You’ve proven yourself as a top gamer in global competitions, and you’re earning more money than you’ve ever counted. With that six-figure lump sum you gained, you’ve made yourself and bettors that counted on you win a lot of money on E-Sprts.
How do you practice money management when this happens? How do you predict the future based on past trends in the esports industry? What happens if that paycheck happens to be your last?
Esports competitors get money from tournament prizes and advert sponsorships. Some even receive wages simply by being in an esports team, just like basketball or football players. Nevertheless, unlike grass sports players, the industry hasn’t matured enough to give esports players lots of money.
There’s one problem – gamers need very fast reflexes. And these swift reactions start to slow once esports players start approaching 30 years of age. Hence, the need to practice financial management as an esports player.
Money Management as an Esports Pro
Here are some money management tips:
● Plan Ahead for Irregular Income
As clarified earlier, esports players may not always make consistent earnings each month like physical sports players. Even if your salary when you’re on a team is lower than tournament prizes, it might not always be available for you. There’s bound to be a faster player that could sweep up prizes in competitions.
You need to plan for irregular income by saving a certain percentage of your winnings. This action will help you navigate periods when your cash inflow is less.
● Plan for the Long-Term
Esports players aren’t expected to top the charts for more than ten years. Nevertheless, your plans should start from the moment you begin to peak in your career. You need to start making financial decisions such as saving for a home, establishing a business, or taking up another profession in the esports industry.
● Perfect your Plan B
Because of injuries, your career might not go the way you expect. Thus, you need a Plan B right from the start of your career to fall back on if things go wrong. Some esports players grow their fan bases to earn money through subscription fees when the gameplay is streamed. You can also plan to grow talents in the esports industry as a coach.
Esports players make big money from various sources, including tournament prizes and team salaries. To manage your money better, you need to plan for irregular income, plan for the long-term, and perfect your plan B.