Purchase Guidance & Cash Management Considerations for Pro Athletes
With new contracts come great rewards – but also responsibilities, tax implications and financial health considerations. The world is your playing field; H&M is here to help you play offense and defense with your money. Let’s dig further into some of the accounting services
that will help you ensure you make the most of your salary – have a great time doing it.
Purchase Guidance & Advising to Make Smart Moves
Many professional athletes seeking financial advising
are coming straight out of college. This is not only their first opportunity under the big lights, but also the first time they have such large financial liabilities. Act against compulsive feelings now that you’ve got money in your pocket. Spend a little on an accountant that has your best interests in mind to ensure when you spend a lot, you make the most of that money move. While you don’t need to be frugal, you should be money-minded.
An accountant that you know on a first-name basis will help guide you when it comes to buying properties, setting aside retirement funds or even investing in additional revenue streams. It also doesn’t hurt to have a tax expert in your corner to keep track of some of these larger expenditures and to know the tax rules within your state of residence. These folks can even help you mitigate tax payments by finding holes in the tax code that most people gloss over.
to Keep You On The Right Track
As a professional athlete, you’re essentially a walking, talking, spring small business. Your service? Your talents. And the most successful small businesses have a reputable 3rd party that provides “cash management” services. Having an extra pair of eyes on cash in and cash out ensures you don’t go too far with some of your financial decisions. You can live your best life; these folks will ensure your long-term bases are met. They will manage your funds so you don’t have to break a sweat worrying about it.
It is no secret that a career in pro sports can lucrative. But, oftentimes your income can ebb and flow. Making the right decisions about your money management now will allow you to be safe and secure long past when you leave pro sports in the rearview mirror.
Holbrook & Manter Is Here To Help
Now is the time to partner with a CPA that is well-versed in your industry and has learned invaluable information from their experiences
. From athletes to coaches and everyone in between, we can help you navigate your finances. Reach out to us today.