Insights + Resources

Financial Strategies for Athletes

Mar 29, 2021

Financial Planning
Step 1: Find a trusted financial professional

Whether you are a professional athlete, a college amateur, or an aspiring Olympian, you probably know what success feels like. You also know a thing or two about being a good sport when things don’t go your way. Good news: this means you already have some of the basics needed to create a financial strategy.

Don’t think so? Building a strategy is all about having distinct goals, knowing the risks, and determining how much time you have ahead of you. It’s also about surrounding yourself with people who have your best interests in mind and share your goals.

Let’s put this in perspective.

For the sake of demonstration, let’s say you’re a football player. Maybe you’re even good enough to go pro. A recent report indicated that a 2021 rookie NFL player can make $675,000 to $1 million per season. That’s a big paycheck, for sure. The question is, do you know how to get the most out of that money? There’s so much of the business to consider, beyond just the pay you earn playing the game. What if you get endorsements? Business opportunities? And who knows a good investment from a bad one at first sight? It can be a little intimidating.1

For athletes, you don’t have to search very hard for news about a promising athlete out for a season with an injury. What’s in store for you if you’re no longer earning money?

Thinking ahead.

Even if you are one of the fortunate few to enjoy a long career as an athlete, you still have life after sports to think about. You might have an idea of where you’d like to invest your energy after your playing days are over. Maybe that’s starting a business. Maybe that’s raising a family and seeing them through college. Maybe you have no idea – but having lots of choices sounds better than nothing.

It bears mentioning that this is something for college athletes and amateurs aspiring to world-class competition to consider as well. Maybe you train or play when you aren’t hitting the books or working a day job. Even amateurs should have a financial strategy in mind.

A trusted financial professional is just another kind of coach.

Like a good coach or trainer, a financial professional can offer insights to help you make decisions. Someone who doesn’t tell you what you want to hear, but what you need to hear; someone who can share in your goals and guide you on your journey.

Your success in the future may depend on the decisions you make today. For that reason, having a financial professional may be one of the most important decisions of your career.

Financial Planning at Epic Capital

Comprehensive Financial Planning begins with you. It’s pulling together all the moving parts of your financial life into one, cohesive plan. At Epic Capital we work with you to simplify the complicated and organize the chaotic. Creating a detailed financial plan is the first step toward having your financial goals and dreams become a reality. And if you don’t have one yet, how can you truly plan for the many variables that happen during one’s lifetime? Financial planning is the cornerstone that enables you to properly build your financial future with predictability, confidence, and peace of mind. These plans are the foundation that enable our clients to live A Good Life Well Lived™.

For more insights and resources, be sure to sign up for our Weekly Market Commentary. Follow our YouTube channel where we regularly post our Epic Market Minute videos. Follow us on LinkedIn, or like us on Facebook. And as always, please don’t hesitate to reach out to a dedicated service professional at Epic Capital.

Tags: , , , ,

More Insights

Apr 21, 2021

Recently, you may have seen reports that a record-low number of homes are available for sale—roughly 1.03 million nationwide. If you compare that to the average number of homes for sale during the past 10 years, it’s no surprise that many hopeful homebuyers are having issues securing a home. But why exactly is the housing … Continue reading “Forces Driving the Housing Market”

Apr 19, 2021

It can be exhausting trying to keep up with the whims of Wall Street. Lately, the financial markets have been fixated on federal taxes and what may be proposed on Capitol Hill in the weeks and months ahead. Wall Street’s focus on taxes closely follows its attention on the 10-year Treasury yield. And it wasn’t … Continue reading “The Whims of Wall Street”

Apr 16, 2021

President Joe Biden introduced the much-anticipated American Jobs Plan, which outlines an approach to spend roughly $2.2 trillion on the nation’s infrastructure and other projects. As part of the legislative process, the Biden administration also laid out a proposal for paying for the domestic investment. The plan includes raising the corporate tax rate to 28% … Continue reading “Paying for the Infrastructure Bill”

Apr 14, 2021

Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2020, will see a few changes and distinctions. December 31, 2021, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

Apr 12, 2021

There’s an old Wall Street maxim that says, “markets climb a wall of worry.” And these days, there’s plenty to worry about with the trend in long-term interest rates and bonds.

Insights + Resources >