Professional athletes who want to manage their wealth wisely understand that it requires budgeting, planning, analysis and a trustworthy financial advisor to manage their investments properly. Regardless of their earning potential, all professional athletes need to be as disciplined with their money as they are with athletic training.
The career of a professional athlete is finite and may be sporadic. A player can get injured at any moment or be called into the coach’s office and told he is being released from the team. The average pro athlete’s career is about 10 years. That means if you start your career at 20 years old and live to the average age of 80, you likely have 50 years left to budget for. Every promising superstar or substitute bench player needs to be prepared for the day when the game is over. It’s never too early to start planning and securing your financial future beyond the glory days. Whether you are a rookie looking to make the team or a veteran that is taking the field for the last time, make sure you have an advisor on your side to maximize your financial investments.
Much like any other career professional, you want your hard work to pay off – both on and off the field. Your financial health can be impacted by many factors including but not limited to tax management, investment choices, family dynamics, career duration, earning capacity, actual disposable income and your own physical health are just some of the factors. Make no mistake about it, the less attention you pay to these elements the more vulnerable you are financially.
Set goals: Don’t rush into big-ticket purchases like a house, a car or the expensive vacation you’ve been dreaming of. Think about your long-term and short-term goals. What do you want to accomplish with your wealth? What are your goals for the future? What are your post-career business interests? Setting financial objectives can also help avoid overspending. Committing yourself to a goal might just keep your eye on the prize and help you create a habit of mindful spending and saving.
Create a budget: It’s time to create a plan that encompasses all aspects of your financial life. Work with your financial advisor to determine what you need to live a comfortable lifestyle. It will take some thought and time to create an accurate budget. You’ll also need to ask yourself: Do I go out a lot? Will family and friends be looking for financial help? Do you want a portion of your budget set aside for helping those close to you? Who do you want to help, and how? Who do you need to support? A proper budget should account for all of it with the aid of proper financial advice.
You owe it to yourself to have a financial plan in place for you and your loved ones for the day when you walk off the field for the last time. At Keybase Financial Group we specialize in Building Wealth Strategies, Professional Advice, Retirement Strategies, Education Savings Plans, Investment Needs Analysis , Tax Strategies , Mutual Funds, Group Plans, Alternative Investments, Insurance Strategies and Estate Planning. We can be your financial teammate for life, so talk with one of our advisors today!