There are many types of firms available to assist athletes in planning their financial futures and investing appropriately. Such services include tax preparation, bill payment, cash-flow management as well as investment management and financial planning.
Why Do Many Pro Athletes Have Such Serious Financial Problems?
Because athletes are on the road quite a bit, depositing of paychecks is not a regular activity. Athletes run into difficulties such as the termination of their utilities. In order to avoid these problems, it is wise for athletes to retain the services of a financial services provider, especially one that may provide direct deposit accommodations.
Should Cash-Flow Management Be a Priority for Athletes?
Absolutely. Athletes' careers do not last the length of a normal full-time, salaried employee and may not have another career lined up after retirement. It is important for athletes to begin saving immediately for the future while refraining from making many frivolous purchases. For example, according to the NFL, the average player's career is just over three years. That's a pretty short time to accumulate money.
If an Athlete Is Traded, Can He Retain the Same Services?
Yes, provided the firms providing the services are licensed in the state he was traded to.
Do I Need a Sports Law Attorney?
Almost every aspect of athletic competition today involves sports law. Conflicts that arise implicate legal issues ranging from personal injury to contract negotiation. If you feel that you have a dispute involving sports law, or just need representation in general, it may be wise to consult with an attorney. Speaking with the proper sports lawyer will help inform you of your rights and possibly provide you with financial planning or lead you to someone who can provide such resources.