Why Athletes Should Consider Downsizing
For Professional Athletes understanding your current situation financially can make all the difference for your fiscal foundation. Whether you are just retired or a free agent or had to take a pay cut, you have to come to terms with your position and make adjustments accordingly. It does you no good if you are living and spending like you are making the same amount of money you used to make.
Don't let your pride cloud your judgement from making the right decision when it comes downsizing. There is no harm in downsizing while you get situated with your new situation. Don't lose sight of the end goal. As a professional athlete it's hard to come to terms with the idea of taking a step back.
Whether it's something simple such as cutting down how many times you go out to eat or downsizing your living situation these things all add up to help you alleviate expenses when your income is lower.
Being the frugal athlete that I am, I've been in this particular situation having to downsize. As a free agent without a contract, I had to be smart in where and what I was spending my money on. For example, my car lease was up with the option to buy and even though I could have bought it and kept my car, it would have made no sense due to the current circumstance I was in.
As an professional athlete, you will be in these situations more times than one. It's important to be honest with where you are at and how you need to make the most of your current situation. If you have to downsize in order to keep stability there is nothing to be ashamed of. The professional athletes that aren't honest and try to keep up with their high expenses when the income doesn't match, are the ones that end up losing in the long run.