FIBA - FIBA publishes Athletes’ financial handbook

GENEVA (FIBA) – In an effort to provide professional athletes with a reliable and trustworthy source of basic advice specifically tailored to the needs of sports professionals, FIBA has published an Athletes Financial Handbook.

This short guide addresses many of the issues that can easily escape the mind of athletes, in a language that can be understood by those of us who have little or no knowledge of business and finance.

Becoming a professional athlete is something that millions of kids around the world aspire to. For those few who reach that ambition and sign that pro contract, managing their finances in harmony with their careers is not always a simple task.

Indeed, it is sometimes easy to neglect the more serious – and let’s face it less exciting – side to being a professional athlete that includes ensuring a solid financial future. Being aware of one’s own situation and planning ahead are vital steps in securing a solid financial future and ensuring a prosperous career.

This brief document, packed with useful advice, introduces many of the key aspects of planning for and working towards a healthy financial situation.

Issues addressed in this document include:

• the specificities of an athlete’s career
• who to turn to and who to trust
• which questions to ask
• setting clear financial goals
• budgeting and estimating one’s net worth
• avoiding the temptations of overspending
• helping one’s money work for itself
• looking beyond one’s playing days

The Athletes Financial Handbook also includes a glossary of basic terms and working sheets intended to serve as tools for a controlled approach to financial planning.

Patrick Baumann, FIBA Secretary General and IOC Member, said about the handbook “At FIBA we feel that we have a responsibility in supporting our athletes not only to strive for greatness on the court, but also in assisting them beyond the boundaries of play. I would encourage all professional basketball players, as well as athletes from other sports, to take a look at the Athletes Financial Handbook”

The Athletes Financial Handbook is available here.