Navigating Wealth as a Professional Athlete

As a former professional baseball player, I have a unique experience that allows me to understand what a Major League Baseball draftee will go through in the months leading up to the draft and the years after the draft—and the financial responsibilities that come with it.

The Transition to Professional Athletics

In team sports, athletes grow accustomed to coaches who guide, educate, and motivate them toward their goals. However, as a professional athlete, you face new responsibilities—financial and otherwise—without an assigned coach to navigate them. Suddenly, you’re tasked with managing a signing bonus, understanding complex tax structures, mitigating financial risks, planning for long-term goals like college or charitable giving, and balancing cash flow and investments. These demands can feel overwhelming, especially when your primary focus is advancing your career.

Reflecting on my own experience, I wish I had worked with a financial advisor who understood the unique financial landscape of professional baseball. Without such guidance, athletes often face three choices: manage these responsibilities themselves, ignore them, or delegate to others. Each option carries risks if not approached strategically.

The Financial Challenges of Sudden Wealth

A signing bonus is a transformative opportunity, but it comes with complexities. Federal, state, and “jock taxes” (levied in states where you play) can significantly reduce your earnings. With the average professional baseball career lasting just 3–5 years, every dollar must be optimized. Beyond taxes, athletes must navigate endorsement income volatility, plan for future milestones, and protect against financial pitfalls. Balancing these demands while maintaining peak performance on the field is a challenge few are prepared for.

Similar financial pressures apply to families and professionals managing wealth. Without a clear strategy, it’s easy to make impulsive decisions or overlook critical planning, risking long-term stability.

The Power of a Financial Team

Just as championship sports teams and successful businesses rely on specialized experts, your financial life benefits from a coordinated team. As a financial advisor, I see myself as your financial coach—working with your team of accountants, lawyers, and planners to help ensure alignment, motivation, and success. My role is to keep your financial strategy on track, allowing you to focus on your career and personal priorities.

Your Path to Financial Success

The transition to professional athletics is a pivotal moment to build lasting wealth, but it requires a game plan. Don’t go it alone. As your financial advisor, I’m here to help assemble your team, align your strategy, and help you optimize your wealth management. Whether you’re a newly drafted athlete, a family planning for the future, or a professional seeking financial security, let’s work together to turn your opportunities into enduring success.