There are way too many tragic stories of athletes who have squandered their earnings.  The money went out as fast as it came in.  It really isn’t surprising.  In fact, without some basic money management skills, the loss of assets is almost expected.

So, what can an athlete do to guard his treasure?  

1. Get a professional financial advisor.   Ask a wise teammate who his guy is.  Don’t rely on your friends, family or pals for this one.  This is too important.  Remember, if you blow this money your entire career was for nothing.
2. Live like a normal person, not a celebrity.  Don’t throw $10,000 parties.  Don’t buy $200,000 cars.  Buy a Yukon.  Buy your mom a Ford, not a Mercedes.  
3. Ask questions.  A recent NBA Rookie of the Year had the guts to ask one of his advisors if $100,000 was a lot of money.  That’s a great question.  Learning the value of money is essential at the beginning of your career, not the end.
4. Don’t have an entourage.  Don’t feel pressured to pay all your buddies to hang-out with you.  Don’t feel like you have to pay for their meals, buy them clothes or cars.  You can be a great friend without ruining your own financial future.
5. Watch the little things.  Most guys think if they avoid spending money on a Ferrari that they will be okay.  In reality, it’s the smaller, regular spends that will probably get you in the long run.  Monitor your money.  See how much you spend daily, weekly and monthly.  You can see all this information from your bank statement on your iPhone.  Watch your money closely.
6. Don’t use cash.  Using cash for everyday spends is the fastest way to lose it.  

Protecting your wealth won’t happen by accident.  But, losing it will.  Put a plan into motion that will serve you both during and after your career.