What additional ways are available for the athlete to enhance his cash flow? Creative thinking as to how the athlete can capitalize on his reputation and skills may include his involvement in speaking engagements to endorsement deals. This discussion may also lead to planning for future career options for the athlete after retirement.
When income dries up, the most important concern is paying for a lifestyle that might need to be reduced. Athletes are often unprepared for this situation, which is why they need advisors to devise effective coping strategies
David M. Ross is a managing director of The Fraenkel Group at Neuberger Berman LLC, a registered investment advisor and broker-dealer. He can be reached at [email protected].