I stumbled on an article in Kiplinger’s about how athlete’s should be handling wealth management.
We’ve all heard the stories about the Iverson’s of the world claiming to be broke after amassing millions of dollars. My theory has always been that some kind of financial planning is needed BEFORE a draft and immediately after.
So this article offered by a guest columnist is great in theory, but just reading through it made me want to fall asleep.
Financial panning for groups of young men and women, in my opinion, needs to be scaled down. Way down.
Like to the very basics.
This isn’t to say that these newly wealthy individuals may not be able to comprehend or understand some of the lingo, but then again -maybe they can’t.
In order to have a successful reception of information such as power of attorneys, estate planning, variable life insurance and more you DO have to consider your audience.
Demographics play a major role so the message shouldn’t consist of the cookie cutter approach. It needs to be understandable and most importantly, relatable.
It’s great to hear that someone finally got a clue that these athletes being catapulted into tax brackets like no other need a little help managing these dollar bills.