If you’re one of the very select, talented, and lucky people to rise above the competition and become a professional athlete, congratulations! You’ve achieved what many people dream of, but very few can achieve. Unfortunately, many professional athletes make poor financial decisions that can haunt them long after their time in the field is over. Here are some of the reasons that wealth management for professional athletes is essential.
They Think They’ll Be Able to Play Forever
With modern sports training and medicine, many athletes assume they’ll be able to play well into their 40’s. While this is true for an elite few, the average career for professional athletes in major sports is only between five and ten years. Because of this, the window for peak earning potential is short, and young competitors need to acquire wealth management for professional athletes as early as possible.
They Spend Money Unwisely
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