It can be easy to look at your contract with a professional sports team and see nothing but presumed financial security in your future. However, with such a generally short career span, you’ll need to start thinking about retirement and not just retirement after your last game, but decades into the future. Preparing for a secure future is extremely important for professional athletes, and Fortis Lux can help you practice smarter wealth management.
The cornerstone of wealth management for professional athletes is investments that will make your capitol grow. Once you retire from the game, you can live off of the interest earned in your investments. The income you earn during the years you play is also enough to make higher-risk investments that are more likely to grow along with secure investments that will keep enough of your net worth safe to secure your future.
The more money you make, the more taxes you’re going to owe. You’ll need to pay taxes not just out of your paycheck, but on your property and investments as well. One of our financial advisors will help you set aside enough money each year to cover all of your taxes and work with you to strategize how to lower your tax bill if possible.
Many athletes, who earn a comfortable living for a number of years can find themselves in debt and unprepared for retirement due to of poor financial decisions. Fortis Lux helps professional athletes stave off such a future with smart financial planning now. Give us a call today at (212) 578-0300 for more information.