You are already aware that your career is likely to be over before you know it. Very few professional athletes make it past the four year mark. If you have already done so, consider yourself fortunate, but you still know that the day will soon come when you take off the uniform for the last time. At the same time, you may be earning a great income while you are playing. It is time to work now to make sure that this money lasts far after that last game. This is where wealth management for professional athletes comes into the picture. It is time to begin really putting your money to work for you. Start the Process Early The earlier you plan out your professional career, the better. This should start before you are even drafted. Make sure that you have a plan to stretch your money as far as possible.
You must account for injuries putting you out of action before you reach your prime, and you need to be able to survive after playing until you find a suitable career to carry you on. Many athletes struggle in this area because they salary they receive seems like it will last forever. Wealth managers will advise putting much of this money away to account for the up to sixty years that you could live in retirement. Manage Your Brand Professional athletes carry forth their own brand. It is important to manage your salary, endorsements, and other rights to your playing career as effectively as possible. This will also carry into the years following your playing career, as many athletes will find that their name still carries tremendous earning potential even if they are not on the field or court. Because of this, it is important to have someone on your side who can manage your brand and turn it into money. The key is to manage the wealth that you have so that it works for you for the long term. If you can do that, you will enjoy a long and prosperous future.Read More