How Staying Out of Debt Will Change Your Life

From the moment that you turn 18 years old, credit cards, loans and other borrowed funds are dangled in front of you. You may not have a job yet, but creating debt is encouraged by creditors as you learn to navigate these adult waters. However, living a debt-free life has many more opportunities for the individual. Consider how staying out of debt will change your life when you curb those spending habits.

Career Freedom
With a lot of debt comes large bills. You’ll be encouraged to find a job that pays the debt off, but the career itself may not be appealing. Living debt free means that you can pick a career that you’re excited about. As long as there’s a livable wage, you can choose a profession based on interest instead of the salary level. Feel fulfilled by the career, but don’t remain there if those feelings change. You have the freedom to try several different jobs across the years because debt isn’t keeping you harnessed to a particular pay scale.

Lack of Stress

Staying out of debt changes your life because financial stress isn’t part of your world. There are many other issues in the world to worry about, but your financial health won’t be one of them. Part of living a debt- and stress-free life is maintaining an emergency fund. Issues can infiltrate your day, such as a car accident. Being prepared with a generous emergency fund allows you to pay for items as you recuperate from these emergencies. People who don’t take these situations into consideration will ultimately go into debt because they’ll rely on credit when emergencies arise. Ideally, keep 6 months of income in a savings account for those unusual occurrences.

Lifestyle Goals Attained

Because you aren’t fixated on paying off debt, you can set goals for that next vacation or major investment. Use virtual bookkeeping services in order to keep track of your everyday spending and saving habits. When you want a certain balance in your accounts by year’s end, the service calculates the proper monthly savings amount for you. Saving up for a 6-month long cruise is a challenge, but it’s possible when you set a goal and remain in your budget. There’s no need to overspend on other items, such as cable television, when you have an unforgettable vacation to look forward to in little time.

Perpetually High Credit Score

Your credit score relies on the responsible use of borrowed funds. Because you don’t carry any debt, the score will often rise as a result. You still need to use credit in order to keep that score high and active, however. Buy an item that requires some use of credit, and pay it off at month’s end. The credit reporting agencies will note this behavior and increase your score. If you ever need to purchase an expensive item, such as a car or property, the score and history will be perfect for low-interest borrowing. Some debt, such as a mortgage, is actually good for your credit rating.

Cash is Real

Your life can change with a debt-free outlook because the concept of cash is real. You aren’t relying on credit with its virtual balance on a computer screen. According to Time Magazine, the cash moving in and out of your wallet and checking account is a true representation of your net worth. If you don’t have the physical funds, the purchase won’t occur. For people living on credit, the concept of cash is far from tangible. Living in a reality-based financial world will keep you debt free as you save up for that fantastic vacation or coveted, home-entertainment system.

 

If you find yourself in debt at some point, be aware of the balances. Create a game plan to pay them off in a reasonable amount of time. Everyone makes mistakes at some point, but you can achieve a debt-free lifestyle with some attention to detail and spending willpower.

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The United States economy is still as of now lagging behind, with millions of Americans locked out of this labor market in the country. One of the key factors in all of this is that the U.S. is producing fewer and fewer startups.

In order to truly innovate and deliver novel experiences for customers, this country needs a healthy balance of large, established companies as well as startups that allow for innovation and develop truly revolutionary experiences. In this article, we’re going to take a look at the lack of startups in this country and how this is taking a toll on the economy in the United States. In the process, hopefully we can figure out how to solve this problem.

The dearth of startups

It’s no secret that this country has seen a marked decrease in the amount of startups that are starting up in this country. Even sports betting sites which usually flourish are on the decline.

This decline is an important factor in the overall productivity slump that’s been going on for well over a decade now.

The number of employees who are at companies that are less than five years old has likewise slumped to 9.1 percent of the overall workforce back in 2013. That’s about half the share during the peak back in 1987. Experts have said that while there is new data available, it doesn’t exactly bode well for startup numbers in the modern day.

The lack of productivity growth is going to become more and more important as the labor market tightens up and growth starts to increase. Some experts even believe that low productivity might create faster increases of interest rates. The startup deficit, according to experts, slows down the shift from less productive startups to bigger, stronger ones.

