Deciding what to do with our hard-earned money can be very difficult. I came across a post Seth Godin wrote about personal finance, which is terrific advice. He writes:
Only borrow money to pay for things that increase in value.
It’s a short list: your business, your house and your education, mostly. Stocks if you’re smarter than me. That’s pretty much it.
So what does this mean for athletes? Well, your education is pretty self-explanatory.
- Buy books related to things you wish to learn about. (Here is my recommended reading list.)
- Go to a college you feel will give you the best opportunity to learn about your desired career choice.
- Basically anything that will benefit you educationally.
If you’re serious about athletics, there are many things you can spend your money on that will benefit you:
- Sports camps are a great way to get your name out, while improving your performance.
- Buying a good pair of cleats, shoes, tennis racket, whatever, is an obvious choice. (However, be careful you’re not buying into hype.)
- In general, spend your money on things that will benefit your athletic performance.
I spend a lot of my money on books, and save the rest. This has allowed me to save enough money that I don’t need to worry about money. It also allows me to invest in myself so that I give myself the best opportunity to succeed.
(Please note however to not become obsessed over money. To deny yourself, say, a can of Coca Cola because you want to save the dollar, is too much. This obsession over money can lead you to drain yourself of vital energy; energy that is best used in the effort to better yourself.)
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