Professional Advice from a former Professional Soccer Player
One of our firm's Private Wealth Advisors, Jason Garey, was a professional soccer player prior to starting his career with Meridian Financial. He understands some of the common mistakes a professional athlete can be tempted to make with their money. He also understands that it can be hard to find agents, attorneys, and advisors that you trust and who have your best interest in mind.
In working with many professional athletes, we developed a checklist to help build and maintain a strong financial position while playing a sport professionally through contract negotiations, team transitions, and into retirement, your next career, and beyond. Here are Jason’s top five financial tips for professional athletes.
- Put together your team. This may include an agent, an attorney, a credentialed financial advisor, and an accountant. Others can be added at the player’s discretion and depending on their situation, but this is a good core team.
- Create a budget and a financial plan and stick to them. Know how much money you’re making, have goals for how much you need to save for retirement—from playing and for when you’re finished working altogether.
- Protect yourself and your family with insurances. There are basic insurances that help protect from catastrophic financial events. Auto, home or renters, and life insurance are all must haves in our opinion.
- Beware of businesses and investments that seem too good to be true. This is true for anyone, but when your salary is public and it’s an impressive figure, you’re especially likely to be targeted.
- Review and revise your financial plan as needed. It’s a good idea to meet with your financial advisor at least once per year. With many of our clients who are athletes, we meet with them quarterly, as they sign new contracts, get traded, or have other major life changes.