For many athletes, especially those without lucrative NIL deals or professional contracts, the idea of building wealth can feel out of reach. Whether you’re a former athlete living paycheck-to-paycheck, a current athlete in debt, or someone with little-to-no savings, it’s easy to feel stuck. However, no matter where you are on your financial journey, there are always opportunities to turn your financial trajectory around. The key is to take small, manageable steps that can lead to big changes over time. Here are some strategies that can help.
How Athletes Can Grow Wealth
Start a Side Hustle. Even if you don’t have NIL deals or sponsorships flooding in, there are still ways to leverage your skills and passion for extra income. For example, former athletes can start coaching clinics, personal training sessions, or even consulting on performance-related issues. Current athletes can use their social media presence to offer paid shoutouts or create digital content that educates younger athletes. Consider using platforms like YouTube, TikTok, or Instagram to build a personal brand and generate revenue. Start small, but remember that side hustles can grow into substantial income streams with consistency and effort.
Audit Your Expenses. If you’re living paycheck-to-paycheck, the first step toward growing your wealth is gaining control over your spending. Take an honest look at your expenses and identify areas where you can cut back. Are you eating out too often? Do you have subscriptions you no longer use? Trimming unnecessary expenses may not seem like much, but it can free up money that you can put towards savings or paying down debt. Use that money to start an emergency fund or invest in your side hustle.
Consolidate or Refinance Debt. Being in debt can feel overwhelming, but there are ways to manage it more effectively. If you have high-interest debt, consider consolidating your loans or refinancing them to get a lower interest rate. This can help reduce your monthly payments and give you breathing room to save or invest. Look into credit counseling services or financial apps that can help you manage and pay down your debt faster. Every step you take toward reducing your debt improves your overall financial health.
Leverage Your Athletic Network. As an athlete, current or former, you have a built-in network of people who understand your journey. Don’t be afraid to tap into that network for financial advice, business opportunities, or mentorship. Former coaches, teammates, or even fans may be able to introduce you to new income streams or offer guidance on how to grow your wealth. Surround yourself with people who are financially savvy, and don’t be afraid to ask for help or advice.
Invest in Your Skills. Just because you’re no longer playing doesn’t mean your skills are useless. You can take those skills and repurpose them in ways that help grow your wealth. For example, if you were a leader on your team, you could look for management roles or even start your own business. There are also online platforms like Coursera or Udemy where you can learn new skills without breaking the bank. Investing in your education, whether it’s in finance, business, or another field, can help open doors to higher-paying jobs or entrepreneurial opportunities.
Create and Stick to a Budget. Building wealth requires a clear understanding of where your money is going and where it should be going. Even if you’re on a tight budget, creating one allows you to control your spending and make sure that every dollar has a purpose. Your budget should include categories like savings, debt repayment, and investing in yourself (education, side hustles, etc.). It may feel restrictive at first, but a budget is the foundation for long-term financial stability.
Start Small, Think Long-Term. Many athletes feel like they need to make large financial moves to build wealth, but small, consistent steps are just as powerful. Start by saving $5 or $10 a week, cutting down on one unnecessary expense, or offering a small service for a side hustle. Over time, these small actions will add up. Focus on long-term growth rather than immediate, flashy results. Wealth-building is a marathon, not a sprint—something athletes understand well.
It doesn’t matter if you’re a current or former athlete with no NIL deals, buried in debt, or living paycheck-to-paycheck—there are always steps you can take to improve your financial situation. By starting small, auditing your expenses, and leveraging the skills and network you’ve built as an athlete, you can begin to change your financial future. The journey might not be easy, but it’s always possible. You already have the mindset of a competitor—apply that same mindset to your financial life, and you’ll be amazed at what you can accomplish.