Managing and Making Money as an Athlete

Managing and Making Money as an Athlete

                          Questions about Making money/ Money management:

What are you doing to make money now?

How much do you have saved up so far? 

Are you a great money manager?  If not, why not?

What are your biggest expenses (other than rent for where you live)?  Can you reduce the amount you spend on those extra things?

Do you have credit cards?  If so, how much are you paying for that every month?

What would you like to do to make money in the future?  Is it possible to make a good income with it?

Steps for great money management:

1. Whatever you have now, a big chunk will be for rent and living expenses.  Maybe it will be over 50% of your paycheck.  That is the most important part so make sure you always pay that on time.  And other bills, like credit cards, make sure you pay those on time as well. 
2. For credit cards, keep the balance per month under 20%.  If you have a $1,000 credit card, make sure you use less than $200/month, then pay it off immediately.
3. For the rest of your money left over, notice where you are spending it, and adapt accordingly.  If you’re spending it on clothes, do you really need more clothes?  Are you spending $50/dinner three nights per week?  Look at every dollar you are spending, and ask yourself if this aligns with your life goals.
4. A part of every dollar you have, invest it into your education.  Order books and other informational material that will help expand your mind away from your sport.  This is important, and focus on what interests you.
5. Save up a certain percentage every month.  Even if it’s only $10 you can save, put that into your savings.  If you want to invest it, do it, but make sure you are saving a small amount every month.  This amount will add up over time and before you know it, you will have a nice sum of money in your savings account.
6. Finally, look for ways to increase your wealth.  Maybe keep your eyes open for a new job, or for new opportunities that may come your way.  Always be growing and looking to increase the amount of wealth you have and can save up.  In 5 years, you will thank yourself for being smart with your money now.

This is steps for how to make and manage money as an athlete.