Lagging behind

There was a definite startup decline after 2000, but experts are still not aware of what might have caused that. In way of contrast, the startups that our country had in the 1980s and 1990s were an important component of productivity as a whole.

It’s been cited that low productivity can lead to a lack in living standards, and the 2007-2009 recession has been cited as one of the major causes of all of this. This may have hurt research as well as overall investment in startups as a whole.

Around 400,000 businesses are started each year, with a large percentage of them never getting beyond the first five years. A typical firm will employ nine employees by its fifth year, which is a definite lag in the amount of employees that are employed.

The reasons

The reasons for the decline are numerous. Entrepreneurs might have less access to potential capital, with little ability to look at home equity since the housing market collapsed during the recession.

Some lenders have also tightened requirements for all small business loans. Along with this, millennials have been struck by large amounts of student debt. All of this will make them less likely to invest in a new startup.

Simply put, people are not taking risks in this economy the way they used to. Many might feel like it’s not worth it to take the gamble, as financial situations in this country have been difficult for some time.

While this list isn’t exhaustive, it should give you an idea as to how startups are declining and why this is taking its toll on the United States economy. It’s very important to keep an eye on these things, as our economy really hinges on the ability of startups to change things and innovate constantly.

It’s always been the American way to pioneer and innovate, constantly focusing on improvement and success. We’ve been seeing a shift, however, for the last couple of years where entrepreneurs are less and less likely to be starting up their own small business. These numbers will change over time, though, so it’s important to keep an eye on them.

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The average professional athlete makes in a year what some may not make in an entire lifetime. Owners of a major professional sports team are billionaires who make millions of more dollars per year thanks to their franchises. However, it is important to question whether wealth really equates to success in the world of sports.

Do Athletes Always Earn Their Money?

In leagues like the NBA or NHL, contracts are guaranteed from the moment that they are signed. This means that if someone is owed $10 million a year for the next five years, he will get it no matter if he is on the roster, on another team or sitting at home watching with the rest of the fan base. There have been cases in the past when an athlete has gotten paid and then slacked off or otherwise failed to perform because there was no motivation to do so.

Women’s Soccer Players Should Be Millionaires Too

When you go online, you can read all sorts of content from 5Dimes Reviews to crazy conspiracy theories to stories about athletes not getting paid their true worth. Take the American women’s soccer team for instance. They have won multiple World Cup titles and are generally regarded as the best in the world at the sport.

However, most of them make little more than what they would make to manage a Burger King or work at a doctor’s office. They may be the biggest example to point to when arguing that wealth and success are not necessarily related in sports.

Executives Don’t Necessarily Earn Their Money Either

In many cases, head coaches, general managers or other executives within a professional sports league are hired based on perception as opposed to results. For example, Rex Ryan is getting paid an average of $5 million a year from the Buffalo Bills to coach them to a 10-10 record in his first 20 games. He continues to get hired because of his father Buddy Ryan and getting the Jets into two AFC Championship games in 2009 and 2010.

Jeff Fisher of the Los Angeles Rams has had so many mediocre seasons that July 9th is deemed Jeff Fisher Day by sports writers and pundits. This is because he is known for going 7-9 every season and has more losing seasons than winning ones in his more than 20 seasons of being a head coach in the NFL.

Owners Generally Make Their Money Outside of Sports

The era of a new major professional sports league starting from scratch and making their owners millions or billions of dollars is long gone. Today, teams in the four major leagues are bought and sold for as much as $2 billion or more. Therefore, the only people who can afford those prices are those who have billions of dollars already.

Once a franchise has been purchased, the owners essentially own a mint because fan support rarely wanes during good seasons or bad. Even if fans aren’t buying tickets, teams generally share proceeds from television deals that can be worth billions of dollars per year. Money paid by fans for hats, t-shirts or other goods further add to the coffers of these billionaire owners. In the sports world, being rich isn’t necessarily the same as being good.

