Who's on your team? What's your game plan?
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Congratulations! All of your hard work and countless sacrifices have paid off and you are now in a position to earn a substantial living as a Professional Athlete.
No matter if it is with MLB, NFL, or the NBA, average salaries range from $2 to $5million annually, so you are now capable of fulfilling many of your childhood dreams. This new stature allows you the opportunity to change lives and create generational wealth for your family.
Too many times Professional Athletes experience the “Superman Syndrome” when the Rookie contract is signed or even with the second contract extensions. Many challenges arise with this new found wealth that cannot be anticipated such as Divorce, Injury, and non-contract extensions. It is best to consider these your “kryptonite” and create a strategy to plan for them with a Wealth Management Advisor.
When reviewing your wealth, many Professional Athletes do not consider the taxes and association dues that are a part of their contracts. Too often Professional Athletes spend their wealth immediately without considering luxury, income, and players’ taxes* associated with their respective sports. Due to these miscalculations and many others, 78% of NFL Players face bankruptcy or serious financial stress within 2 years of retirement and 60% of NBA players face the same issues within 5 years.1
This problem is not exclusive to just those two sports and this is why it is best to have someone in the athlete’s corner with the expertise of a Wealth Management Advisor. With the assistance of a Wealth Management Advisor, a professional athlete must always think of his or her needs and to plan ahead. Furthering your education can be a key to success “off the field.” Completing your degree or continuing your education is a decision that needs a financial strategy. Wise Financial is here to help you develop a “Game Plan” that can help you with a successful second career once your playing days are over.
Our team of financial professionals are well equipped and understand the unique challenges that lies ahead for you. At Wise Financial, we take a unique approach to our planning tailored around "YOU", our client:
- Discovery – seeking to understand what your goals and visions are off the field and what roadblocks are in the way.
- Game Plan – creating a tailored plan and strategy is the key to success in your career and your financial life; helping take you to the finish line.
- Execution – implementing the game plan designed to make your incredible visions a reality.
- Reevaluate – continually working with you to review and maintain the implemented game plan and ensuring it evolves as you do.
1 Sports Illustrated (2009)
* Financial Representatives do not give legal or tax advice. Taxpayers should seek advice based on their particular circumstances from an independent tax advisor.