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Achieving and maintaining financial health is a
lifelong journey that evolves with the
different stages of your life.
Strategies for Financial Health:
Tips for Every Age
In Your 20s: Laying the Foundation
● Create a Budget: Track your income and expenses to ensure you’re living within your means. Use apps like Mint or YNAB to simplify the process.
● Build an Emergency Fund: Aim to save at least 3-6 months of living expenses to prepare for unexpected events.
● Start Investing Early: Take advantage of compound interest by contributing to a retirement account, such as a 401(k) or IRA.
● Manage Debt Wisely: Focus on paying down high-interest debt, like credit cards, and avoid taking on unnecessary loans.
● Learn Financial Literacy: Read books, take online courses, or listen to podcasts about personal finance to build your knowledge base.
In Your 40s: Building Wealth
● Diversify Investments: Ensure your investment portfolio is diversified to balance risk and return.
● Pay Down Debt: Make a concerted effort to reduce or eliminate non-mortgage debt.
● Plan for Long-Term Goals: Reassess your retirement goals and adjust your savings rate if needed.
● Protect Your Assets: Consider estate planning, such as creating a will or trust, to secure your assets for the next generation.
● Prioritize Health: Invest in preventative healthcare to avoid future medical expenses.
In Your 60s and beyond: Enjoying Financial freedom
● Create a Withdrawal Strategy: Determine how much you can safely withdraw from your retirement accounts each year to avoid outliving your savings.
● Delay Social Security (If Possible): Delaying Social Security benefits can increase your monthly payout.
● Simplify Finances: Consolidate accounts and automate payments to make managing finances easier.
● Focus on Legacy: Review your estate plan and update beneficiaries to ensure your wishes are honored.
● Stay Active and Involved: Financial health goes hand-in-hand with physical and emotional well-being. Stay engaged with activities that bring you joy.
How Student-Athletes Can Build
Their Brand and Financial Knowledge
Building Your Brand
● Define Your Identity – Identify what makes you unique. Your playing style, values, interests, and personal story set you apart.
● Leverage Social Media – Platforms like Instagram, TikTok, and X (Twitter) are great for engaging with fans, sponsors, and media.
● Engage with Your Community – Participate in community service, networking events, and mentorship programs to build credibility.
● Create Valuable Content – Share insights on training, motivation, and behind-the-scenes glimpses into your life as a student-athlete.
● Seek Endorsements & NIL Deals – With Name, Image, and Likeness (NIL) opportunities, student-athletes can partner with brands for sponsorships, merchandise, and business ventures.
Building Financial Knowledge
● Understand Budgeting & Saving – Learn to manage NIL earnings, scholarships, and stipends wisely.
● Invest Early – Consider basic investments like index funds or real estate to grow wealth over time.
● Learn About Taxes – NIL income and endorsements are taxable. Work with a tax professional to avoid surprises.
● Plan for the Future – Whether your athletic career extends professionally or not, financial literacy ensures stability beyond sports.
● Explore Business & Entrepreneurship – Many student-athletes turn their brand into successful businesses, from apparel lines to coaching services.
Essential Financial Planning
Tips for Women
Master Budgeting
& Saving
● Track expenses to understand spending habits.
● Follow the 50/30/20 rule: 50% for needs, 30% for wants, 20% for savings & investments.
● Build an emergency fund (3-6 months of expenses).
Invest for Long-Term Growth
● Start investing early to benefit from compound interest.
● Diversify investments across stocks, bonds, and real estate.
● Maximize retirement contributions (401(k), IRA, or Roth IRA).
Plan for
Retirement
● Women typically live longer, requiring more retirement savings.
● Contribute consistently, even during career breaks.
● Consider catch-up contributions if over 50.
Protect Your
Income & Health
● Get health, life, and disability insurance.
● Create a will and estate plan to protect assets.
● Understand Social Security benefits and how they impact retirement.
Increase Financial Knowledge & Independence
● Take financial literacy courses or consult a financial advisor.
● Negotiate salaries and advocate for fair pay.
● Build multiple income streams (side businesses, investments, etc.).
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