Quantcast

Financial Strategy for Athletes

Step One: Find a trusted financial coach; Step Two: Listen to your coach.

Provided By: Paul Lewis, CFP®,CWS®

Whether you are a professional athlete, a college amateur, or an aspiring Olympian, you probably know what success feels like. You also know a thing or two about being a good sport when things don’t go your way. Good news: this means you already have some of the basics needed to create a financial strategy.

 

Don’t think so? Building a strategy is all about having distinct goals, knowing the risks, and determining how much time you have ahead of you. It’s also about surrounding yourself with people who have your best interests in mind and share your goals.

 

Let’s put this in perspective. For the sake of demonstration, let’s say you’re a football player. Maybe you’re even good enough to go pro. A recent report from Fox Business indicated that an NFL player can make $300,000 to $1 million per season. That’s a big paycheck, for sure. The question is, do you know how to get the most out of that money? There’s so much of the business to consider, beyond just the pay you earn playing the game. What if you get endorsements? Business opportunities? And who knows a good investment from a bad one at first sight? It can be a little intimidating, even for someone who puts on pads and a helmet at work.1

 

For athletes, the business section of the newspaper extends into the sports pages. You don’t have to search very hard for news about a promising athlete out for a season with an injury. What’s in store for you if you’re no longer earning money?

 

Thinking ahead. Even if you are one of the fortunate few to enjoy a long career as an athlete, you still have life after sports to think about. You might have an idea of where you’d like to invest your energy after retirement. Maybe that’s starting a business. Maybe that’s raising a family and seeing them through college. Maybe you have no idea – but having lots of options sounds better than nothing.

 

It bears mentioning that this is something for college athletes and amateurs aspiring to world-class competition to consider as well. Maybe you train or play when you aren’t hitting the books or working a day job. Even amateurs should have a financial strategy in mind.

 

A trusted financial professional is just another kind of coach. Like a good coach or trainer, a financial professional can offer the knowledge you need to make informed decisions. Someone who doesn’t tell you what you want to hear, but what you need to hear; someone who can share in your goals and guide you on your journey.

 

Your success in the future may depend on the decisions you make today. For that reason, having a financial professional may be one of the most important decisions of your career.

 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

 

Citations.

1 – foxbusiness.com/personal-finance/nfl-players-bankrupt-personal-finance [5/7/19]

©2019 Lewis Wealth Management Group
(217) 337-5584
2506 Galen Drive Ste 104
Champaign IL 61821 
IMPORTANT DISCLOSURES: Investment advice is offered through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe”). Belpointe is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. The information provided is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. This is not suggesting a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with advertising and marketing. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation. Insurance products are offered through Belpointe Insurance, LLC. Lewis Wealth Management Group is not an affiliate of Belpointe Asset Management, LLC. Important disclosures related to Belpointe are available at http://www.belpointe.com. Additional information pertaining to Belpointe’s registration status, its business operations, services and fees and its current written disclosure statement is available on the SEC’s Investment Adviser public website at https://www.adviserinfo.sec.gov/.  

Join The Club!

Get monthly news updates and market commentaries straight to your inbox.

Stay up to date!!