Manage Your Cyber Security Like A Pro

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A new and successful athlete’s life could change overnight. They suddenly gain a lot of exposure in the press and are viewed by fans as being very wealthy. Although this is a moment to celebrate, it could also make athletes an easy target for online hackers. Somebody in the world is getting hacked every 39 seconds, and celebrities with a lot of fame and money are at risk the most. It does not matter how successful an athlete’s wealth management program is if they cannot protect themselves from threats online.

Celebrities and athletes need to be more cautious when it comes to protecting themselves from hackers. They should never use public Wi-Fi or charging hotspots because hackers can easily install malicious software on their smartphone or tablet. Hackers will then be able to steal an athlete’s bank account details and passwords.

  1. If an athlete is speaking to their agent on the phone while they are in a public place, they should be careful about who else is listening to the conversation. They should never share anything private during those talks. Instead of speaking to an agent while inside a taxi, it’s better to wait until they are alone. This is to prevent the taxi driver from leaking that information to others.

  2. Athletes should be mindful not to let others know personal details about themselves, such as what their favorite book is, names of pets, or mother’s maiden name, etc. These are often used as security questions for different online accounts. Hackers could try to get these answers to gain access to the athlete’s bank account or emails.

  3. If a player needs to print their contract, they should always try to use a private computer and avoid those in hotel business centers. They should also resist logging into social media accounts on a public computer. If a player does get hacked, the hacker could steal all their money and damage their reputation.

  4. The best way to protect accounts from getting hacked is by creating the most unique passwords that are hard to crack. These can be long with special characters, capital letters, and many numbers. A password should also never have someone’s date of birth, partner’s name, or sports jersey numbers. A lot of hackers use programs that try random combinations of passwords to find the right one. These can take a very long time to do. Changing the password every few months will keep throwing them off and will secure your accounts a lot better.

  5. It’s important to use a password to lock smartphones if they are not being used. Athletes tend to leave their mobile phones or tablets in locker rooms, and anybody could gain access to them. Setting a passcode on mobile phones keeps it secure, and never set that code to be something generic such as 1234. A lot of new phones require facial recognition to unlock, but if the passcode is weak, an unauthorized person can still gain access.

  6. Many social media accounts request users to link their mobile numbers. This is to let an athlete know if someone is trying to change their password. They can also request a new password if they forget the old one. This multi-factor authorization system makes social media accounts more secure from hackers. 



Financial Solutions and Wealth Management for Professional Athletes

When athletes finally realize their dream of becoming eligible for the NFL or the NBA, the rest of the journey is an uphill battle. They need to invest a lot of time and energy on training sessions and team practices. Then they must travel across the country and go through several rounds of interviews. An athlete might also get picked by a team that’s very far from home. This entire process isn’t just exhausting, it’s very costly as well.

Launching a new athlete’s career is expensive, and many of them cannot afford the investment they need. When a young athlete is in college, they are too busy practicing for big games and maintaining top grades in their classes. They do not have enough time to get another job on the side to help save some extra money. This is the main reason why athletes need wealth management support as soon as possible, especially when they pile on more debt trying to pay for housing and transportation.

  1. Getting the Right Financial Support

    Provision Wealth Management offers financial services for athletes until they get their first official paycheck. There are loans available for players who are close to being drafted by a team, and they can borrow anywhere between 5-10 percent of their signing bonus. The purpose of these loans is to help athletes who are struggling with financial problems during the months before, or after they get drafted by a team. Players can use these funds to pay for food, housing, travel costs, and any training related expenses.

  2. Learning the Right Financial Knowledge

    Athletes who do not have the right financial knowledge may get taken advantage of. It is important for players to learn how to budget their wealth carefully and control their spending. This will protect them from filing for bankruptcy in the future when their career ends. The best way for an athlete to successfully manage their wealth is by hiring financial experts with a lot of knowledge and experience. These experts will be able to guide athletes on how they can enjoy their wealth but also put some aside for retirement.

 

Top 3 Tips Wealth Management Tips for Athletes to Protect their Financial Welfare

Provision 3 Wealth Management Tips

Top 3 Tips Wealth Management Tips for Athletes to Protect their Financial Welfare

It’s no secret that many athletes and entertainers struggle financially, even if they had a successful career which earned them millions of dollars. Sports Illustrated said that 78% of the National Football League (NFL) players are either bankrupt or suffering from financial stress, within two years of retirement. This is an alarming statistic, and it shows that the financial welfare of athletes is an overlooked issue. Athletes dedicate a lot of their time to fitness and not enough to their finances. They need to incorporate a long-term financial game plan to protect themselves from becoming destitute, after all that hard work. Here are some wealth management tips for athletes to help them secure a better future.

  1. Create a Team of Trustworthy Financial Experts and Advisors

    Like building a sports team, athletes need to build a strong financial team and commit to working closely with them. Members of this team are Financial Advisors, Accountants, and Insurance and Business Attorneys. They need to listen to trustworthy advisors who can coach them on how to be responsible with money and save for the future.

    Athletes are compensated very well and can be taken advantage of easily. It’s important to stay away from financial advisors who propose high-risk investments.

  2. Force Yourself to Stick to a Budget

    The classic “Rags to riches” story.  Many athletes that have sudden wealth enjoy splurging on homes, luxury cars, exotic vacations, and partying. But they don’t plan a proper budget to control their expenditure. They simply deposit a paycheck in the bank and spend lavishly until their account is drained. Budgeting carefully with the help of an advisor will make them more aware of how much they’re spending. This will prevent them from overspending on unnecessary luxuries, so they can accumulate enough savings for retirement.

  3. Always Prepare for the Long Term

    Even though athletes are very young and fit, they should still have a plan for their retirement.  Due to a lot of strength and speed during games, they risk suffering from an injury that could end their career in an instant.  Therefore, it’s important for them to have plenty of savings to fall back on because there is no such thing as job security.

    Instead of saving for their future, many athletes and entertainers achieve celebrity status and stop thinking about the long-term. They forget that someday they might not be employable anymore and risk becoming destitute.

    Many people swarm towards high profile individuals and always tell them what they want to hear, instead of the truth. Honest advisors are the ones who will firmly tell them if they’re spending too much. This will help athletes become more aware of their expenses, especially before they write a cheque for a second private yacht.