As collective bargaining agreements set salary floors for players, those who may be bad at their jobs are still rewarded handsomely for simply taking up a roster spot. Coaches and general managers may also make a lot of money simply because owners are trying to show how much they care about the team by sparing no expense to lure top talent. Therefore, it can be argued that athletes make money based on market factors more than they do on skill alone.

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It might seem like money is the ruler of the world, and in some sense it truly is the most powerful commodity on the planet, but in reality those currencies are nothing more than mere value placeholders as value is transferred from person to person or entity to entity. Value is really exchanged through true physical commodities, like precious metals, foodstuffs, and processed products. As those items exchange hands on their way from collection to distribution to end-use, trails of value are left in their wake, and those transactions are the backbone of any economy. In this way, commodities can directly affect the economy of just about any country in the world, especially more powerful countries that inevitably deal with a large number of commodities. The United States of America isn’t immune to this truth, and there are a number of premium commodities that have a huge impact on the strength of the United States’ economy.

Oil

It’s impossible to deny the impact that oil has on the American economy. The demand for the substance hasn’t faltered since it became the driving force behind many areas of global industrialization, like gasoline for transportation, fertilizers for agriculture, and plastics for the manufacturing industries. So many areas of the American economy require oil that even slight changes in the price of raw crude can send ripples through the otherwise stable system, especially the volatile transportation industry that requires a constant influx of fuel.

Cattle

The United States consumes an incredible amount of meat, primarily in the form of beef. Americans ate roughly 71.2 pounds of beef per person during 2012, and while that number seems to be decreasing slightly, it is still far more than most other countries consume. The United States produces beef for both domestic and foreign customers, and many countries like Canada, Mexico, and Japan create a huge demand for American beef, driving the economy for thousands of farmers across the midwest.

Tobacco

While tobacco isn’t as valuable to America as it once was in the past, the crop is still a major contributing factor to the vitality of the economy. Cigarettes might be decreasing in popularity in response to new electronic cigarettes and vape pens flooding the market, but the nicotine found in those products still has to be cultivated and extracted from tobacco plants. Since the vape industry is expected to be valued at over $50 billion by 2025, it’s easy to see how tobacco is going to continue to be an important aspect of America’s economy long after standard cigarettes have gone extinct. Many cigarette smokers have already moved on with either a vape pen starter kit or something similar in order to make the transition as smooth as possible.

Corn

Unlike other grain products, corn is used in so many different industries that it might be the most valuable food crop grown in the country. The crop is used for producing feed for cattle, natural food for human consumption, corn syrups and other processed food derivatives, and even fuels like ethanol. Corn is so vital to the economy of the United States that the sudden loss of the crop would force the economy to come to a screeching halt. The United States is responsible for roughly 40 percent of the entire world’s corn trade, and such a high market share translates to a huge affect on the overall US economy.

In truth, every commodity traded or used within the United States is going to have some sort of effect on the economy, but the commodities listed here represent the largest areas of economic control and strength for the United States. Without these sources of value creation, the United States would not be in the position that is enjoys within the world stage. As long as the world’s economy keeps turning, the United States will stay afloat on these staples.

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The San Diego Chargers may be struggling on the football field this season, but they may have gained an unlikely foe that could help them stay in town long-term.

The Chargers proposed downtown stadium project received an endorsement from San Diego Mayor Kevin Faulconer, who came to support the Measure C initiative after team officials agreed in writing on several key stumbling blocks. The new agreement includes the Chargers paying for all overriding costs that are related to construction and land purchases, guaranteeing the city’s general funding will never be used in the entire process, the team turning over to the city all revenues generated from non-NFL events and the pledge to remain in San Diego until the project initial debt has been fully paid off.

How Did This Deal Take Place

The relationship between Faulconer and the Chargers has been less than acrimonious, but both sides recognized that an agreement could help to secure the team staying in town even if Measure C fails to receive the required number of votes. It was important for each to put their differences aside and find common ground that gains results for the good of all San Diegans.

The mayor’s main concern was growing the city’s tourism economy, and Faulconer believes he has accomplished this by keeping the Chargers in San Diego. The agreement makes sense for all parties, but it’s especially beneficial for local taxpayers. The mayor acknowledges that gaining a two-thirds margin for the initiative will be difficult, but this agreement provides safeguards for the Chargers gaining a long-term solution to their stadium issue.

