Many people don’t realize that an athlete’s professional career is within a very short window of a few years. Most professional athletes don’t last in the industry longer than ten years. However, most athletes expect to live long, healthy lives. In order to make money and provide for a family, there are many things an athlete can do.
1. Consistently invest money.
As a professional player, it’s easy to get caught up in the game and the rigorous schedule. However, it’s very important to set aside time to learn more about investing money. It’s always important to know how to make money work for you. This is why it’s important to sit down with a certified planner and go through a course on financial planning for professional athletes. One part of the plan must involve investments.
2. Start a few businesses.
Most professional athletes make a lot of money during the span of their career. There are so many potential business opportunities to start. An athlete can choose to purchase a franchise of an existing brand or start a separate brand altogether. Another option involves the real estate business. Purchase a few homes and become a landlord. Once the homes are paid off, all of the rental income is considered profit. Outside of maintenance and upkeep, rental properties don’t require a ton of responsibilities. This is a business any athlete can start and continue well into the retirement years. This is mainly because it’s an excellent stream of passive income.
3. Develop other skills.
Especially in the professional development sector, people are always looking for public speakers. Professional athletes are chosen out of millions. Knowing this, they’re excellent at their craft and have the right to stand in front of others as an expert. This is why professional athletes can do so well in a classroom, church or conference where they can share their experience and motivate others.
4. Set aside money for savings.
Depending on the amount of money saved during the glory days, a professional athlete might not have to ever work again. It’s all about being smart with your money. Don’t just let the money sit in a savings account. Find ways to help it grow and make money on its own.