The Ides of March is the day on the Roman calendar marked as the Idus, roughly the midpoint of the month, of Martius, corresponding to 15 March on the Gregorian calendar. It was marked by several major observances.
For one American super athlete, who earned more money quickly than ordinary people can earn in their entire lives. However, there are many cases where they get into huge trouble, like Major League Baseball (MLB) player Shohei Otani. How can athletes avoid making mistakes with money? The American sports world uses every trick in the book to build an infrastructure to protect athletes' money.
The trouble for Otani began to surface in March when it was revealed that his interpreter, Mizuhara Ippei, stole funds from Otani's account to repay illegal gambling debts.
Athletes, especially those who earn substantial amounts of money quickly, often face unique challenges when managing their finances. To avoid making mistakes with money and protect their assets, athletes can take several proactive steps:
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Financial Education: Athletes should prioritize financial literacy and education. Understanding basic financial concepts, such as budgeting, saving, investing, and avoiding scams, is crucial. Many professional sports leagues offer financial education programs for athletes, which can be highly beneficial.
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Hiring Professional Help: Seeking assistance from financial advisors, accountants, and lawyers who specialize in working with athletes can provide valuable guidance. These professionals can help athletes create personalized financial plans, manage investments, and navigate complex financial situations.
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Creating a Budget: Developing a detailed budget that outlines income, expenses, and savings goals can help athletes track their spending and avoid overspending. Sticking to a budget can prevent financial troubles and ensure that athletes live within their means.
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Diversifying Investments: Instead of relying solely on their sports-related income, athletes should consider diversifying their investments. Investing in real estate, stocks, bonds, and other assets can provide additional sources of income and help build long-term wealth.
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Monitoring Accounts: Regularly monitoring bank accounts, credit cards, and investment accounts can help athletes detect any unusual activity or unauthorized transactions. Being vigilant about financial statements can prevent fraud and identity theft.
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Choosing Trusted Partners: Athletes should carefully vet the individuals and companies they work with, including agents, managers, and business partners. Building relationships with reputable and trustworthy professionals can minimize the risk of financial exploitation or fraud.
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Setting Up Legal Protections: Implementing legal protections, such as prenuptial agreements, trusts, and limited liability entities, can safeguard assets and mitigate legal risks. Athletes should consult with legal experts to ensure that their financial interests are adequately protected.
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Learning from Others' Mistakes: Studying the experiences of other athletes who have faced financial difficulties can provide valuable lessons and insights. Understanding common pitfalls and mistakes can help athletes make informed decisions and avoid similar problems.
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Maintaining Privacy: Protecting personal and financial information from unauthorized access or disclosure is essential. Athletes should be cautious about sharing sensitive information and take steps to safeguard their privacy, both online and offline.
By taking these proactive measures and leveraging the resources available to them, athletes can minimize the risk of financial mistakes and protect their wealth for the long term. Additionally, fostering a culture of financial responsibility within the sports community can help support athletes in making informed decisions and achieving financial security.
https://www.nikkei.com/article/DGXZQOGN07D6H0X00C24A5000000/
Momoe Ban Braveman Nikkei Senior Correspondent