The sports prodigy is one of those athletes who just gets it, and is able to outplay others with more experience on natural ability. It’s amazing for fans to watch a prodigy in action, and it’s an exciting ride for that talented athlete. But nothing lasts forever, especially not sports superstardom, and there are several reasons why even the best prodigies should still learn how to budget.
- The Odds of Fortune and Fame Through Sports Are Low
Every sports prodigy thinks they’re the next big thing, but only a select few have what it takes to play professionally. Statistics show that most high school athletes don’t even make it to play at the collegiate level, let alone the professional level. Baseball offers the best chance for high schoolers who want to one day turn pro, and the odds of that are 0.5 percent. Only 0.02 percent of high school women’s basketball players play professionally, along with only 0.03 percent of high school men’s basketball players. Chances are that even if you’re a prodigy, you’re not going to land that multimillion-dollar contract that lets you buy whatever you want.
- Budgeting Is a Useful Life Skill
Being able to make a budget is an important skill that every adult should have. Even if you end up playing professional sports, you still have to budget your money if you want to keep it. Many big-time athletes have learned this lesson the hard way. Sports Illustrated found that 78 percent of former NFL players were either bankrupt or under significant financial stress just two years after retiring. Retired NBA players didn’t fare much better, as 60 percent went broke within five years. Considering some athletes’ extravagant lifestyles, it’s a wonder that sports betting websites don’t let you bet on who will go bankrupt first after their career ends. No amount of money is too much to lose. When you budget properly, you can make sure you don’t overspend.
- You Should Know Where Your Money’s Going
People of all income levels can lose their money if they put it in the wrong hands. Athletes are especially susceptible to shady “financial advisors” who either get them into bad deals or simply steal their money. When you set up a budget, you know how much money you have coming in and the monthly expenses you need to pay. If someone is trying to take your money or spend it on careless investments, you’ll notice right away because you’re keeping track of what you make.
- It’s Always Good to Think Ahead
Do you know why so many people who have achieved sudden success have gone broke? Because they never thought about what they would do after their money was gone. Thinking ahead is the key to achieving financial success. When you create your budget, you see how much money you’re making and how much you’re spending, and it also helps you think about your financial goals. If you want to make sure you have enough money to put your children through college, you can put a college fund in your budget so you pay that every month.
- Budgeting Improves Your Planning Skills
When you budget, you’re creating a financial game plan. The planning skills you develop through budgeting can be useful in all facets of your life, even your athletic endeavors. Apply those newfound skills towards building your workout plan so you’re continually improving. One of the issues that slows many sports prodigies down is complacency. When you’re naturally good at something, it’s tempting to believe that you don’t have to work hard at it. Creating a workout plan, just like you would a budget, gives you a schedule that you can commit to so you don’t lose your edge.
No matter how good you are at them, there’s more to life than sports. Learn essential life skills, including budgeting, so you’re a well-rounded adult and able to make smart financial decisions.
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