It’s not every day that a professional athlete’s financial advisor is kind enough to share tips about all things money. So, when you get the opportunity, you should take it with both hands! When it comes to professional athletes, you should know that they have to have a proper financial advisory panel to handle the huge sums of cash that they receive for their marketing deals, brand endorsements, and business partnerships.
Isiah Thomas and Dexter Fowler are two of the leading basketball players, and in a recent Future Proof wealth festival, the two opened up about the financial lessons they’ve learned throughout their careers. Thanks to their financial advisor, Joe McLean, the athletes can manage their wealth in an organized and proper manner. When it comes to financing, McLean is a professional as he has worked with big names in the sports industry, including NBA Star Klay Thompson and professional golfer Sergio Garcia. So, if you are looking for some money tips, then you are at the right place.
1. Saving More Than You Spend
Isiah Thomas shares his number-one money tip and states that this is a lesson he learned when he entered the sports industry. Saving is a must for everyone, but if you have the luxury of earning significantly more, then you should save more than you spend. For every month, you can take out a certain amount of money for your savings and try to spend less than it because, let’s be honest, money doesn’t come easily.
2. Preparing For Rough Days
Dexter Fowler is a world series champion, but he gave some free advice. When it comes to finances, the basketball star suggests that you save for rainy days. There are certain instances in life where you get to meet financially draining days; it could be a car accident, a medical bill, or a vet bill for your furry friend. Because of these reasons, Fowler suggests that you should consider having an emergency fund that serves the purpose of a financial safety net.
3. Taking Into Account The Financial Consequences
When you start to earn or start to earn significantly more, the last thing on your mind is financial consequences, so you enjoy your time spending your money. In the beginning, you might not face any financial consequences, but these poor decisions may become burdensome when you are no longer earning the same amount or you are retired. Fowler advised his listeners to know that while it looks like your lifestyle is going to stay the same, it usually doesn’t. Professional athletes are generally under the impression that they’ll continue to earn for the rest of their lives and will receive a significantly big monthly check, but that is not the case.
These money tips are essential and beneficial to everyone, whether you are a professional athlete or not.
