There’s something magical about spending your entire life dedicated to your craft and being the best at it then your dreams come true not only with your newfound role as a recognizable professional athlete but also the money that comes with it whether you’re in the MLB, NBA, NFL, NHL, driving for Formula 1 and the list goes on. This blog post touches on what to do next.
Once all of the celebrations are over and it’s time to execute on the field/track, you know you’ll get stuff done and perform at the highest level, though what’s happening behind the scenes with the money you’re making and is it being allocated intelligently with discipline and precision? Having full clarity into that is absolutely critical.
As one very broad example, let’s say you sign a $100M contract for the next 5 years with the goal of supporting your family (spouse, kids, etc.) the capital allocation strategy around such may be different when compared to an athlete signing the same deal that’s single with no kids/obligations. That’s where the concept of preserving wealth comes into play and has to be aligned with your goals while being executed very strategically.
The ultimate question regarding wealth is also very subjective where one person may be happy living a simple life with billions of dollars in real estate and other investments (e.g. Warren Buffet) while others seek happiness in more materialistic things like cars, Cuban chains, etc. As the old saying goes: To each their own.
Based on our experience, we suggest sitting down, taking a step back, and really thinking about what matters to you in the end. Yes, you’re getting flooded with investment ideas left and right, but what will really make you happy in the end while also fostering enduring financial success? A scenario where everyone wins.
Have ideas and want to chop it up? Let’s connect.