The two fatal mistakes athletes make are hiring the wrong advisors and trusting them far too much. Earlier this week 60 Minutes aired “Thrown for a Loss” which shared the sad story of how several of the NFL’s biggest stars lost a total of $43 million in a risky venture brought to them by a financial adviser registered by their own union. Away from the NFL limelight, there’s mounting concern that young, rich and unsophisticated players in the league are falling through financial trap doors, often led by the very advisers paid to protect their new found wealth.

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The most common financial mistake we see Major League players make is not taking advantage of all the tax savings strategies available to them. This results in a player paying more taxes than necessary and missing out on years of future growth of the tax savings amount. There are 3 critical planning opportunities you will want to make sure you take advantage of this off-season.

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The problem you face as a professional athlete is not the lack of people willing to extend a helping hand but the number of unqualified advisors soliciting your business. Thanks to the widespread flow of information on the internet it seems that everyone is now a financial guru. The biggest risk that you face is listening to bad financial advice from unqualified people.

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Why do we play the game? The simple answer: to win. If MLB teams did not care about the outcome of the game, they would choose players based on who they liked, who they were friends with, and who they were related to. We all know this would never happen and is why teams invest hundreds of millions of dollars into building the best team possible. When there is something of great value on the line, most people will commit their time, energy, and resources into creating the best opportunity to succeed.

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You have heard it said before, you are different than the average individual when it comes to wealth but exactly how? There is the obvious financial difference that your salary as an athlete is far greater than the average individual but that is only the beginning.

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This year is unique in that the total amount of pre-tax and employer contributions to the MLB Vanguard 401(k) Investment Plan could exceed the IRS limit for total contributions in one year.

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Are you familiar with how a signing bonus is paid out? Historically, teams have split the gross amount into two equal payments over two years. It is a common misperception that the 50/50 payment structure is the only option. Not only is this false, for the majority of players it is also the least advantageous.

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April 30th marked the first full paycheck players received. Were you surprised by the amount you received? Do you feel like your team is withholding too much in taxes?

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It is hard to be concerned about what will happen 20 to 30 years in the future while you are focused on performing at the highest level on the field today.

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Contrary to conventional wisdom, the biggest risk that you face isn’t the volatility of the stock market, it’s bad financial advice from unqualified advisors.

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When you miss a business expense, you are forcing yourself to pay more in taxes. One of the most important ways to save a ton of money on taxes is to properly track your business expenses this upcoming season.

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Players first signed at age 18 must be added to 40-man rosters within five seasons or they become eligible to be drafted by other organizations through the Rule 5 process. Players signed at 19 years or older have to be protected within four seasons. Clubs pay $50,000 to select a player in the Major League phase of the Rule 5 Draft, slated to take place on Dec. 10. If that player doesn’t stay on the 25-man roster for the full season, he must be offered back to his former team for $25,000.

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As a potential 2017 MLB Draftee, you have the opportunity to earn a substantial amount of money. In 2016 there were 72 players who received signing bonuses at or above $1,000,000. In an instant you will suddenly have more money than ever before, and despite being young and inexperienced, you will have to make decisions that will affect you and your family (present and future) for the rest of your lives.

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Sadly, another athlete has fallen victim to purchasing one of the most abused products sold to professional athletes, Whole Life Insurance.

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It’s crucial for you to properly track your business expenses to ensure you do not have to pay Uncle Sam too much at tax time.

The IRS considers a business expense as any cost that is “ordinary and necessary” to operate your business (baseball). These expenses are tax-deductible (write-offs).

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Following up on our discussion of asset allocation and diversification from last month, we wanted to address the different asset classes that are used in these processes. Investopedia defines and asset class as “a group of securities that exhibit similar characteristics, behave similarly in the marketplace, and are subject to the same laws and regulations.”

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State Residency is one of the hottest topics amongst professional athletes. It is also one of the most misunderstood. The days of simply using someone else’s address and getting a new driver’s license as a way to “claim” residency are over. States have become more savvy and are proactive in securing what they believe is their rightful claim of an athlete’s income.

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Did you know that MLB players file bankruptcy 4 times more often than the national average?

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