As our practice has grown over the years, we continuously strive to improve our service and guidance for our clients. As a professional athlete, you have very specific needs, and we have designed programs to assess those needs. Our industry has terminology that can be difficult to understand. It’s definitely not the X’s and O’s that you’re used to studying while on the football field. We want to make sure you have the right answers to your questions. Many times we see that professional athletes don’t know what they don’t know. The industry is so new to you that you don’t even know the right questions to ask. That’s why we have come up with education programs to assist you with the new wealth you have just come into.
One of the common problems we see professional athletes face today is how to invest income so they can survive after football. We have developed relationships and interviewed many athletes on the radio and podcasts and are familiar with how the risks you face affect you and your finances.
Many athletes are interested in minimizing the taxes they are currently paying. We have seen many athletes make major mistakes when they attempt to invest their money in areas they are not experts in. We are here to partner with you so you can transition from a professional athlete to a business professional when sports end.
Sports are a physical job and can only last for a period of time. There are some alarming statistics that face you as a professional athlete. Based on 2019 statistics, the average player in the NFL lasts only 3.3 years.1 I’m sure as you read this, you’re thinking you will be a player for 10 years or more, and sometimes there can be life-changing money available if invested properly. The odds are for you, it will only be four years and then you begin your retirement from professional sports, while the average professional worker has a career for 25-35 years saving for retirement. How you manage this period of time will be crucial to the opportunities afforded to you in the future.
We can’t stress enough the importance of the tax and estate planning aspect of financial planning. You’ve heard it before, but it’s very true. It’s not how much you make — it’s how much you keep.