For those of us who excel in sports and other physical activities the dream of going professional and making a lot of money is a dream many will never see. However, if you are one of the lucky ones or if you do fall into a position to make a lot of money, you will want to manage your money wisely from the very first penny you make. Here are some tips and tricks for wealth management for professional athletes.
Start with a comprehensive plan
You can’t do anything without a plan. You want to be able to plan for every possible contingency. You want to plan for future investments, you want to plan for times you become injured and you want to plan for the day you retire from the sports altogether.
When you start making money and acquiring assets you want to really put together an estate plan. Your estate will be everything that you will leave behind when you die. This will be money, cars, houses, and other assets. As you go through your life you will get married, have kids, become divorced or even become ill. Now, no one wants the negative aspects of life to hit us, but it is just a factor of life that we need to look at and plan for. The last thing you want to have happen is have everything you worked so hard for all your life be taken away from you and your family.
Bank and taxes
When you have money, you want to have it diversified into different accounts. You want to have a fun and spending account. You want to have a bills account and you want to have investment accounts. With all of these different accounts you want to limit the people who have access to them. If you have a lot of people having access, then you can simply be robbed blind without even knowing.
Money management is key to your success in any fashion. Take your time and really pay attention to what is going on. Never trust anyone completely with your money and make sure to communicate with your banks and other investment agencies on a regular basis.