As an athlete, you’re used to setting goals—whether it’s improving your game, earning a scholarship, or making an impact on the field. But when it comes to finances, many athletes feel like they’re playing from behind, especially if they’re balancing a demanding schedule, NIL income (or lack thereof), and full-time responsibilities. The truth? You are never behind when it comes to your financial journey. You can evaluate your situation at any time and make progress starting today. Here’s how to set realistic financial goals at every stage of life—no matter where you’re starting from.
Setting Realistic Financial Goals at Every Stage of Life
1. Early College Years: Build Awareness. Focus on understanding your finances and setting small, achievable habits.
- Track your income (scholarships, NIL deals, part-time jobs, family support).
- Start budgeting—even if it’s just knowing how much you need for food, rent, and essentials.
- If possible, open a savings account and set a goal to save even $5-$10 per week.
- Learn about credit and how to avoid debt traps.
👉 Mindset shift: Don’t compare yourself to peers making big NIL deals. Small, smart financial habits will serve you well in the long run.
2. Late College Years: Lay the Foundation. Focus on building financial security while still juggling a packed schedule.
- If you have NIL earnings, set aside a percentage for taxes and savings.
- Start thinking about long-term goals—do you want to buy a car, move to a new city, or invest?
- If you’re working a job or side hustle, be intentional with your spending and saving.
- Consider opening a Roth IRA or another investment account—early investing, even with small amounts, makes a huge difference over time.
👉 Mindset shift: It’s okay if you haven’t built wealth yet. This is the time to create strong financial habits.
3. Transitioning Out of Sports: Rebuild & Adjust. Focus on stabilizing finances after leaving the structured world of athletics.
- Re-evaluate your financial goals now that your schedule has changed.
- If you’re entering the workforce, prioritize an emergency fund (3-6 months of expenses).
- Start paying down debts, if any, while balancing savings and investing.
- Explore employer benefits (401k matches, insurance, etc.).
👉 Mindset shift: You are not starting over—you are transitioning. Financial growth is a lifelong game, and you’re still in it.
4. Mid-Career & Beyond: Build & Stability. Focus on growing and protecting your financial future.
- Increase savings and investments as income grows.
- Look into homeownership or other long-term financial goals.
- Diversify income streams (entrepreneurship, investments, side hustles).
- Protect your wealth with smart insurance and estate planning.
👉 Mindset shift: Success is about consistency, not perfection. Keep making progress step by step.
Remember: You Are Not Behind—You Are on Your Own Path. It’s easy to feel like you’re “behind” when you see others hitting financial milestones before you. But the reality is, your journey is yours alone. Financial progress happens at different paces for different people, and every step forward counts.