Our mission is to understand your needs, wants, and desires – as well as your values, your boundaries, and your ability to withstand or tolerate risk – to help you reach your investment, wellness, and lifestyle goals based on who you are as a person.
Holistic Wealth Management for Professional Athletes
DID YOU KNOW…
- Athletes likely earn 70% to 90% of their lifetime earnings before age 35
- MLB players file bankruptcy 4 times more often than the national average
- Professional athletes are required to pay income taxes in every state they compete in
- The divorce rate among professional athletes is approximately between 60% to 80%
Compressed Earnings Potential of Professional Athletes
As a professional athlete, you will be faced with many challenges and decisions in your career. You may run into bad financial advice, mismanagement of your resources, and injuries that could put your financial future in jeopardy. Every dollar you’ve earned through your blood, sweat and tears can essentially disappear in the blink of an eye.
According to a segment on CNBC, professional athletes have a greater-than-average risk of outliving their savings since their retirement may need to last over 50 years. This is largely due to the highly compressed earnings potential of professional athletes who, on average and across all professional sports, have something less than 5 years to maximize their earnings.
- The average NFL career is just 3 ½ to 6 years
- The average NBA career is something less than 5 years
- The average MLB career is less than 5 years
- The average NHL career is less than 6 years
Regardless of your earnings as a pro athlete, the fact that you have many fewer years to earn your living than most other people, requires that the investments you make during your playing years must last far longer. In other words, you’ll need help to ensure that your short-term earnings become healthy, long-term investments.
Playing the Savings Game Right
Although you should be planning for the endgame, putting the right steps in place is key. Many pro athletes have made the mistake of not being prudent in their spending or saving, which creates a downhill snowball effect that, before you know it, can ruin your life. Shifting your mindset, making the right investments, and diversifying your savings can make a significant difference in how things turn out in your financial future.
Making the wrong assumptions on how long your career will last is not only presumptuous, but can be devastating if things don’t go as planned. As an athlete, nothing is guaranteed, so making the best moves while you can is more than good planning, it’s smart strategy.
Executive Wealth Group
When you’re putting together a viable financial plan for the future, Executive Wealth Group is here to assist. As a FINRA Registered Investment Advisory (RIA) firm, we are an independent entity. With our help, you won’t experience those issues you may encounter with a larger broker dealer firm, while receiving the same benefits.
Our job is to make sure you have the resources you need for a prosperous financial future, without being hassled about purchasing in-house products.
Executive Health Group
Our holistic business model is unique, in that we offer a boutique VIP concierge organization through our Executive Health Group. We assist you in getting preventative and necessary treatment for medical issues that may occur while you’re on the road. Executive Health Group provides benefits and services that work with your health plan to provide the care you need, at your service.
You may have already been thinking about your athletic career and the complications that are involved. It’s important to put your future first and get things in order – physically and financially.
If you’re seeking a partner you can trust to provide advice and guidance, you’ve found it with Executive Wealth Group. Let’s work together to keep your plays sound and your game intact!
Click here to learn whether our unique approach to Holistic Wealth Management for professional athletes is right for you, with our FREE Initial Consultation.