As an athlete, you worked as hard as you could – for as long as you could, to make as much money as you could.

Now, that money needs to be preserved and prolonged for as long as possible. In order to protect those hard-earned assets, you need a plan.  A gameplan, if you will.

Find an advisor   First, you need the help of a professional.  This is too important to not take seriously.  Too important to entrust to some internet tips (present company excluded).  You need to find some help and follow some wise counsel.  

Financial advisor  When you hear the  term “financial advisor” what comes to mind?  By definition, a financial advisor (FA) is someone who has studied financial things and passed some terribly rigorous industry exams to become a registered advisor.  They are well-versed in everything you need to know about your finances.   

A financial advisor will look at the totality of your situation.  They will assess your situation – gathering data that is unique to you only.  Your situation is custom and your service will be customized, as well.  Your age, bank balance, other investments, debt and credit card balances are all essential factors.

Your advisor will also look at you marital status, number of dependents, and other factors that will impact your tax situation.

Most importantly, your advisor will learn about your short and long-term goals and will choose investment vehicles to help move you along with expectations of meeting those goals.  You’ll need to bear in mind that the financial markets are always unpredictable and that there is always risk involved, no matter who your advisor is or what firm they are connected to.

Lastly, financial advisors are typically paid a fee based on total assets under management (AUM).  Rates are very competitive and advisors are not allowed to charge excessive fees.