Why Better Sleep Means More Money
Why Better Sleep Means More Money
Most of us have heard the common saying “money never sleeps,” which stands true in technical terms considering money is made at every second of every hour, regardless of the number on the clock—and this is especially true for athletes that now have larger platforms and more moneymaking opportunities than ever.
Studies have shown, however, that getting your recommended seven (or more) hours of sleep a night will literally pay off in the long run, and can be detrimental to your cash flow if you don’t. In the same way that taking care of your body is imperative to your on-field performance, a well-rested mind is crucial to making the right decisions in life.
Let’s look at the situation at a larger scale. There was a study done in 2016 by the RAND Corporation that claimed the United States loses about $411 billion a year due to employees and managers suffering from a lack of sleep. Now, that obviously does not count athletes, but one can only imagine that the stakes are even higher for someone that plays a sport for a living.
If TV or the internet is keeping you awake, try and dedicate the last hour and a half before bed to a relaxing activity that won’t keep your mind stimulated. Try reading a book, or going on a relaxing evening stroll. Sometimes it’s an old mattress that’s keeping you from drifting comfortably off to sleep. If you’ve had your bed for around 10 years and it has a permanent indent from your body, it’s time for a new bed. Bed-in-a-box mattresses like Leesa and Casper are available online at affordable prices, and won’t break the bank when you’re trying to save up.
Ever wonder why so many athletes are endorsing mattress brands these days? Well, it’s partially because online players are desperate for athlete endorsements, but also because the beds are actually really nice. We posted an entire article all about athletes and mattresses. You can read that article here.
More Sleep Makes You More Productive
The first and most obvious consequence of not getting enough sleep is becoming less productive. We all know how it feels when you’re struggling to focus on a task because you keep daydreaming about sleep, and you’re fighting to keep your eyelids open longer than 30 seconds. When you’re more focused on the sleep you didn’t get the night prior, you’re only taking away from the energy you could be putting into productive tasks.
A lack of sleep can also affect your split-second decision making process (i.e. how you perform on the field). And, remember, your on-field performance is your money, so without sleep you are jeopardizing your main revenue stream, let alone your side hustles. Keep in mind the old add-age that “a penny saved is a penny earned.” It’s not all about making new money, but solidifying the money you are currently making.
According to the National Institute of Environmental Health Sciences, those who get a full 7-8 hours of sleep a night are 20% more productive than those who slept 5-6 hours a night, and 29% more than those who got less than 5.
And when it comes down to whether you get a new contract or not, part of the battle is just showing up, ready to work everyday. In a study by Matthew Gibson & Jeffrey Shrader The Department Of Economics, they found an “increase in wages by 1.5% in the short run and by 4.9% in the long run” when people slept an hour longer. So it’s time to ditch the “money doesn’t sleep so neither do I” attitude, and catch up on some well deserved “zzzzz’s.” Again, these studies are conducted on, and meant for, the average individual, but you can imagine how the lessons apply to athletes. Sleep is not just sleep, it’s money.
You Make Quicker And Smarter Decisions
To put yourself in a different mindset, let’s get hypothetical and say you got the chance to be a contestant on Jeopardy and win a ton of money based on your knowledge and quick wit. Wouldn’t you make sure to get a full night’s sleep beforehand? Sure you would, because you know you perform much better when you’re well rested. So why not take the same approach on the field? Quick thinking can be the difference in the game. It can determine whether or not you make the catch, intercept the pass, or more quickly see the game unfold.
The National Sleep Foundation found that folks have a 50% slower response time if you’re functioning on little sleep, and a lower accuracy rate than somebody who had a few alcoholic beverages. So if you’d never knock back a few beers before work, you shouldn’t go to work without a restful sleep either.
You’re More Susceptible To Knowledge
As they say, knowledge is power, and everyday you have a new chance to learn something new. The more you know, the better you are at navigating through your sport with confidence. More importantly, becoming a master in your craft will almost always lead to more steady earnings—think of Tom Brady.
Dr. Matthew Walker, a sleep scientist at UC Berkeley claims you “can’t pull an all nighter and still learn effectively,” because it can impair your ability to retain knowledge by up to 40%. Think about your college days and how well cramming the night before a test paid off -- it probably didn’t. Now you have the chance to make money off the knowledge you provide the world. Don’t jeopardize it by staying up to watch a few extra hours of your show, or stressing over problems you can’t immediately solve.
Don't Lose Sleep over Money
In a convoluted and ironic turn of events, a poll by CreditCards.com that found 65% of folks stay up late at night thinking about money. If you consider yourself a part of that statistic, try and remember how sleep can be beneficial to your situation. Indeed, money never sleeps, but the person trying to get richer will be. And that’s the guy/team you’re trying to compete with, not the money.