Wealth management for pro-athletes - Everything you need to know as a pro athlete when it comes to wealth management, financial planning, tax planning.
For Your FREE Consultation with Rob, simply fill out the form and directly book your strategy session in his calendar here: https://robtetrault.com/speak-to-rob/
You're a pro-athlete, maybe a parent of a pro athlete. The peak of your wealth and earnings will come quickly and typically won't last as long as you're usual career.
- Build a financial team that you and your family trust. There are a lot of rotten apples out there that will try to take advantage of you.
- Control the emotional aspect. treat yourself first, then put the vast majority of that money away.
- You need a fiduciary... A fiduciary is an individual that can and must act in your best interest guaranteed by law.
- Very short earning period - Depending on your sport, the average amount of years that you'll be earning most of your wealth vary between 2 - 10 years.
-During these earning years there's going to be tax consequences. Planning is critical during these times. You want to ensure you maximize your wealth
- You might have plans to work after you're done being an athlete but if you don't you need to make sure you protect that capital.
- The money will have to serve you for your lifetime.
-Be incredibly careful with the income you earn and invest.
- Don't forget the taxes... you need to make sure you have a tax efficient portfolio.
