When one speaks of asset management, most people think investments, stocks, houses, boats and so forth. But assets include more than just things and money. An asset is any useful or valuable thing, person or quality. Assets include one’s health, time and energy. Relationships can be assets as well. As an athlete, it is important to guard these things just as much as one’s money.
The most important asset one has is one’s own health. Without one’s health, the other assets lack real value. Therefore, it is crucial one does everything to protect one’s health. One’s health includes all three sides of the human being–mental, physical and spiritual.
It’s a given that an athlete will train and eat properly to take care of the physical body, but he must also consider his mental and spiritual health. Taking care of one’s mental health means eliminating unnecessary stress, finding positive relief when elimination is not an option, and seeking pastoral counseling or psychotherapy. There is absolutely nothing wrong with seeking help when it is needed nor is it wrong to eliminate people including immediate family from one’s life if they are detracting instead of adding to one’s life.
Having said that, an athlete needs to make sure to get his spiritual being the nutrients it needs as well. If church service or mass is not an option, find small groups outside of the League. The world needs to be viewed by perspectives outside of “click” to have balance. Read and listen to God’s Word daily, and more importantly talk to God daily (i.e., pray).
Time is another precious commodity of which no one knows exactly how much one has. Once time is used, it cannot be replaced. Bad habits of distraction and laziness are horrible time wasters. Waiting for people to assist you (e.g., doctors offices, banks, etc.) also delete precious time from one’s schedule. These things are necessary for our lives to function properly, but there are ways to add more time while waiting like reading something enjoyable, writing letters, or conducting business. Make sure if you are conducting business while waiting to do so politely and discreetly.
Breaking bad habits is also a waste of time. Instead, it is more effective to create new habits that with habits that will simply hone focus and replace the bad habits. Habits that enhance focus will be proactive. For example, alcohol slows one’s sharpness and reflexes when one performs. So instead of having that beer to unwind after a tough loss in tonight’s game, try meditation, aqua therapy or yoga which also is relaxing but has beneficial performance qualities.
Another important asset is money and the things it can buy. Athletes go broke because they trust the wrong people to handle their money, and they spend their money to impress themselves and those around them instead of investing it wisely. Agents and financial advisors entice athletes with poor investment choices as well.
An athlete has to be very careful about his financial plans. The money he makes within his short playing career has to last him for the rest of his life unless he is smart enough to transition into a second career. One’s finances need to last to cover household expenses, trips, health care, college tuition and so forth.
The best strategy an athlete can have is to start transitioning into his second career before he retires or is forced out of the game, and it would be best to have multiple streams of income at all times. Even athlete can accomplish that with a hectic schedule with the right team.
Always double check your finances. Keep your own financial records, and get an independent second opinion at least once a year. There is no shame in asking for help, so if budgeting isn’t your thing ask a financial counselor which is different than a financial planner. Learn about stocks, mutual bonds, mutual funds, CDs, and so forth for yourself. It is hard to trip someone up if he has the knowledge for himself.
And if you just have to have some bling to reward yourself from all the hard work it took to make into the “League,” then limit yourself to just 10 percent of your first contract and save the rest. Even better, make sure that bling will appreciate over time instead of depreciate.
Relationships is the final asset to be considered here. What one believes could be a great relationship could end up having a disastrous effect on one’s life. Just because a company or person is highly recommended or viewed does not mean one could not get swindled . . . think Bernie Madoff (money loss) or Robert Murdoch (employees went to jail for him).
So, make sure those in your inner circle is worthy to be there. Ask the hard questions: (a) does that person give as much as they take?; (b) how does that person handle their own affairs?; (c) is that person growing or stagnant?; (d) does he follow through on what he says if possible?; (e) is this person putting me in a dangerous position; (f) is this person discreet; and so forth. If there are more negative answers than positive ones, it may mean removing that person from your inner circle.
Guard your assets and they will help you blossom. But if you disregard or neglect them whether it’s your health, money, relationships or time, and you will end up with regrets.