Jose A. Gonzalez
What can your kids learn through professional sports contracts?
Many children are in awe of their heroes. Whether they play football, basketball or baseball, professional athletes are often role models in a variety of ways.
While kids might try to emulate a player’s footwork or sportsmanship, or are interested in one day claiming the fame of their own, kids know professional athletes make “a lot” of money. But as they try to be like their favorite players, do kids truly understand how much is at stake?
How much money are the top contracts worth?
Take baseball, for example. A new record has been set with Mike Trout and the Angels. The $430 million contract extension may keep him in Anaheim for the remainder of his career. And while Trout tops the charts, the other four largest baseball contracts in history include:
- Bryce Harper’s $330 million contract with the Phillies
- Giancarlo Stanton’s $325 million contract with the Marlins
- Manny Machado’s $300 million contract with the Padres
- Alex Rodriguez’s $275 million contract with the Yankees
With contracts that large, your kids may not understand how that kind of income translates.
What you could buy with $430 million
It might be difficult to help your children understand the value of money. But with $430 million in-hand, your kids could easily afford a:
- Gulfstream Jet
- Island in Fiji
And as you encourage your kids to dream bigger, you might also want to teach them the value of money in relation to what they can do for others. With a contract like Trout’s, your kids could buy iPhones for everyone in Anaheim, develop a homeless shelter and found a youth sports training facility, yet still have money left over.
Use professional athletics as a guide for your children
While your kids develop their skills on and off the field, you might be able to help them decide not only what they want to do with their lives, but also who they want to be as individuals.
You can use Trout’s success as an example of hard work and dedication. And as you do, you might encourage your kids to continually prepare for their contracts by thinking about what they will do with their money, should their opportunities arise.