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Category: Guest Bloggers’ Posts

Finding Financial Success as a Professional Athlete

Finding Financial Success as a Professional Athlete

The life of a professional athlete appears to be very exciting and stress-free on the surface. Your athletic skills surpass most normal individuals, providing you the ability to earn a higher than normal income, possibly leading to a luxurious lifestyle. Even if you do not yet have the financial ability to lead a comparable lifestyle to other higher profile athletes, it does not seem to stop some athletes from trying. The average person has heard the old adage, “Keeping up…

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Be the CEO of Your Career

Be the CEO of Your Career

by Debra Russell   Money Smart Athletes Know They Are the CEO of Their Career Many athletes, particularly those in team sports, think of themselves as employees. You work for your team and your agent. And that may be true from a tax standpoint. But it is not how a Money Smart Athlete thinks. If, in your mind, you work for your team, then they have all the control. It is a much more powerful mindset to think of yourself…

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The abrupt ending of a sports career – an athlete’s testimonial

The abrupt ending of a sports career – an athlete’s testimonial

Lunch time discussions when I was around 18, always revolved around my future career.  Decisively, I would argue that a suit was not in order; my life was in the gym, on the court in shorts.  “Come my 40th birthday, please ask me again”. At age 20, I was on top of the world; a “Monarch”, at Old Dominion University, Division 1 basketball program in the USA.  My first collegiate game, against then nationally ranked number 5 Stanford, was a…

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5 Steps to Winning In Any Economic Environment

5 Steps to Winning In Any Economic Environment

The state of our economic environment is told from two very different lenses. One lens is told through attention grabbing headlines tugging on our emotions. The other lens is told through the price per share of publicly traded companies, the rate of unemployment, inflation, and the cost of products sold. Both lenses can result in the Money Smart Athlete going broke or living financially independent in retirement. Learning how to adjust and see through both lenses will determine how the…

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What the Money Smart Athlete Should look for When Choosing a Personal Insurance Advisor and an Insurer

What the Money Smart Athlete Should look for When Choosing a Personal Insurance Advisor and an Insurer

While most people will never experience a catastrophic loss that tests the boundaries of their insurance contract, as a Money Smart Athlete you should always have a strategy in place which anticipates that shock loss you never expected; knowing that your insurance program was structured properly makes you feel secure and worry-free. Athletes have the added challenge of their fame which can bring more unusual exposures than the average person.  Everyone remembers the car accident that Venus Williams encountered which…

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A good legal advisor can help athletes maximize their value

A good legal advisor can help athletes maximize their value

A professional athlete’s career is unlike any other profession we know of.  While most of us just see the highlights of our favorite superstars on television, we tend to turn a blind-eye to what goes on behind the scenes.  Most athletes have spent the majority of their formative years training towards reaching the uncertain pinnacle of a professional career—often times and by necessity, at the exclusion of developing other skill-sets more adaptive to the mainstream employment market.  Yet, an overwhelming…

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What the Money Smart Athlete should look for when choosing a banker

What the Money Smart Athlete should look for when choosing a banker

As a Money Smart Athlete, you should know that your banker plays a key role in your financial life. Actually, you may come to realize that your banker can be a sort of silent partner!  If your banker is well acquainted with your business affairs, your industry and your community, he or she can be an important financial and business advisor and a critical component of any growth plan. We realize that it’s not easy to choose a banker who…

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How are professional athletes taxed in the US

How are professional athletes taxed in the US

Our guest blogger for April is Jonathan Miller, CPA (www.millerjcpa.com) and through an interview, he has given the Money Smart Athlete an overview and insights on how taxes work for athletes in the United States.  Jonathan is the co-founder and president of the Sports Financial Advisors Association in the United States and his CPA practice in Arizona has been advising a number of athletes for more than 30 years. MSA:  How are professional athletes taxed in the US for salary…

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The Money Smart Athlete’s Relationship to Failure

The Money Smart Athlete’s Relationship to Failure

by Debra Russell   As an athlete, you have a distinct advantage when it comes to financial challenges or failures – that is, if you remember the lessons you’ve learned from your sport. There Is No Failure, Only Feedback! As a successful athlete, when you have a loss, or blow a play, you cannot afford to wallow in despair. You know that every mistake brings with it an opportunity: To learn, To grow, To hone your skills, To evolve your…

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Investing Advice for Money Smart Athletes

Investing Advice for Money Smart Athletes

by Bonita Bell-Andersen I once overheard a stock broker bragging to a man about the yacht he kept docked at the most exclusive club in Seattle, and the man replied, “Where are your client’s yachts?” You may be wondering if it is a good idea to invest. On the one hand, it seems like it would be a wise thing to do, and on the other hand, you might be worried about losing your shirt. After all, we’ve heard the…

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