The Stadium Issue

The Chargers have been seeking a replacement for Qualcomm Stadium for 14 years, this past January; NFL owners rejected the team’s bid to build a stadium in Carson, CA. with the Oakland Raiders in a unique joint partnership. However, if Measure C fails to get approved, 5dimes reviews believe the Chargers still have the option of moving into the stadium currently being built in Inglewood, CA, by the Los Angeles Rams.

Faulconer and other local city officials offered to build a replacement stadium on the Qualcomm Stadium site in Mission Valley. The Chargers rejected the offer and opted to gain support for a downtown stadium location near Petco Park.

Opponents of Measure C

The opponents of Measure C feel the Chargers and other politicians have made too many promises, talk is cheap and it’s time for the general public to decide the outcome in the upcoming November election. The opposing side feels the Chargers will make millions on a naming rights and in-stadium advertising sales, which could pay for their new home.

What is Measure C?

Measure C is on the local ballot that will be voted on November 8th. If approved, it will raise San Diego’s hotel room tax to pay for the downtown stadium project, which has an estimated price of $1.8 billion.

The current hotel room tax rate is 10.5 percent with a separate two percent fee that pays for tourism marketing funds. Measure C raises the hotel room tax to a flat rate of 16.5 percent. The Chargers and the NFL have committed to putting $650 million toward the stadium project, with the remaining $1.15 billion being funded by selling bonds that would be paid back by the hotel room tax increase.

The team’s stance has been that a state-of-the-art facility in downtown San Diego will not only be the home of the Chargers, but it could host approximately 300 other events in a given year. The proposed location is the best deal for San Diego, as it will create more than $1 billion in new tax revenues.

The Chargers have gained the support from Downtown San Diego Partnership Group and the San Diego Regional Chamber of Commerce. Each group applauded Mayor Faulconer for endorsing the initiative, as they believe Measure C will create jobs and grow San Diego’s economy. Plus, it will keep the Chargers in town and drive more revenue to the downtown area.

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If you have ever gone to a professional football game, you may have noticed how large the stadiums are. You may also have noticed that the stadium has amenities that have nothing to do with football such as restaurants, museums and party halls. How exactly do the owners of these stadiums get the money to build and maintain them over the course of 20 to 40 years?

Stadiums Are Often Funded by Taxpayers

While there is no evidence that a professional football team or its stadium does anything to boost the economy in a city, it doesn’t stop owners from demanding money. Politicians who don’t want to seem out of touch with what voters want approve these requests to appease the fans for another election cycle. In some cases, taxpayer funds are used to pay for the entire building with agreements that the city is only entitled to a small portion of the revenues generated from it.

Stadiums May Be Funded By Owners Themselves

It is no secret that the typical NFL owner is a billionaire who can afford to spend the money necessary to build a quality stadium. In some cases, they will actually put up funds necessary to build or significantly renovate it. This is often done if there isn’t enough political will to get the entire project financed.

Although an owner has PR teams dedicated to promoting these projects as beneficial to the community, those tactics don’t always work. As these owners have other business interests outside of the NFL, they don’t want to risk their image by refusing to work with the community on some level if needed.

Local Governments May Provide Land

If a local or state government isn’t willing to finance the stadium itself, it may provide the land necessary to build the stadium. This is true in Buffalo where Erie County owns the plot where New Era Field is currently located. The county also owns the stadium that it then leases to the team. As with most deals, the team is allowed to keep the majority of revenue generated from parking, concession sales and other purchases made during a game.

The NFL May Help If Necessary

The NFL has a stadium fund through which it will lend money to owners who want or need help financing their projects. Typically, the league requires that the owners pay up to 60 percent of the cost of the stadium on their own or through some other funding source. In most cases, the owners who request a loan are doing so knowing that they will make enough from their investment to pay it back plus interest without having to touch their own money.

