Athletes need to work on a financial plan, the moment they are eligible for the draft or turn pro. The fact that some athletes will make millions, over the course of their careers, does not exempt them from needing some form of planning.

The attraction to professional athletes is undeniable. They have excelled in an area, that may exist only in our dreams. The money, the cars, the beautiful homes are often shared with us through images on TV, or maybe you met an athlete.

Professional athletes can often make a lot of money, depending on their sport. However they should be careful, not to live above their means. No one knows upfront, when their career will be over. Unlike a doctor or lawyer, age and injury will cause an athlete to retire. A person's time as a professional athlete is short lived, in comparison to most careers.

An athlete must decide whether they intend to be disciplined with their money or buy as wanted. It is important to know where your money is going, and understand how to make it harder. Some professional athletes do an excellent job, or with the help of a financial advisor, when it comes to managing their money, goals, and beyond the field. Unfortunately this is not seen as newsworthy, in all areas, not just the urban environment. If you are a college athlete, at this present moment with pro aspirations, considering taking classes on handling money and estate planning.

People over the years have taken advantage of athletes. Unscrupulous agents and advisors have stolen money from their clients. The best advice ever given was by Bill Cosby, "write your own checks." Never allow your advisor or lawyer to make financial decisions for you; remember they work for you. It is a team approach that should be used, and you should take the lead. This does not mean that suggestions are not warranted.

Athletes need to make sure they have insurance outside of their team. This includes life insurance, without question, and health insurance if your team does not offer it. Athletes also need to have a savings account, they can add to and begin to plan for retirement now. A brokerage account should be attained, once you have substantial savings stored. Configure a comprehensive budget and sticking to it. This will add to the amount of money you have, when you leave your craft. Steps should be made early for life after sports, before that curtain closes.

The Bling-Bling Generation has attempted to use athletes as their spokesman and women. The enormous amount of spending on jewelry, spinners, and multiple vehicles is everywhere. This can often have a detrimental effect on rookies, who may try to live up to these expectations. It is your choice as an athlete to live this lifestyle. If this is your desire, you are grown, however make sure all of your other financial affairs in order.

Being a professional athlete requires work both on and off the field. Financial Planning is one of these areas that athletes must excel at. Many are doing great, let us hope that all will do the same, and maybe they will gives us a little more on the field.

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