We asked our CFPs, CPAs, and founders for their playbooks on financial planning for professional athletes to minimize tax and maximize wealth potential.

A look at how some of the most well-known athletes have chosen to spend their earnings - examples of how and how not to spend your fortune.

The sports field is littered with stories of athletes who went broke. Unfortunately, athletes make a lot of financial mistakes. Despite lucrative playing careers, they often end up with no money and no retirement plan, wondering what went wrong.

There is always a lot of “noise” out there when it comes to investing and the stock market. Whether its headlines in the news, a conversation with your neighbor, or your wife telling you what she heard from her friend at work.

Like in most election years, people are very passionate about who they support and who they want to win. This year is no different as people’s emotions are running high. They also have strong opinions on what this will mean for the economy and stock market. It’s okay for us to feel the way we do because that’s what makes us human. It is perfectly normal to address these emotions, but we also need to realize that people can make costly mistakes when making decisions clouded with emotion. That is why it is extremely important to remove emotion from investments, and to make practical decisions based on real data. Rather than promote one particular party or platform, this is being written to provide evidence-based data.

Today, the IRS provided the full details of the tax payment extension in Notice 2020-17.

Over the course of a summer, it’s not unusual for the stock market to be a topic of conversation at barbeques or other social gatherings. A neighbor or relative might ask about which investments are good at the moment. The lure of getting in at the right time or avoiding the next downturn may tempt even disciplined, long-term investors. The reality of successfully timing markets, however, isn’t as straightforward as it sounds.

It’s not what you sign for that matters but what you put in your pocket. As a player, your ultimate goal is not the gross MLB signing bonus amount; rather, it is the net (after-tax) amount. Are you familiar with how an MLB signing bonus is paid out?

Are you familiar with how an MLB signing bonus is paid out? Historically, teams have split the gross amount into two equal payments over two years. The most costly mistake? Believing this is non-negotiable.

It will soon be the 10-year anniversary of when, in early October 2007, the S&P 500 Index hit what was its highest point before losing more than half its value over the next year and a half during the global financial crisis.

Do amateur athletes have disability insurance options to protect their potential future earnings as a professional athlete? What if the player suffers an injury/illness that is not career ending but significantly decreases the athlete’s value? What is the eligibility for coverage?

Congratulations on receiving your first signing bonus payment. But, I’m guessing you are wondering if the team withheld too much tax or not enough. To make matters worse, what the team withholds is most likely different than what you will actually owe. Understanding your first paystub can be confusing which is why we have put together this guide.