Naming Rights May Help Pay for Renovations

If a stadium needs to be renovated or upgraded, a sponsor may pay for naming rights with the funds going to pay for the upgrades. The sponsor may also pitch in with branded signage and other materials that improve the game experience for fans while also helping to increase sales and visibility in a given part of the country. Although sports betting websites aren’t allowed to be stadium sponsors, they may strike deals with teams to provide funding in exchange for some sort of marketing partnership with them.

NFL stadiums today are more than just places where you sit in the stands and watch football for three hours. Instead, they are places where you can grab a full meal, get married or check your fantasy stats using its WiFi connection. As long as fans keep coming and spending money, the places where the teams play will likely become larger and offer more entertainment options on the day of the game.

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The newly expanding vaping industry is apparently under the microscope of the federal government, largely due to massive activity on K Street in the District of Columbia. Big tobacco has long had a major grip on the United States Congress via the smokescreen bribery process of campaign contributions to legislators they need in their corner to pass laws that help them maintain a monopoly on the smoking industry. While many people may think that big tobacco lobbyists are focused on the competition being provided by the legalization of marijuana, the real threat they see to enhancing corporate bottom lines is the growing popularity of vaping as an alternative to smoking tobacco as a method of ingesting nicotine into the body. Just when they thought they one competitor under control, here comes a viable alternative to their products that are proven to kill people via nicotine addiction. The result for the big tobacco lobby is that the Federal Drug Administration has stepped in with a major initiative designed to kill the vaping industry by heavy handed policies that could very well serve zero purpose other than protecting the “Big Tobacco” industry.

New FDA Policy

The plan by the Federal Drug Administration is to test both the devices used by vapers as well as the liquid concentrations used in smoking. The claim of the federal government is that the testing will be directed at the good of society as a whole, but many other researchers have already found the products to be an excellent alternative to what been a public toxicity and disease problem for decades. It is a known fact that tobacco is directly connected to causing lung cancer as well as a major contributor to heart disease. As with most government interventions, the reasons given by “Big Brother” are more like mandates from “Big Momma Daddy” that are focused on a completely different mission statement from what is perceived. Noble lie theory often abounds when the federal government steps in at the request of a monopoly industry. The focus appears to be the destruction of the small independent local stores that also frequently modify the ingredients of certain flavors to develop new vaping liquids that local customers prefer, as the new policy will require every single modified liquid to be submitted and approved by the federal agency, overwhelming small operators with behemoth expense.

Vaping Industry Files Suit

The vaping entrepreneurs have long understood their competitors would retaliate against their product development and have organized as well, but they do not quite have the financial backing of the tobacco lobby. The result has been the filing of a lawsuit against the FDA that focuses on all of the conditions of the new policy that are counter to the agency claims and constitutionality of the move. The measures could prove to be a huge overreach of governmental power being driven by K Street competitors of the vaping industry. In addition to the issues the government claims to need investigation, other private sector groups have conducted prior studies and find that e cig alternatives have helped immensely in the reduction of nicotine use among those changing over, with many users actually completely stopping smoking altogether, all to the dismay of the tobacco industry.

It is important for everyone to understand that vaping liquids are considerably different from tobacco products, as no tobacco or other harmful chemicals such as tar are included in the manufacturing process. The introduction of vaping in 2007 has shown that it is actually a much healthier option to use of known harmful tobacco products that are already heavily regulated. The policy that requires small businesses that produce altered e cig juice for vaping to be tested individually means that if big tobacco decides to get into the market, which they have already shown desire, the only products that will be allowed are the ones they encourage the government to approve. And of course, those could well only include the products of big tobacco, regardless of the results for other products that actually prove them as an effective deterrent to smoking addiction.

 

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Sports stadiums are often fixtures of cities, and downtown stadiums are often the center of attention for neighborhoods; Wrigleyville in Chicago, for example, is a popular neighborhood, and much of its growth is attributed to Wrigley Field. However, stadiums are expensive to build, and sports teams often use leverage and the threat of moving to force city or state taxes to fund some or all of the development. Are stadiums worth the investment, especially if the city or state is paying the costs?

