Financial Planning For Professional Athletes
If you want to turn in an MVP performance in life as well as sport, having the right coaches can make all the difference.
Professional athletes have unique financial planning needs. At MyFuture, our Qualified Financial Advisers understand these needs and have the knowledge and experience to provide you with personalised service that protects you now, secures your future, and keeps you prepared for whatever life throws at you.
Whether you’re just beginning your career as a professional athlete or you’re thinking about your retirement potential, there are ample opportunities for you to make the most of your income, manage it wisely, and make it last well beyond your playing years. Make your hard-earned money last a lifetime with help from the experts at MyFuture.
Financial Planning For Professional Athletes
Professional athletes can earn six-, seven-, or even eight-figure salaries over what most people would consider is a brief career. This is more than the average worker will likely see throughout their lifetime. But these high salaries can provide a false sense of security if your money isn’t managed wisely.
Knowing where and how to invest your money means finding the sweet spot between risk and reward so you can continue to reap the benefits of your hard work all the way through your golden years.
This is where financial planning takes the podium.
Laying the foundations of solid financial security will enable you to pursue the lifestyle you’re accustomed to or the lifestyle you want, whatever that may be. You’ve put in the hard work to reach the top levels of sport, but enjoying your earnings won’t require you to jump through the same hoops.
When you’re on the right team, your financial planner can do the hard work and set you up for success every step of the way.
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How Does Financial Planning For Professional Athletes Work?
Establish and define our relationship with the client
We offer a no-obligation FREE Discovery Session to get to know each other which can take place either online or in a location of your choosing.
Gather our client’s data and familiarise with their goals
We assess your assets, debts, income, and expenses to understand what your current situation is, what you want to achieve, and what resources are available to help you accomplish those goals.
Analyse and evaluate your financial status
We assess your goals based on your current financial status. We also determine whether you have adequate risk management strategies to protect your assets.
Develop and present our financial plan recommendations
In partnership with our Advisory Panel, your Financial Adviser outlines how best to achieve your financial goals with multiple options to choose from depending on your personal risk profile.
Implement our financial plan recommendations
When you understand and approve the recommendations, we help you to implement them. We try to do as much as possible in-house for you, however when necessary we will connect you to any professional services you may need to execute your strategy.
Monitor the implemented financial plan
The real fun begins as we manage and track your financial success! We’ll review your priorities to ensure your strategy is appropriate for your goals, as well as the performance of your plan to make sure you remain on track to achieve your short-term, medium-term, and long-term financial goals.
Why Is Financial Planning For Professional Athletes Important?
With such lucrative earning potential at the most youthful time of your life, it’s easy to get carried away with living a lavish lifestyle, helping out family members, buying luxury goods, and generally enjoying the fruits of your labour. While we don’t blame you for living it up, a financial planner can make sure you can continue to live it up for as long as you’d like, well after your professional sports career has come to an end.
As a professional athlete, you’re in a unique position since you probably won’t be able to continue earning the big bucks until you’re long in the tooth. Thankfully, by protecting your assets, utilising effective tax saving techniques, investing strategically, and spending wisely, you can make your funds last regardless of whether or not your contract is renewed, you suffer a career-ending injury, or decide to walk away on your own terms.
Beyond providing financial independence and personal freedom, financial planning also lets you continue to dream big. Whatever your personal goals, whether you want to change careers, retire early, start a new business, or splash out on a new car or boat, your financial goals are within reach when you work with the right financial planner.
So what are you waiting for? The key to your financial freedom is at your fingertips, so get in touch with the Qualified Financial Advisers at MyFuture today and we can get started on helping you continue to live the dream. Book a FREE no obligation Discovery Session now.