Amateur athletes are often abandoning their educations, typically a wealth building strategy, incomplete in favor of the lure of multi-million dollar contracts, signing bonuses, and endorsement potential presented by professional sports leagues. Though most large employers typically provide a form of health care coverage as part of a comprehensive benefits package, self employed professionals and entrepreneurs will require health insurance within their portfolio of financial planning products.
In choosing an appropriate financial planning product, investors must take the following factors into consideration.
The reality faced by many athletes is that their careers are, on average, extremely short. Insurance To protect against unforeseen work stoppage due to illness or injury, professionals can opt for insurance coverage as part of their financial plan.
Through their respective collective bargaining agreements, Major League Baseball and National Basketball Association players are guaranteed revenues from their professional contracts, with the exception of violating terms explicit within the agreements.
The signing bonus is difficult to handle for young players. Employers have incentives to provide matching contributions as the IRS requires certain rates of subscription among rank and file employees to maintain eligibility for higher income earners within the corporation to enjoy the benefit of tax sheltered saving.
Due to the robust tax benefits, a K is an optimal financial planning product for investors who are willing to forgo current consumption towards their retirement goals. NFL athletes are not merely exposed to much higher risks of injury during their playing days, but must account, in their financial planning, for the potential of lingering long term injury such as arthritis and head trauma, on their earning future earning potential and needs.
Mortgage interest on a primary residence is tax deductible; professionals may accrue wealth building in their financial plan through the value of their home using this lever.
There are many unique, inherent risks in the athletic profession. To offset the tax implications of signing bonuses, Peterson advocates permanent residence in Texas or Florida to avoid state income taxes. He opts for the purchase of tax free bonds to generate enough revenue to pay for the monthly mortgage payments.
Typically, deferred annuities are used by investors looking towards a long term payback schedule, and immediate annuities are favored by the recently retired to create a guaranteed stream of income to cover living expenses.
After maximizing their K potential, Peterson has his clients invest funds into taxable accounts, mutual funds with blue chip stocks at their core.
Peterson works with 18 NFL athletes and 20 college athletes expected to make it to the next level. Social Compromise NFL athletes are at risk of social compromise through a variety of dangers.
Athletes who break the ranks of the NFL must be realistic about their earning potential and its potential longevity. For the lucky few that break the professional ranks, the average career lifespan is about 3.
NFL rookies are most at risk due to their youth and inexperience relative to their veteran NFL counterparts.Financial Planning for NFL Athletes Essay.
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The MyCiTi Business Plan for Phase 1A has undergone a number of revisions and public comment processes, and was adopted by the City of Cape Town Council meeting on 27 October It has been replaced by the MyCiTi Business Plan above. port Manitoba’s annual business plan is an important tool in providing structure and guidance to our many diverse partners and reviewed in The shared Canadian Policy focuses on developing more strategic partnerships between the.
The MyCiTi Business Plan provides for the extension of the MyCiTi system to Phase 1B and the N2 Express service, but it also incorporates and updates the content of the MyCiTi Business Plan, which addressed Phase 1A.
Sign-on to manage your Citi Cards account online. You can pay bills, organize multiple Citibank credit cards, view statements, check due dates, and more. free campus that includes two gyms, an Olympic sized pool, indoor and Chapter 2: Developing a Strategic Sport Marketing Plan from Marketing for Sport Business Success.Download