Money Management for Student Athletes Transitioning to Professional Sports: How to Plan When Cash Flows are Uneven and Uncertain

Authors: Stephanie R. Yates

Corresponding Author:
Stephanie R. Yates, PhD
University of Alabama at Birmingham
1150 10th Avenue S
BEC 310-B
Birmingham Al, 35294
sryates@uab.edu
205-934-8857

Stephanie Yates is the Director and Endowed Professor for the Regions Institute for Financial Education (RIFE) at UAB. The RIFE focuses on increasing financial literacy in students and adults throughout Alabama and beyond.

Money Management for Student Athletes Transitioning to Professional Sports: How to Plan When Cash Flows are Uneven and Uncertain

ABSTRACT
This paper provides financial guidance for student athletes transitioning to professional sports. Sound financial planning is important in the absence of professional assistance. This paper outlines key budgeting tasks for the professional athlete. This paper also provides a sample case to illustrate how an athlete might manage his or her finances and blank worksheets are also included. Adherence to a budget that is useful but not overly restrictive can help a young athlete manage income uncertainties and prepare for a stable financial future.
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