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.
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.
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.