From Arenas to Assets: Unveiling 3 Money Ideas Hidden in Sports Stadiums

I still remember the time I went to the first ever game at AT&T Stadium, the newly built home of the Dallas Cowboys. My favorite team, the Tennessee Titans, were scheduled as the opponent for this pre-season game, and it was the first time I’d even seen the Titans play in-person. Although this was a special moment between me and my favorite team, the experience most locked away in my memory is the aura of a brand-new stadium opening its’ doors for it’s first football game (technically, George Strait had the honor of headlining the first ever event at this stadium). As a matter of fact, this experience has me particularly excited about my favorite team’s upcoming build and opening of a new stadium in 2027.? You can bet that I will make my way there for the opening season.

New stadiums are a common trend throughout the landscape of the sports world, and it’s not just limited to sports leagues (although the list of upcoming stadium builds in the next 5 years is very impressive). When countries are able to land host duties for world-class events like FIFA’s World Cup or the Olympic Games, this also has an impact on the development of athletic facilities to be built. I’ve always been fascinated by the process of building new stadiums, specifically the financials and the politics involved to accomplish this. There’s a lot to be learned about personal finances from the development of new stadiums. I’ve listed three ideas below…

1. Setting Clear Financial Goals

Before the first brick is laid, a sports stadium project begins with a clear financial goal: to construct a state-of-the-art facility. Whether it’s to attract major events for the local economy (like Nashville is doing) or to be a trend-setter in clean energy (the way San Francisco did it), one must establish financial goals to guide the money management journey. Whether it's buying a car, saving for a vacation, or planning for your retirement, your objectives should be specific, measurable, and attainable. Here's how to set clear financial goals:

• Define Your Goals: Start by identifying what you want to achieve with your money, such as paying off student loans, saving for a down payment on a home, or building an emergency fund.
• Establish a Budget: Just as a stadium has a budget, you need a personal budget. This will help you allocate your income toward your goals while managing everyday expenses.
• Prioritize Your Goals: Rank your goals in order of importance and urgency. Focusing on one goal at a time can make it more achievable.

2. Managing Debt Wisely

Stadium construction often involves financing. From Permanent Seat Licenses to the local increase of tourism taxes, there’s a variety of concepts implemented in the name of managing debt well. The same wisdom is necessary for personal debt. College loans, credit card balances, and car loans are common sources of debt. To manage your debt wisely, consider the following:

• Prudent Borrowing: When taking on debt, think about the terms, interest rates, and your ability to repay. Avoid accumulating high-interest debt, as it can become a financial burden.
• Create a Repayment Plan: Establish a plan to pay down your debt systematically. Allocate extra funds towards high-interest debt while making minimum payments on other loans.
• Build Credit Responsibly: Just as sports franchises must maintain a strong financial reputation, your credit score is crucial. Pay your bills on time and be cautious about opening new lines of credit.

3. Thinking Long-Term

Stadium construction projects are long-term endeavors as noted by team leases that stretch into decades and lucrative stadium name deals with similar duration.? Personal finances are no different. The lessons from this principle emphasize the importance of patience and the power of long-term planning.

• Retirement Planning: Just as a stadium project has a timeline, your life has a financial timeline that includes retirement. Start saving for retirement early. Compound interest works in your favor when you invest for the long term.
• Investment Strategy: Consider long-term investment strategies that align with your financial goals. Diversify your investments and avoid making hasty decisions based on short-term market fluctuations.
• Emergency Fund: Build an emergency fund to cover unexpected expenses. It provides a safety net and helps you avoid going into debt when life throws you a curveball.

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Ish (@ish2k) is a communication expert that works with students & young professionals who want to make the most of their journeys. Ish travels to schools, organizations, and conferences all across the country to help participants make memorable experiences, grow as leaders, and be work force ready contributors. He’s also an author and podcast personality, leveraging these spaces to ensure students are clear on their purpose while making memories along the way.

Do you organize co-curricular or professional development events for #rezlife #studentleadership or #youngprofessionals? I would love to learn more about your goals in 2024. Perhaps you and I are in alignment (or you and someone in my network) for a collaboration. DM me or send an email to [email protected]