Ways To Micro Manage Your Finances

Ways To Micro Manage Your Finances

It seems like every month, we come across a new story about an athlete either suing a financial advisor or losing money because of a shady financial advisor’s schemes. It’s sad that professional athletes fall to unfortunate situations because of the decisions of the people they trust handling their money. Greed and money can make people do things that will ultimately hurt the people they are suppose to be helping.

As an athlete, it’s important to realize that even though you have someone handling your money, it’s your money that’s being looked after. That means YOU should have a vested interest to know how your money is being managed and where your money is going. You should be able to easily understand everything your financial advisor does and why he/she does it. You should have no problem asking questions and demanding easy to follow explanations for terms you may not understand. You should not let your busy schedule or laziness or lack of curiosity be the reason for your financial downfall at the hands of someone else.

Micro managing your finances shouldn’t be considered a burden. You worked hard to get to this point in your life to be able to provide for yourself and family. Whatever it takes to give you the comfort that no one is skimping off your dollars, you should proactively do. Here are some steps to consider to better micro manage your finances.

Audit Your Financial Advisor

Just like when a coach decides who to keep on a team at the end of the year based on performance, you should consistently check up on the performance of your financial advisor. Whether it’s hiring someone to go over your playbook or do another unbiased overview. That can make all the difference in figuring out the path you are on.

Budget Using An App

With technology now, you can track your expenses, manage your portfolio, and even set personalized budgets. You are able to track investment purchases, follow market trends, and so much more. There should be no surprises with how your money is being put to use. You can even set up alerts for your spending. Why is it that still athletes are unable to keep track of their money management.

Be involved

Ask questions. Do your research. Get explanations. Sit in on meetings and pitch decks. When you are involved you will get a better understanding of the things you and your team are doing for the benefit of your financial standing. Whether it’s with investing in a fund, going over your taxes, analyzing different rates for car insurance, etc. you as an athlete need to figure out a way to be involved.

These a few simple tricks that can help you from coming into trouble with a financial advisor.