October Book Of The Month Review: Millionaire Mindset | 7 Principles Athletes Need For Financial Freedom
Every month we will provide a recommended read to help you on your way to take the next steps in becoming A Frugal Athlete. Our hope is that the books provided will help you make the prudent decisions both financially and career wise to help with your own personal playbook. Starting with the book and description, throughout the month we will engage you with questions and points made in the book. Ultimately leaving you with our key takeaways hoping to create open dialogue and discussion on different ways to ultimately become a frugal athlete.
Brandon Williams gives an honest take on his own personal experiences in how he dealt with his finances to teach us what and what not to do with your own personal financial situation. Williams gives us a lot of lessons that will translate to the financial freedom we seek. These are our frugal takeaways from the book.
As a professional athlete in order to stay a professional athlete, you have to devote your time into the sport. Whether it’s training, recovering, studying film, etc you have sacrifice to become the best you need to be to compete at the highest level. What you do with your off days and free time are very important. Brandon Williams suggests that professional athletes should use their off days to intentionally network with individuals and mentors in sectors that they are particularly interested post career. He goes so far as to give us a call to action for NFL Players that have 17 off days during a season. With 17 off days, you have 17 chances to meet with individuals that can help you on your quest for your other passions.
Multiple Streams Of Income
What happens if your career ends? What other sources of income are helping you pay the bills and daily expenses you have? Williams gives us different avenues to build streams of income as an athlete from franchising to sports camps to affiliate marketing to buying businesses to real estate. What’s important is not that there are more ways to make than one to make money but to focus on building extra revenue because of the volatility of the job as a professional athlete.
The average millionaire has seven streams of income
Check Your Advisor
Not only is having the right advisor paramount to your success but asking the right questions to make sure they are right for you. You have to make sure your vision aligns with your advisor’s capabilities. What are your goals and how do they align with the advisor’s methods. Simply getting an advisor because of a few good recommendations will not do the trick if you want financial freedom.