Why Athletes Need To Have CEO Mindset
Gone are the days where athletes can only focus on their performance on the field. In today’s age, athletes are their own businesses. Whether you are a small business or a conglomerate that remains to be seen based on your performance, personality, reputation, marketing ability, and team. For this reason, athletes need to have a CEO mindset. CEO aka Chief Executive Officer are the final decision makers and responsible for making things run smoothly. The most successful CEOs help their companies become the best version of themselves through Cutting Costs, Earning More, and Optimizing performance. Athletes can take these very same principles and apply it to their own financial playbook. Here’s how:
The name of the game is to keep your expenses lower than your income. Save more than you spend! The problem with athletes in certain situations is not keeping track of all the expenses at hand relative to how much they make. When you analyze where you can cut costs, whether it be an unnecessary bill for a service you don’t use or overspending because you simply can, you realize that you’ve been wasting money due to not valuing money. Take the time to sit down and really dissect some of your spending tendencies.
Simply cutting costs will allow you to use the extra cash to invest back to yourself or your own financial strategies.
Athletes earn the bulk of their money through one of two ways, salary and endorsements. Some athletes are smart enough to set funds aside for investment purposes, but for the most part it’s through these vehicles where athletes earn their dollars. Wealthy individuals are reported to have at least 7 sources of revenue at any given point in time. As the CEO of your business, what are you doing to maximize your business? Outside of salary and endorsements, what avenues are you taking to make sure you have other lanes for compensation. Whether that is increasing the endorsements streams or using your platform and capital to potentially look into other sectors. As an athlete that only has so many years to play the sport they love, it’s important to find ways to earn more.
Probably the most important sector of being a CEO. At the end of the day, you are an athlete and your job is to compete at the highest elite level possible. Whether it’s working hard through extra practice to improve your performance on the field or investing in yourself to help with the quality of life off the field. You need to find ways that help optimize your business [you]. For companies, CEOS continually find ways to optimize their companies, as an athlete it’s important to always look for edges to optimize yourself both on and off the field.