No matter how many times you hear the cliches — money cannot buy happiness, fame is fleeting — you may still fantasize about joining the ranks of the rich and famous. But there could be drawbacks you have not considered.
Athletes Have to Be Careful With Money
Multimillion-dollar contracts make headlines, but the general public rarely hears about the details. Imagine making money for five years, but needing to make it last for the next 50 years. What kind of financial plan can accomplish that? Between missed bonuses and short careers, wise financial planning for professional athletes is a must.
One issue athletes face is that many make money when they are young and have little personal finance experience or expertise. Another is that they may place too much trust in people who are deceitful. Alternatively, they may put their earnings in the hands of a friend who is reliable but does not know how to invest the funds.
A third issue is that an athlete’s paycheck may need to pay multiple staff: an agent, assistant, social media consultant, personal trainer and nutritional advisor. Fourth, athletes may have little time to educate themselves about financial matters; their time and attention must go to maintaining their health and mastering their sports.
Critics are Everywhere
Privacy can be all but nonexistent and when you are in the public eye, it is often a critical eye. At the height of their notoriety, celebrities can make headlines just by running errands or going out for coffee. Social media accounts are under constant scrutiny, and one ill-advised statement can ruin a career. A quiet dinner out with friends can become impossible.
Families do not always want to share the spotlight, but relatives of all ages are fair game to paparazzi and social media sites. Even babies are rarely spared.
Celebrity Can Be Isolating
Public recognition can open doors, and everyone seems to be your friend. But the key word is “seems.” In reality, movie stars, recording artists and athletes often have trouble knowing who to confide in. Real friends can seem in short supply, and crowds of fans cannot stop celebrities from feeling lonely.
It can be difficult to spend so much time away from family. Actors are away from home shooting movies on location. Recording artists are in the studio, then on tour to promote new music. Athletes have training sessions; during the playing season, they travel constantly for away games. All may also deal with endorsements, charity endeavors and press junkets in addition to their actual work projects.
Next time you think you want riches and fame, think again. It may not be as wonderful as you expect.