The Smartest Money Tips We Learn From Experienced Athletes
Joshua LeBlanc said he went straight to a mall after receiving his signing bonus money from Los Angeles Angels. Due to the lack of proper planning, he used his money to purchase new expensive shoes and clothing. He openly said that he overused the money. He learnt his lessons later. Now, LeBlanc is no longer a baseballer but a very good financial advisor. He is very focused on educating young athletes on how they can turn their incomes into nest eggs.
Athletes might be earning more than you, but these money tips are applicable, regardless of whether or not you earn a huge income. If you want to put yourself in the path that leads to financial greatness and even retire at an early age, get ideas from the lesson that these reputable athletes have learned.
Go in with a well defined game plan
LeBlanc says going into baseball requires a substantial game plan. It is important to have a proper plan for your money. The president of the Sport Finance Advisor, Jonathan Miller said, “When we talk about money, we ask pro athletes the amount they would prefer having when they retire, and we encourage them to save as early as possible.” It is said that you should at least put 10% of your monthly earning or each paycheck towards your post-working days.
You also need to be disciplined while using your money. Most athletes do not get frequent payment like most other workers do. They often receive huge paychecks that need to last them a long period of time. Therefore, they must have a high level of discipline to avoid unnecessary expenses. On the same note, those working on contract jobs should also keep their money in check. They should at least work towards having a five month worth of expense saved to cater for unexpected bills.
It is okay to sometimes be extravagant
Sometimes for self-satisfaction, it is okay to splurge a little bit. For instance, a newly signed athlete can buy a car, or a newly hired lawyer can buy an expensive suit. According to Miller, such a move instills confidence, and allows a lawyer to walk into the courtroom with enough courage. The thing is- you cannot go completely without blowing up your money. You are allowed to spend a little more from the first earning or paychecks, but then put aside more saving from earnings that come thereafter. Just ensure you do not splurge habitually.
Think Creatively and Earn From Other Sources
Leverage your skills to moonlight your financial shortcomings. A.J Francis is on a contract worth $600,000 with the Tampa Bay Buccaneers, but still supplements the amount with other income generating activities. He is serving the city as an Uber driver, which gives him additional cash to boost his savings.
If however you find that you are suddenly in need of cash, always approach a licensed moneylender. Contact us if you need any short term cash and we will do our best to cater to your needs. If you have any questions, feel free to call us!