When Brandt Snedeker holed a chip on the 17th green to all but seal the FedEx Cup he also guaranteed himself a $10 million pay day. Not a bad piece of business for doing something that you love. In all there was a $35 million purse split between the top 125 placers of the season, with McIlroy picking up the second placed prize of $3 million and Tiger Woods adding to his fortune with another $2 million cheque.
On the 4th September this year, the Huffington Post revealed that Tiger Woods had become the first golfer to amass earnings of $100 million on the US PGA tour. In comparison, the most successful golfer of all time, Sam Snead, who began his career in 1937, only managed to amass earnings of $620,126, less than South Africa’s Louis Oosthuizen got yesterday for finishing 7th in this year’s Fed Ex Cup.
With so many sportsmen and women become millionaires almost overnight, and at such a young age, how exactly do they cope with getting so rich so quick?
Sports Stars and Their Money
Quite simply many sports stars don’t manage their money well at all. They start out with extravagant lifestyles and before they have understood the need to manage their finances, their costs have spiralled out of control. Although of course sports stars are famed for spending millions of dollars on expensive houses and luxury cars, they also spend between $500,000 and $650,000 a year on agent and management fees.
The issue with young sporting millionaires is that their careers are often very limited in terms of both duration and options afterwards. Although it may seem like many ex professional football players go on to become Managers, coaches, or pundits, the reality is that it is only a tiny percentage of all professional footballers that remain in the game after they retire.
If you thought that football careers were short lived, the average career in the NFL (American Football) and NBA (Basketball)
Living Like Sports Stars
To a certain degree many of us have been living through the last few years like sports stars, although of course only relatively. By this I mean that we ‘spent spent spent’ during the economic high times, and now many of us are paying the price as the economy has rather rapidly plummeted. Like sports stars, however, we don’t have to suffer.
Many of us have learned an important lesson over the last few years, and that lesson isn’t necessarily about the need to live frivolously, but rather about the necessity to consume intelligently. If you are sick of not being able to buy the latest fashions or gadgets, but also acknowledge that your bank balance doesn’t allow for it, then you need to think outside of the box.
Jewellery is one luxury that many sports stars, and maybe also to a lesser extent we mere mortals, like to indulge in, and this is the key to our escape route. Cash for gold initiatives have become increasingly attractive as the economy has weakened and thus the gold price per gram increased. At www.247cashforgold.co.uk you can get cash for gold today, and get back into the buyer’s market. There is no need to suffer with the economy, by utilising what you have, both in terms of possessions and intelligence, you can seize back control today.