{"id":1781,"date":"2020-03-20T22:45:29","date_gmt":"2020-03-20T22:45:29","guid":{"rendered":"https:\/\/thegreenroomresource.com\/?p=1781"},"modified":"2020-07-24T21:31:25","modified_gmt":"2020-07-24T21:31:25","slug":"short-sporting-careers-heighten-the-need-for-an-athlete-financial-advisor","status":"publish","type":"post","link":"https:\/\/thegreenroomresource.com\/short-sporting-careers-heighten-the-need-for-an-athlete-financial-advisor\/","title":{"rendered":"Athlete Financial Advisors – Experience Is Crucial"},"content":{"rendered":"\r\n
Professional athletes are in the top-most echelons of the world\u2019s most driven, talented and hard-working humans. Yet, they have extremely short-lived careers. Hence, pro athletes need to act with urgency to make their incomes last a lifetime.\u00a0<\/p>\r\n\r\n\r\n\r\n
To do so, they need an experienced athlete financial advisor by their side \u2013 for contract negotiations, sponsorship analyses, risk management, tax strategies, investment advice, and more. Make no mistake \u2013 any old CPA or financial advisor will not do; you must get someone who understands the business of sports and has worked extensively with professional athletes.\u00a0<\/p>\r\n\r\n\r\n\r\n
Professional athletic careers typically start young, when most athletes are in their late teens or early twenties. The sad part, though, is that athletic careers are relatively short-lived for the most part, and, on average, fizzle out in less than six years<\/a>. This extremely short span underscores the burning urgency of having a really good athlete financial advisor by your side, ideally, while you\u2019re looking at your contract options and before you sign your first contract, but better late than never if you don\u2019t already have an advisor.<\/p>\r\n\r\n\r\n\r\n While sporting legends such as Kobe Bryant, Michael Jordan, Tom Brady and Wayne Gretzky, stand out for their long, illustrious careers, the chart below reflects a sobering reality.\u00a0<\/p>\r\n\r\n\r\n\r\n Pro baseball players (MLB) have the longest average career span at 5.6 years, followed by NHL at 5.5 years, NBA at 4.8 years, NFL at just 3.5 years (blame it on the injuries), and MLS at a mere 3.2 years.\u00a0<\/p>\r\n\r\n\r\n\r\n Professional athletes in other fields – golf, tennis, gymnastics, ice skating, etc. – face similar issues and need to hire a financial advisor who has considerable experience in their sports.<\/p>\r\n\r\n\r\n\r\n