How do I look after my finances?
Key Learnings
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Financial planning is important for everyone but especially for professional athletes as their playing career tends to be relatively short and unstable due to the risk of injuries.
Professional athletes are likely to enjoy peak earning and make 50-75% of their lifetime earnings before age 35.
Financial planning can be complicated. It is important to turn to a professional for financial advice; choosing the right people to advise you could be the difference between growing your wealth and losing everything.
Creating a budget and monitoring it at regular intervals will help you remain financially stable.
Stay out of financial trouble by being careful about your spending and ensuring you are aware of the risks of gambling and illegal sports betting.

The problem of gambling

Whether going to the casino or playing poker online or in a real-life setting, gambling has become increasingly accessible and popular. Another form of gambling is betting on sports competitions. As an athlete it is important to understand how betting can affect you differently than the average person. Since you have influence over games and access to information that other people do not, there are rules and regulations that must be understood in order to be protected against negative effects of betting. By educating yourself about the fair play principles and betting regulations you can safeguard yourself from making mistakes that could harm your career (see further below: ‘How can I protect myself from illegal betting and match-fixing?’ and Integrity – betting).

When played with minimum amounts and among friends, gambling can be an enjoyable pastime. However, there is a risk of losing control and becoming a problem gambler, especially for athletes.