Trust – I routinely look up the definitions of words. Oddly enough, I love reading the definitions of everyday words as I believe it re-educates us on messages we are trying to convey, and more importantly how the recipient processes and receives the message.
Read MoreEvery morning I wake up and check the news to see what has happened overnight with the market. Like most mornings in 2020, there was a focus on how bad Covid is. The thoughts rushing through my head were probably the same that go through yours… “Is this ever going to stop?” “Will we ever go back to normal?” “What will baseball look like next year?”. Then, in perfect 2020 fashion, and less than 30 minutes later, news broke that drug makers Pfizer and BioNTech have landed on a vaccine that is more than 90% effective in protecting against the dreaded Covid-19. They called this a “Great day for science and humanity”. Immediately the stock market futures jumped more than 5%, and as of writing this the DJIA and S&P 500 are still trading at their all-time highs.
Read MoreLike 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.
Read MoreToday, the IRS provided the full details of the tax payment extension in Notice 2020-17.
Read MoreOver 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.
Read MoreIt’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?
Read MoreAre 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.
Read MoreProfessional athlete residency is one of the hottest topics discussed among professional athletes. It is also one of the most misunderstood. A change in residency, when done correctly and for the right reasons, may result in significantly lower taxes. However, if done incorrectly, it can be a financial disaster. Therefore, you would be wise to only take advice from a Certified Financial Planner (CFP) and Certified Public Accountant (CPA) who have the experience of helping athletes establish residency.
Read MoreAt the end of 2017 President Donald Trump approved “The Tax Cuts and Jobs Act of 2017 (TCJA)” which went into effect this year. There are new provisions that have a dramatic effect on your MLB Signing Bonus and now require more proactive planning than ever before.
Read MoreAs you know, tax reform is being hotly debated in Congress right now. Both the House and Senate have passed versions of a tax bill and efforts to reconcile them are underway. There are provisions that have a dramatic effect on professional athletes and require proactive planning before the end of the year. Failure to address this by the end of the year could result in a permanent loss of tax savings on these deductions.
Read MoreIt 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.
Read MoreWHAT IS THE VANGUARD 401(K) INVESTMENT PLAN? The Investment Plan, also known as a 401(k), allows you to: Accumulate a significant amount of cash you can use to help provide financial security during retirement. Get an immediate tax break, because contributions come out of your paycheck before taxes are withheld. Get tax-deferred growth — meaning you don’t pay taxes each year on capital gains, dividends, and other distributions. This allows your money to compound more quickly than it would if it were taxed yearly.
Read MoreDo 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?
Read MoreCongratulations 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.
Read MoreThe 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.
Read MoreWe were all saddened to hear of the recent passing of Yordano Ventura. While the baseball community mourns the loss of another young superstar we cannot help but think about his family. As wealth managers responsible for the management of a player’s affairs we hope that Ventura’s agent, financial team, and family had done everything necessary to plan for this unforeseen tragedy. We felt it prudent to share a few key planning items to ensure future players and their families are protected.
Read MoreAs a professional athlete, there are several planning strategies you can take advantage of that can potentially save you thousands of dollars, which is why it’s important to find a qualified Certified Public Accountant (CPA®) who specializes in working with athletes.
Read MoreIt’s easy to get nervous when markets become unsettled. We are here to guide you through these emotionally difficult times and put you in the best possible situation to realize your financial goals.
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