As a professional athlete, you may earn thousands or millions of dollars each year. While this money provides you with the lifestyle that you currently enjoy, it will be of little use to you in the future if you cannot manage to save most of it.
You may be tempted to spend as much of your income as possible, indulging in luxuries that were off-limits to you prior to your professional athletic career. By using resources like financial advice, wealth management for professional athletes, and investment brokers, you could safeguard much of your current income and have it to rely on later after you retire or are no longer able to play.
Ways to Protect Your Money
Shielding your money from significant loss goes beyond just putting it in a savings account. You also may want to use tactics that involve growing it to even larger sums.
One of the most accessible ways to grow your wealth involves investing it in stocks, bonds, and CDs. These financial tools make your money work for you by compounding the principle and tacking on interest. In a relatively short amount of time, your wealth could double and triple its current value.
You also may want to put some money away specifically for retirement. The retirement account’s funds may be off-limits to you until you reach a certain age. However, it allows you to spend some of your current income responsibly without having to worry about running out before you retire.
While you are saving and investing your money, you also have to think about the tax ramifications of your monetary activities. Depending on how you use your money, you could end up paying taxes on it twice or multiple times.
To spare you from a heavy tax burden, the financial advisers through the company can give you advice on how to divert funds or donate a certain percentage to get a tax write-off. These activities are legal and reduce the amount you pay to the IRS each year.
As appealing as these monetary services sound at first glance, you still might want more information about them. You can use the scheduling link at the top of the page to reserve your consultation. This initial meeting is free and gives you the time to ask questions and have concerns addressed at no risk to you or your money.