An Investment in the City

When most team owners advocate for cities to at least partially fund a stadium, they point to the benefits the stadium will have on the neighborhood and the city as a whole. Baseball stadiums, for example, are home to more to 80 games per year, and the tens of thousands who attend often pick up a meal before or after the game as well. People like living near stadiums, and stadiums are often home to concerts and other events. These factors mean that a stadium can make a part of town a hot spot for residents and visitors alike, and advocates lean on this argument when looking for funding from the public.

Skepticism

While analyses differ, many who have examined the value of stadiums are skeptical of the purported benefits of paying for one. This is especially true for single-purpose football and soccer stadiums, as these stadiums host fewer than 20 games per year with the stadium remaining unoccupied most of the time. Furthermore, while stadiums can host other events, they also deprive existing venues in a city the opportunity to host them. In all, some experts argue, stadiums can even decrease the amount of taxable revenue a city generates.

A City’s Identity

Further complicated the issue of whether or not to build a stadium is the question of a particular team’s value to a city. City boosters often point to how many major sports teams a city hosts, and teams are often a source of civic pride for residents. Financial considerations matter, but those running a city must also consider what is lost when a beloved team departs for another city. Furthermore, there is no shortage of cities willing to invest in a new stadium if a team is willing to relocate, and sports betting websites show that even established teams have no problem moving to a new city if it makes sense financially. This added leverage complicates the issue and places the burden on the city to spend the money the team asks for to build a new stadium.

Integrated Development

One of the chief complaints against building stadiums is that they fail to transform neighborhoods as much as optimistic projections would suggest. Another approach to consider, however, is building the stadium as part of a larger project. Stadium-building efforts that also produce attractive housing can create a symbiotic relationship where people move to the new neighborhood due to its proximity to a stadium while the stadium benefits by having an increased population nearby. Adding in other entertainment venues can make the area even more attractive, and stadiums serve as valuable centerpieces for these designs. Many analyses consider stadiums placed in suburban regions where land is cheaper but there are fewer fans nearby. Stadiums in urban environments, on the other hand, are more likely to succeed.

The effect a stadium will have on a city can be difficult to project, and no two stadium projects are the same. While studies often show that the touted benefits of paying for a stadium often fail to fully materialize, cities have to consider less tangible factors as well. Even if a city does not recoup its investment in a stadium within a particular time frame, residents often feel it’s worth spending a bit extra to have a local team to cheer for.

 

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You may hate football, but there’s a very good chance your tax dollars are being used to build the next billion dollar NFL stadium anyway. In case you haven’t heard, public funding of these enormous edifices has been growing in popularity since 1923, when Los Angeles Coliseum became the first stadium to be entirely funded by tax dollars. In recent decades, the usual scheme involves the team owner throwing in a little money and state and/or local governments supplying the rest through tax-free municipal bonds. Keep reading to find out exactly how you are supporting a billionaire’s sports team habit.

The Numbers

No matter how you slice it, public contributions to new stadiums are a big chunk of change. Here are a few examples. The world’s first billion dollar stadium opened in Dallas in 2009. Though Dallas Cowboys owner, Jerry Jones, famously put up the lion’s share for the $1.2 billion cost of construction, $325 million came from public coffers. As an article in Citylab stated, the process was essentially a wealth transfer from average Americans into the pocketbook of a multi-billionaire

An even worse deal was struck by the city of Minneapolis in an effort to keep their beloved Minnesota Vikings from bolting for greener pastures. The bottom line: taxpayers wound up paying nearly half of the eventual $1.06 billion dollar price tag, a whopping $498 million. Ouch. So how does a city or state manage to cram these expensive projects down the local populace’s throat, sometimes even when they vote against it?

The Scheme

At the heart of current stadium funding lies every investor’s favorite vehicle, the tax-free municipal bond. It’s quite simple, really. When a municipality decides it needs money to fund a project, they sell municipal bonds which promise to return to an investor (purchaser) both his capital plus interest after a certain period of time. Investors love the so called muni-bond because any interest earned is exempt from being taxed as income.

