All FinLit Things Future Athletes & Celebrities Should Know Before Graduating. The Back-Up Plan B

Mini Series #3 of 3

All FinLit Things Future Athletes & Celebrities Should Know Before Graduating.  The Back-Up Plan B

In Parts 1 and 2 of this Mini Series I discussed the Why of Financial Pearls of Athletes and Celebrities.  What I am trying to get across is the need for a back-up plan, a “PLAN “B” if the Where, When, and How of their hopes and dreams fall down around them.  High School and College athletes vastly overestimate their chances of playing professional sports and often have incredibly unrealistic perceptions of their professional prospects that they never consider a plan “B.”

It's Wise to have a backup plan
It’s Wise to have a backup plan

Some colleges feed these hopes by prominently advertising their connections to professional sports when recruiting athletes. As some music schools prominently display their alumni who have won Grammy and Tony awards.

By the time a basketball or football player gets to Division I or Division II, they’ve already been a star in their own town and community. They’ve been elevated to celebrity status at such a young age before their frontal lobe has even fully developed. It creates a high confidence level, but also a delusion around what’s actually possible.”

Having that plan “B” is a message that most coaches don’t want to send to their athletes.  They prefer their athletes think of themselves as pro sports materiel.  Also it is a message the athletes don’t want to hear as they are focused on entering the pros.

In the end, many professional athletes are is some sort of financial difficulty within a few years of starting their professional playing careers and even more at the end of their careers. Even the fortunate few who make it to the pros have a limited guarantee of achieving any sort of lifetime financial security as indicated in the movie “Broke.”

I am again offering you the opportunity to watch this movie. I’ve embedded “Broke” into this post below, not so much for its entertaining qualities but for the educational value it delivers.

Plan B is learning everything in Part 2 of this series “The Financial Unit”.  It is also continuing learning step by step from my Blog here on  Don’t let it be too-little-too-late.

Don't get caught short
Don’t get caught short

I just can’t say it enough and loud enough.

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