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Here’s how top athletes build their wealth outside the sports industry

Image source: Forbes.com

Just like any other celebrity, professional athletes equally share the ups and downs of fame and fortune. Success has let them achieve their wildest dreams, doing the things that they love while amassing wealth and inspiring millions of fans around the world.

However, accomplished athletes also face the everyday challenges of managing and maintaining their wealth. Unlike other celebrities like Hollywood superstars or self-made millionaires, their income peaks at a very young age and can dramatically and unpredictably drop depending on some unforeseen circumstances.

Most of the time, professional athletes are amateur wealth managers and their financial literacy can fall ‘below average,’ making them vulnerable to risky investments and unwise decisions, among others. However, there are some who have successfully found the ultimate solution to both maintain and grow their wealth by focusing on one important goal: building multiple streams of income. In other words, as professional and high-earning athletes, they make more money not just from one but many sources.

Image source: moneyinc.com

For instance, most individuals who have enough financial resources earn more by diversifying their income through investing, especially with trusted investment companies such as LOM Financial. In contrary to what other people think, investing is not just about setting money aside for a rainy day but it’s more about using a substantial capital to generate an equally significant income over time.

Another income stream that professional athletes can look at is in real estate – by diversifying one’s investment portfolio by acquiring properties that can provide long-term, and tax-free, financial benefit. In fact, several sports superstars including Andre Agassi, Alex Rodriguez and Shaquille O’Neal have found a home in the real estate industry.

Finally, most athletes don’t really enjoy the technicalities of financial management but do love to earn more by doing something that they enjoy. One stream of income is starting a small business, whether online or offline. Some may call it, “hobby business” and it’s for a reason. Usually, this stream of income is related to the athletes’ interests and hobbies.