The bottom line is that, if a municipality has sudden need of $500 million to pitch in for a new stadium, all they have to do is sell a truckload of muni-bonds and the money comes rolling in. But how do they pay the bill when it comes time to return the invested capital plus interest? The taxpayer, of course! Taxpayers allegedly have some say in the matter at the ballot box when a stadium referendum is brought before them. Unfortunately, the idea of choice is often nothing more than a cruel hoax.

Back Room Deals

The “Stadium Authority” has become a dirty word in recent years. This kind of authority is a select committee created by a state or local government with the express task of approving a stadium referendum WITHOUT taxpayer consent. You read that right. A stadium authority may consist of a handful or maybe a dozen people who have been officially given the authority to enter thousands, maybe millions, of citizens into a half a billion dollar debt. Think an arrangement like this might be open to graft and corruption? It makes it very easy to know whom to bribe. Long time supporters of fans’ interest like 5Dimes reviews fear the game may be ultimately tarnished by such “cram down” approaches.

The “relocation card” is one that has become increasingly popular. A recent example can be seen in St. Louis, where the hometown Rams wanted a stadium better than the Edward Jones Dome, where they’ve been playing for two decades. Owner Stan Kroenke threatened to move the team to Los Angeles if city administrators didn’t figure out a way to build him a new billion dollar stadium. They didn’t, so he left, and now there’s no professional football to be found in St. Louis this year. And that’s the way the game is played these days, boys and girls.

 

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Many people will never be able to be a professional athlete, but it is still possible for them to make a living working in the world of sports. There are a number of entrepreneurial skills required for a person to become successful at sports management. Doing this requires a person to have the ability to deal with wealthy athletes, an understanding of the world of sports. They must be able to think beyond to 9 to 5 work schedule as well as understand the subtleties of negotiation and more.

Long Hours
When a person wants to succeed in the world of sports, they must be ready to work as long as the job requires. They must be willing to do whenever is required no matter what time of day or night. This is the case if a person is working with a sports management agency, firm or even directly for a sports team. The schedule for this type of position is not the standard nine to five day. A person must be willing to work long days, nights, weekends and even holidays if required. The most successful people in the sports world learn this early and use it to their advantage.

Hospitality Skills
According to research done by Jana Nova,it’s important to have an ability to deal with high-wealth individuals on a daily basis. These are people with a high net worth. This includes everyone from the team’s executives, team coaches as well as the owners of the team. When working in sports management, it will be necessary to know how to make these people happy. This is where having hospitality skills can be important. People who work at fancy resorts and hotels are taught how to keep high-wealth individuals happy. Being a success in sports management also requires this skill.

Understand Public Relations
Anyone who has followed the world of sports for any length of time knows the importance of having a good approach to handling public relations (PR). With athletes having such easy access to the media, many things can be said that can have a negative impact on the player as well as the team. Unfortunate statements can be made, and things said on popular topics that can cause misunderstandings. Most athletes are active at placing things on such popular social media outlets as Twitter. This is in response to the high number of fans using it. A report showed that over 66 percent of sports fans use Twitter as part of watching a sports event. It’s obvious when someone wants to succeed at sports management; they must know how to handle social media. Managing social media can be a huge positive for a player, the team and avoid a serious PR disaster.

Analytics
It is also important for people who want to work in sports management to have a background in analytics. It’s common for individuals who have a degree in statistics, mathematics or a similar degree to pursue this type of career. An increasing number of team general managers have a work history with analytics. Some reports have estimated that over 79 percent of the General Managers in baseball have advanced math skills. This is also the case when it comes to the backgrounds of agents or others working in sports management. When a person has a proven proficiency in math, it is a major selling point for employment.

Marketing And Selling
Those who are successful in sports management are able to do more than discover the value of the spread from an organization like 5Dimes sportsbook reviews.  They have a well-developed ability for selling and marketing. The world of marketing in sports is constantly changing. Finding the best athletes for the right team is a huge challenge. It’s important to know how to notice and take advantage of market trends. Knowing how to develop and present the best possible pitch is essential.

Conclusion
In order to succeed at a career in sports management, it will require having a variety of skills. These are skills that can be learned as well as developed.

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