the only way to ensure this issue does not become impossible to overcome is to be prepared. As such, start saving right away and invest your money if possible. Doing so will give you a cushion if your primary source of income stops, allowing you to continue surviving without much financial trouble until things get better.
Are you looking for financial planning for athletes in Fort Lauderdale? Aaron Parthemer is here for you. We can help you with advanced tax strategies to ensure your finances are kept under control. Get in touch with us today to see how we can help.
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