Episode 21: Money Matters with Justin Bates

Wondering how to achieve financial success as a rodeo athlete? Join us on Beyond the Rodeo for an enlightening conversation with Justin Bates, WSF provider and rodeo athlete turned financial planner. Justin's unique journey from bull riding in the heart of northwest Arkansas to advising athletes on financial acumen provides rare insights into the world of Western sports financial management. Through his work with Western Sports Foundation, Justin is dedicated to elevating financial literacy among rodeo athletes, especially in communities where financial resources are scarce.

In this episode, Justin shares practical strategies that rodeo athletes can use to keep their finances in check. Learn about the crucial distinction between personal and business expenses and how simple actions like setting up separate checking accounts can streamline financial management. Justin provides expert advice on leveraging credit cards for travel expenses without falling into common traps, and we discuss the importance of organized record-keeping to maximize tax deductions. 

Finally, Justin explores how rodeo athletes can secure their financial futures beyond their careers in the arena. From saving a portion of their winnings for retirement to investing in low-risk growth options, the episode is packed with actionable advice. We cover essential topics like tax management, budgeting, and the significant impact of financial literacy on future success. With guidance from mentors and the use of simple tools, athletes can prepare for life after rodeo, ensuring they not only compete with confidence but also thrive financially in the long run.