This week (November 9-13) is National Talk Money Week – the annual campaign to get people talking about their finances.
Whatever stage of your career you’re at, this is a crucially important topic, and as part of its recent Athletes Connect Week, the BAC was delighted to welcome American Olympic gold medallist-turned-financial planner, Lauryn Williams, for a virtual presentation: ‘Winning with Money’.
Lauryn – who was part of the USA quartet which won 4x100m relay gold in 2012, and later medalled in bobsleigh at the 2014 Sochi Winter Olympics – has a BA and an MBA in finance and business, and now runs her own financial company which helps young professionals and athletes organise and optimise their finances.
You can watch Lauryn’s full presentation here and read her top financial tips for athletes below.
One – Mindset
It doesn’t matter your background, upbringing or where you’re from – you’ve got to have the right mindset. As athletes, we are already in the one percent minority; and, so, there’s no need to be fearful of how to manage your finances well. A mindset of fear needs to shift to a mindset of taking the reins, of having responsibility and managing your money well.
Two – Set some goals
If we don’t have a destination, how can we set goals? As athletes, we set goals whether it’s to win the Olympics or to go undefeated, or whatever it may be. Just as we set goals in sport, we need to set goals with our finances. I would suggest a simple goal is: what do you want to accomplish outside basic living expenses?
Three – Go Automated
When you automate your finances, it takes the thinking out of it – out of sight, out of mind. If you receive a pay cheque, automate your finances so that it goes automatically into savings rather than waiting until you’ve spent money and looking to what’s left to save.
Four – Do the Basics
Don’t be tempted by the “get rich quick” tactic. As athletes, we know that if you do something consistently over time, you will reach your goals. There is no such thing as overnight success. Take the high road, be patient and consistent with your finances, just like you would with your sports training.
Five – Think beyond the here and now
We excel as athletes because we know how to focus. Focus on the here and now and take the necessary steps, today, to create the opportunity for success in the future – during life after sport.
Lauryn’s presentation was one of a selection hosted by the BAC during Athletes Connect Week. If you would like to see a focus on another area which you believe you as an individual, or the entire athlete body, would benefit from, please contact the BAC’s Athlete Engagement Manager, Kristian Thomas, at firstname.lastname@example.org.