Why do athletes and coaches go broke?
Poor financial advice/guidance
Poor financial advice/guidance
Poor financial advice/guidance
Numerous professional athletes experience severe financial difficulties shortly after their athletic careers end, including bankruptcy.
Athletes often receive no, poor, or inadequate financial advice before signing their sports contracts. Furthermore, many athletes feel obligated to support their families, friends, etc.
Without the guidance
Numerous professional athletes experience severe financial difficulties shortly after their athletic careers end, including bankruptcy.
Athletes often receive no, poor, or inadequate financial advice before signing their sports contracts. Furthermore, many athletes feel obligated to support their families, friends, etc.
Without the guidance of a reputable advisor or mentor, money often flows out faster than it flows in!
Overspending
Poor financial advice/guidance
Poor financial advice/guidance
Antoine Walker squandered his $108 million fortune and filed for bankruptcy two years after retirement.
“You become a millionaire overnight and are unaware of what to do with it. We don’t understand taxes, and we don’t understand lifestyles. We create a big, expensive lifestyle for ourselves. I had some fetishes that I liked and some mater
Antoine Walker squandered his $108 million fortune and filed for bankruptcy two years after retirement.
“You become a millionaire overnight and are unaware of what to do with it. We don’t understand taxes, and we don’t understand lifestyles. We create a big, expensive lifestyle for ourselves. I had some fetishes that I liked and some materialistic things. Then you enter the investment world that you don’t understand and don’t learn in college, and you put your money in the hands of other people that try to take care of it.”
Forced early retirement
Poor financial advice/guidance
Forced early retirement
The discouragement a sidelined athlete might experience may lead to depression, despair, and a loss of identity.
Not to mention the financial ramifications of an injury, which could prevent the signing of future contracts, becoming a free agent, coaching for another team, etc.
One case in point is CSUS coach Brian Katz, who experienced a f
The discouragement a sidelined athlete might experience may lead to depression, despair, and a loss of identity.
Not to mention the financial ramifications of an injury, which could prevent the signing of future contracts, becoming a free agent, coaching for another team, etc.
One case in point is CSUS coach Brian Katz, who experienced a forced early retirement due to health reasons.
If his ill health had not occurred, he could have had additional years of income to pad his retirement.
How not to go broke
Have a larger support team
Create a safety net or a Plan B
Have a larger support team
Football teams defend their quarterbacks so they can make plays, advance the ball, and ultimately score touchdowns.
By becoming part of your team, we will work similarly to safeguard your financial "game."
That way, you can focus on your career and allow us to focus on ultimately creating a carefree life and future for you and your family.
Spend within your means
Create a safety net or a Plan B
Have a larger support team
You do not have to follow a budget to have your money last throughout your lifetime, nor do you have to live frugally.
Resisting the urge to spend beyond your means is avoidable.
Learning the simple basics of financial literacy may help you stand out from other athletes who did not have or chose not to exercise these skill sets and disciplines.
We are here to prepare you for life after the contract.
Create a safety net or a Plan B
Create a safety net or a Plan B
Create a safety net or a Plan B
Creating a financial safety net is extremely important for athletes, where careers are short-lived, and career-ending injuries frequently occur.
A financial safety net is an additional bucket of money that you can rely on when your primary income stream diminishes or ceases.
A safety net should be in place before you need it.
We will strategize with you and your support team and establish a plan, so you can avoid crossing your fingers, hoping that you will have enough money in the future.