Athletes Need to Understand that Their Careers are Businesses.
You trained your entire life to be a pro-athlete. You put all that determination and grit into honing your body and mind into a seamless machine that will excel in your sport. Even though many athletes have fully disciplined themselves into making their bodies into vessels of physical greatness, why do they usually not put so much thought in their finances? I was introduced to an NFL football player who earned more than $50 million over his career. He didn’t save any of it, squandered it on bad investments and is now an Uber driver. I have come across too many players who squandered their earnings and not build adequate wealth for the next chapter of their financial life. If you can hone your body, you need to have a team that can hone your finances with proper business management!
When athletes hear of “business management,” they think of simple bookkeeping and bill-pay. These functions are crucial because your wealth should not be siphoned away due to unnecessary account and late fees. You should be focused on excelling in your sport, not making sure you made your Visa payment on time. But business management is much more than a click of a button to American Express; it is about having a team that will analyze your personal and business income to make sure it is optimized from a tax and cash-flow perspective. Business management is having a team that will handle your financial affairs including insurance review, vetting of real estate opportunities, and development of business prospects. It is no coincidence that the most successful athletes have business management groups larger than their athletic teams. Athletes are more than just celebrities that do battle in a sports arena. They need to treat their careers as a business. They need a team like PMG Intrinsic to make sure that their business affairs are in order: not only that their bills paid, but that they have a sophisticated team that can help them vet and develop a new stream of income to catapult them into the next chapter of their life. Too many times hucksters approach athletes with fanciful untested investment vehicles. Athletes need business management to serve as their first line of defense in vetting these opportunities, and making sure they are tax efficient and will generate positive cash-flow.