Only one out of every three professional athletes is focused on the business side of his or her career, according to Changing the Game Plan, a white paper by CPA firm Rothstein Kass.
The percentage is significantly higher, over 62%, for older athletes, suggesting they tend to become more conscious of their personal brands as their careers progress.
Professional athletes have a relatively short time to amass wealth through salary and endorsements, Rick Flynn, principal in Rothstein Kass’ Family Office Group, said in a news release. Failing to adequately plan for the future can leave athletes without the financial flexibility they need to pursue outside interests in the long term.
Athletes participating in the study had a minimum net worth of $5 million, including contractual salaries, bonuses, winnings, endorsements and other sources.
Among other notable findings, nearly 70% of athletes enjoy a luxurious lifestyle, though fewer than 27% of all athletes and fewer than 15% of younger athletes are concerned about financing those lifestyles.
Source: Rothstein Kass, www.rkco.com.