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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Earning endorsement income (card deals, appearances, equipment deals, etc.) is not only great because it’s extra income, but also because it provides you with the opportunity to pay less tax today and maximize your tax-deferred investment growth, ultimately helping you accomplish your financial goals more effectively.
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We often talk about diversification and how we allocate your money into many different asset classes. This is one of the most fundamental principles to successful investing. A real life experience, totally unrelated to the stock market, can help to explain the concept.
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The most harmful and inaccurate piece of advice that many players are told before the draft is, “you don’t need a financial advisor before the draft.”
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As a high level prospect you have most likely become accustomed to playing in front of a sea of scouts. You no longer take notice of the wave of radar guns that are raised as you begin your delivery or the click of stop watches as you speed down the baseline.
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It’s that time of the year again. Spring Training and Taxes! Of course, you’re probably more excited about Spring Training and less about taxes. I thought it would be helpful to shed light into why a tax refund is actually a bad thing and can potentially cost you money.
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We believe that the very foundation for why we, or anyone, should invest their money is: To Achieve Their Goals. Common sense tells us that we should have goals for our money, but so often when we evaluate prospective clients’ portfolios, we see that their goals rarely match how they’ve been allocated.
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With the season just around the corner, we wanted to share with you a valuable resource from one of the foremost experts in the field of professional baseball strength training, David Constant, BA, CSCS, CPT.
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Becoming a successful investor can be paralleled to becoming a successful and safe driver. For the most part as a driver we have a lot of freedom.
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As a Professional Athlete can you answer each of the following questions? Where will the next $1,000 you make go? Will it all go to your investment account? Or like so many, will you thoughtlessly spend? How long will your career last?
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For most of society who operates by earning a pay check every two weeks a sudden inflow of a large lump sum of money (financial windfall) can be overwhelming.
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Being drafted and becoming a professional player is an exciting yet dramatic change for every athlete. You are suddenly dealing with significantly more money along with much higher expectations for spending.
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