David Osborne Austin Helps Athletes Managing a Sudden Influx of Wealth When Transitioning to The Professional Sports
David Osborne from Austin works with professional athletes to ensure that their sudden influx of wealth does not go too much to their heads. In this way, he can help protect them from the financial loss that so often impacts many athletes today.
Why So Many New Pro Athletes Struggle Financially
Over the years, David Osborne of Austin has seen many new professional athletes struggle to grasp the extent of their new financial windfall. Some of his clients come from low-income backgrounds and found that their new contracts were almost too large to manage independently. Unfortunately, many of these clients struggled without David Osborne of Austin‘s help to steer them in the right financial direction.
Some athletes react by spending too much money buying luxury cars, expensive homes, and traveling the world. Others end up trying to give back to their community – a noble goal that David Osborne of Austin supports – but they give too much at once. As a result, David Osborne of Austin has had to educate them and provide financial guidance to keep things in control and avoid unfortunate spending patterns. In addition, it is good to have checks and balances, having an independent Financial Advisor, CPA, attorney, and agent all separate from each other creates security for the athlete’s financial future.
How David Osborne Austin Can Help
In professional sports and financial planning, David Osborne of Austin always emphasizes how tenuous a career can be for some. Just look at famous quarterbacks, like Robert Griffin III, who had a career cut short by injuries beyond their control. David Osborne Austin has found statistics that show that nearly 80 percent of former NFL players are bankrupt two years after their career ends.
However, David Osborne of Austin has helped many athletes avoid this problem by expanding their financial investing opportunities.
First of all, he consults with their CPA to help get their tax situation in proper order before they start spending too much money. Yes, they will have considerable cash right away – but David Osborne helps them understand how quickly taxes can evaporate this money.
He helps them understand various write-offs – such as travel expenses when going to games – and other cost factors that keep their taxes lower and less damaging. Then, David Osborne talks to them about various investments they may want to make in diversified markets or other areas. Balancing a good portfolio often requires a skilled and subtle approach for many.
Finally, it is essential to find low-risk investment options that stay stable or improve with time. David Osborne of Austin can help set up a retirement fund, such as an IRA for many athletes. Some stock market investments are the right choice, but David Osborne of Austin limits doing many high-risk options. With a professional athlete, their career is already high-risk enough. David Osborne of Austin helps his clients select and customize the options best for them to meet their long-term goals.