Why athletes need to have financial literacy
Athletes have a passion for their sport and a passion for the game. They spend a lot of hours practicing and they focus on being successful at the game. During their glory days of big dreams and big money, professional athletes do not even think or contemplate to obtain the necessary knowledge to make financial decisions that will have a life-long impact.
But they need to have at least a basic financial understanding to make sound financial decisions which will offer them the lifelong lifestyle they aspire to have.
Educating athletes about finances is a challenge. Financial concepts are not something that athletes, especially the young ones, are familiar with and they usually resist spending time in financial education. However, athletes are often approached by different “money experts” with various investment schemes and they cannot assess whether such investment propositions are wise or not.
Also, when it comes to listening to financial advice, there is a lot of misplaced trust among successful athletes because of their celebrity. They are often isolated among a select group of people they feel they can trust, and don’t allow themselves to listen to different points of view.