Everything is Temporary
There was someone doing your job before you, and there will be someone after you. While it might not seem this way right now, you have a brief window of time in which to maximize your earnings before this part of your life is over. If you’re blessed with longevity, you might finish playing at 35. The average life expectancy is over 75. Don’t just live for this brief period of your life. Save your money so that you have the option to make your second act just as successful as your first.
Income Does Not Equal Wealth
For professional athletes, it’s important to be highly paid. It demonstrates value on your team and is used as a comparison among your peers. Early on, you become well-versed in who’s making what, not only on your team but around the league; however, what often gets lost is that while a large salary is a tremendous start, it’s only part of the financial equation. The most important aspect is preserving and growing your money so that it can be utilized well beyond the conclusion of your playing career. This doesn’t happen overnight and surely won’t happen if you live above your means. Income is received twice a month and concludes when your contract expires. Wealth is built prudently and methodically over time. Know the difference between the two.
Operate from Strength
You’re young, healthy, and have money. That’s a pretty amazing place to start. Take care of yourself physically. Be good to yourself mentally. To maintain the financial part, you have to get clear and set limits for yourself. This means living below your means, saving your money, and following a sustainable plan. Give yourself multiple options for how you want to live the rest of your life.