3 Things You Should Be Investing In More
3 Things You Should Be Investing In More
As professional athletes, it’s important to maximize your time and moment. On the field every play matters and you don’t have time to relax. One wrong move can be the difference between winning and losing. Off the field, the same can be said. Athletes need to make sure they are cautious of their time and resources. Here are three things athletes should be investing more in that will help them build their financial foundation.
1.) Acorns App
As you know, athletes tend to have spare time on their hands, but perhaps not enough to take up day trading. And that’s where Acorns comes in.
If you haven’t heard of the Acorns App, it’s sort of like a piggy bank you throw your spare change into—if that piggy bank was your own personal stock broker. Acorns rounds up your purchases from a linked debit or credit card (i.e. $20.21 rounds up to $21), and invests that spare change into stocks/bonds for you in real time when they total out to $5.
You can also set up recurring investments every day, week, or month for as little as $5, which will be transferred into your Acorns account. It’s the only micro-investing account available, and it’s ideal for those who don’t want to jump right into the stock market and risk losing a large investment. Or, if someone wants to make a ton of small investments that will add up over a long period of time.
Put simply, Acorns is an easy way to invest consistently over time with next to no knowledge of the markets.
One of the most beneficial things an athlete can invest in is a good night’s rest, and this isn’t just a cliche you hear from your health physician. If you’re looking to repair your body tissue and muscles after a long day of practice or performance, a protein shake isn’t going to give you results like 8 hours of sleep will.
According to the Division of Sleep Medicine at Harvard Medical School, you need sleep “to recover from the wear and tear of daily life. Major restorative functions in the body such as tissue repair, muscle growth, and protein synthesis occur almost exclusively during sleep.” Sleep has also been proven to restimulate your body’s cells and strengthen memory and learning abilities, so it’s incredibly important for everyone—especially athletes—to invest in it.
You don’t need to go out and purchase the most expensive bed you can find to properly invest in your sleep. Bed-in-a-box mattresses that are delivered directly to your home have become increasingly popular because of their convenience and affordability, so check out the review on Casper vs Purple, two well-known online beds that consumers swear by.
Sleep is the best form of recovery. You need good recovery to perform better on the field. You perform better on the field that can lead to more money. Invest in sleep!
3) Social Capital
In a nutshell, social capital means the networking and relationships one has with a like-minded community, that result in productive benefits. Luckily for the athletes in today’s day and age, social media exposure and new-age marketing has opened up a whole new avenue for athletes to expand their reach and, hopefully, achieve their long-term goals.
Back in the day, endorsement deals were the most realistic among all-stars, and television was the only avenue for marketing. Now, athletes from every sport are getting more and more involved in tech companies or startups, and actually investing in them, as opposed to being just a “face” for a conglomerate like Coke or Pepsi. And what does that mean? It means residual payments or even a partnership, rather than a one-time endorsement check.
It’s especially prominent for those who are nearing the end of their athletic career to think about the direction they want to go in for their post-retirement career. There are countless retired athletes who live incredibly successful lives after they hung up their uniforms (think Shaq, Ryan Howard, or DeMarco Murry), and took advantage of social capital and marketing to do it.