Many athletes who are turning pro have been in the spotlight for their performance throughout their lives. At every turn, people have sought their attention. This is evident with the number of social media followers many athletes have. However, now that they are moving to a critically important and life-changing stage in their careers, a new spotlight is shining: the “wealth spotlight.” Now the media emphasize how much they might be paying in taxes, which charitable organizations are the recipients of their good fortune, and what they are doing “off the field” (good or bad). With that in mind, we offer the following tips for athletes (or anyone) on the verge of sudden wealth.
Take a pause. Take a deep breath and hold off making any major financial decisions for at least six months from the time you receive your first substantial check. It may be overwhelming, but an individual needs to define a plan before making quick or uninformed decisions that cou