Knowledgeable athlete like seaside volleyball star Geena Urango is all the time pondering of the long run. What’s the following play? The following match? The following event? And, in the end, the following part of their profession? It’s that potential to plan forward that has served the AVP champion nicely, on the sand and the subject of cash.
Within the newest episode of Money Class, accredited monetary counselor and private finance professional, Lissa Prudencio sits down with Urango to dig into her journey — from promising younger athlete to podcast host and entrepreneur. The Mexican-American athlete wanted a crash course in monetary literacy at first of her profession. After turning professional, Urango discovered she’d be solely answerable for submitting her taxes, funding her profession, and constructing her wealth. She sought recommendation from monetary mentors — accountants, counselors, managers, and different execs — on find out how to navigate constructing her model from the greenback up. And now, she’s hoping to assist different younger athletes do the identical.
“All the things is by yourself dime,” Urango tells Prudencio. “That’s the toughest half about a variety of these athletes beginning to play this sport is, they’ve bought to discover ways to correctly handle their funds. In the end, I simply need to do no matter I can to assist develop the game and to encourage a few of these youthful athletes — to offer them some recommendation on find out how to navigate this territory.”
That recommendation — from Urango and Prudencio — focuses on constructing a monetary cushion, by saving, investing, spending much less, and taking management of your money owed. In the event you’re working your personal small enterprise, tapping knowledgeable to information you thru the method of tax write-offs and cash administration could also be the best choice. (It was for Urango.) However there are many small modifications all of us could make to make sure we’ve bought a sturdy monetary basis to construct upon.
To listen to extra of Urango’s story, how she’s serving to the following technology of athletes and recommendations on find out how to higher manage your personal checking account, watch the complete episode above.
