I learned first-hand how small sacrifices early in my career made a HUGE impact on my life. Taking entry-level, unglamorous jobs, working long hours, and taking a pay cut to get grad school paid for are all small money moves I made to build long-term wealth. For athletes, financial literacy has always been important—but now more than ever, it will be absolutely essential. With an uncertain economy, rising prices, and an unpredictable job market, managing money wisely will no longer be optional. The days of reckless spending and a “YOLO” lifestyle need to be replaced with smart financial decisions, long-term planning, and wealth-building strategies. Whether you’re a college athlete navigating NIL deals or a pro athlete with a multi-year contract, here’s why financial literacy should be a top priority and how you can take control of your money before it controls you.
Why Financial Literacy is Crucial Right Now
1. The economy is unpredictable – build stability now. The world is changing fast, and economic downturns can hit unexpectedly. Inflation, layoffs, and market crashes don’t just impact everyday people—they affect athletes too. A sudden injury or contract change can leave you financially vulnerable if you’re not prepared.
🔹 What You Can Do:
- Save aggressively while your income is high.
- Build an emergency fund with 6-12 months of living expenses. If that amount of money is out of reach, start small by saving the cost of a utility bill, then weeks’ worth of groceries, and continue to build your savings
- Diversify your income through investments, business ventures, or side hustles. If you don’t have a small business, consider starting one!
2. The cost of living is rising—your lifestyle doesn’t need to. Rising rent, gas prices, and food costs mean that money doesn’t stretch as far as it used to. If you spend without thinking, you could burn through your earnings quickly and struggle to maintain your lifestyle when your athletic career ends.
🔹 What You Can Do:
- Create a realistic budget based on needs, not just wants.
- Avoid lifestyle creep—just because you’re earning more doesn’t mean you need to spend more.
- Focus on long-term financial security instead of short-term gratification.
3. NIL and contracts don’t last forever—plan for life after sports. Many athletes mistakenly believe that their earnings will continue forever. But what happens when the endorsements stop or your playing career ends? Without financial literacy, the transition to life after sports can be financially devastating.
🔹 What You Can Do:
- Invest in your own financial literacy: start learning about investing, taxes, and retirement savings now.
- Consider working with a financial advisor who has experience with athletes.
- Explore career opportunities, business ventures, or education while you’re still playing.
4. The job market is competitive – financial security buys you time. If you leave sports without a financial plan, you may be forced to take any job just to stay afloat. Having savings and investments gives you the freedom to find a job you actually want, instead of scrambling for a paycheck.
🔹 What You Can Do:
- Start networking and building career skills while you’re still playing.
- Use AI tools and job search platforms to explore career paths and industries that interest you.
- Focus on financial independence, so you’re never forced into a job out of desperation.
5. Ditch the YOLO mentality – wealth takes time to build
It’s easy to think, “I’ll figure it out later.” But wealth isn’t built overnight—it’s created through consistent, smart financial habits over time. The sooner you start, the better off you’ll be.
🔹 What You Can Do:
- Educate yourself on saving, investing, and debt management.
- Avoid reckless spending—luxury cars and designer clothes won’t build your future.
- Develop a mindset focused on financial growth and long-term wealth.
The future of financial literacy for athletes isn’t just about making money—it’s about keeping it, growing it, and securing your future beyond sports. The economic landscape is shifting, and athletes who take control of their finances now will have the advantage later. Start learning, start saving, and start building wealth today—because your future self will thank you.