THE LEDGER

The finances of pro athletes too frequently follow a riches-to-rags trajectory. Not the least of their challenges involves finding a good financial adviser. In his search for good advice, Biggers followed the counsel of his cousin, Miami Heat forward Udonis Haslem, to a group led by financial advisers Aaron Parthemer and Sylvester King Jr. at Morgan Stanley Smith Barney in Fort Lauderdale.

n a single year, thriving pro athletes earn more than what an average office desk-dweller makes in a lifetime. Thus, players discovering their newfound wealth can burn through six or even seven-figure salaries quicker than they can score their next goal.

On average, professional athletes who manage to land big-figure contracts from teams looking to source their talent face the challenge of handling a large sum of money at a young age.  Many times, you’ll hear about a young talent primed and ready to take the sport by storm, tries to hold onto a large sum of money, and ends up spending it in one go. One such example of this financial horror story is Shaquille O’Neal, who managed to spend an eye-watering $1 million within an

Professional athletes receive a large paycheck during the peak of their careers that can give them a false sense of financial security. Many make the mistake of living like a one-day billionaire because they make many expensive unnecessary purchases and fail to consider long-term financial stability. 

Athletes need to realize that they can experience financial hardships, just like any occupation. Although you may be at your peak now, that doesn't mean that you won't lose your thunder as you get older. This is why athletes must have a long-term financial plan.

Different lines of work come with different types of earnings and tax implications. Some people might wonder how artists or athletes handle their taxes, given their source of income and the nature of their work. The best of the best can earn significant sums when competing—and these earnings are subject to some form of taxation!  If you’re an athlete who has already earned from competing or training to compete in the big leagues, then considering athlete financial management