Эпизоды
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Before the draft, we often hear agents and families say things like:
I don’t have any money; why should we be talking to financial advisors;I don’t want to put the cart before the horse; orWe will just wait and interview financial advisors after the draft.Unfortunately, statements and approaches like these lead to players losing both money and opportunities that are often not recoverable. Mainstream media, some agents, and most financial education in the United States have sent the wrong message that financial advice is just about picking investments.
Let’s look at a few important types of Financial Advice that aren’t picking investments:
Tax Planning: Taxes are the #1 Destroyer of Wealth; how much will you be paid after taxes; is there a way to structure payments or change contract language to maximize my after-tax draft bonus; are you receiving NIL money now that you need to address?Residency Planning: State of Residency can affect your after-tax income significantly; this is an opportunity that is lost if not handled appropriately and contemplated in advance of the draft.Financial Planning & Budgeting: Baseball Players are 4x more likely to become bankrupt than the average American; understanding how to avoid becoming part of this statistic by proactively planning from the beginning and not wasting your opportunity.Financial Education: The #1 cause of divorce in the United States are financial issues; You need to understand your relationship with money and what it means to you.Insurance & Risk Management: Understanding how to protect yourself from liability; do you have the proper auto insurance, umbrella insurance, disability insurance, etc. in place for what your career and life present?Estate Planning: Understanding your estate and how to properly manage it; what happens if something were to happen to you; can I protect my privacy by utilizing a trust?Real Estate Planning: Purchasing homes, renting out properties both as the owner and the person leasing, and disposing of properties.This list could go on with numerous other activities that are financial advice that aren’t limited to just buying and selling investments. As you can see, there is plenty of financial advice where expert help is needed BEFORE the draft to maximize your opportunity and truly understand the decisions you are making.
You are different from 99.95% of people in the United States…don’t you think you should also prepare differently?
You found an agent because you believed they were the best person in the world to help maximize your draft contract, you work out with the best trainers available, and you would see the best doctors in the world to protect your career. Why would you do anything differently on the financial side and leave it up to chance?
This is both a business and financial decision, and you need to surround yourself with the most qualified people so that you can maximize your opportunity.
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What is the difference between amateur and professional baseball? Money.
Overnight, with your name being called in the MLB Draft and the signing of a contract, you instantly transform into a professional. Even though this might be your first decision based on money, you have been a part of the industry of baseball for years. Everyone around you has been making monetary decisions about you for years. A few examples include:
Perfect Game has estimated revenues in excess of $80 millionName, Image, and Likeness (NIL) is creeping into the amateur ranksMLB is an almost $12 billion dollar industry and they have been spending tens of thousands of dollars to evaluate youAgents are making financial decisions about what you are worth to their business and whether you are a good investmentThe industry of baseball has been preparing for you, but have you been preparing for the industry of baseball?
With everyone else placing a value on you and trying to maximize their return on investment, do you know how you can maximize your value to yourself, or even where to start?
Whether you have the skillsets or not and whether you are prepared for it, you are now the CEO of a multimillion-dollar business. As the CEO, you have the responsibility of whether the business of you will succeed or fail. That is a lot of pressure, but the earlier you recognize this fact, the better you can prepare yourself to handle this responsibility and maximize your opportunity.
One of the most important jobs CEOs have is surrounding themselves with the right team. As a professional baseball player, you don’t just need to hire a team, you need to hire the right team.
Your team should consist of:
TrainersPhysical TherapistsDieticiansPitching/Hitting/Fielding CoachesAgentsA Financial TeamMental Health CoachesRecovery SpecialistsA team like this will put you in the best position to be one of the few players that makes it to arbitration and free agency as well as to avoid the 4 times more likelihood of bankruptcy that MLB players face.
This harsh reality isn’t meant to scare you. Rather, it is to help educate and prepare you to seize the opportunity in front of you. Whether you succeed as the CEO of the business of you is dependent on understanding the opportunity in front of you.
It’s time for you to get to work!
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Welcome to the MLB Draft Podcast, the proven playbook to help you navigate the Draft Process successfully.
Our goal is to inform you, support you, and help you achieve the greatest amount of success which we define as:
Fulfilling your potential to become the best MLB player and;Maximizing the financial opportunity that is a byproduct of achieving #1The challenge: Winning is not guaranteed.
History is littered with "can't miss" players who never made it and volumes of athletes experiencing financial ruin.
The good news is the results are mainly in your control. If you follow this playbook, you will win.
What's at stake?
Scouts, agents, showcases & NIL. You are now a part of an $11 billion industry.
Everyone you interact with is making a business decision. So are you.
The only question is: how confident are you that you are making the right decisions?
Why Listen to Us?
We are former players who have personally walked this path and now guide the best players in the game. This is our business.
100+ MLB players represented by 29 different agenciesMLB clients' earnings of $3,000,000,000+58 1st-Round Draft PicksMultiple 1sts Overall Draft PicksDownload your FREE copy of our book: MLB Draft Handbook
Schedule a time to talk -
Molly Sewald, the wife of Mariner's closer Paul Sewald, has a unique story to share of their experience in the minor leagues and stewarding their wealth. Molly and I discuss a topic that can be difficult or exciting for others to talk about - choosing a financial advisor.
Molly first shares important context and background on their personal story, which weaves into what feelings they felt when choosing an advisor. Their biggest hurdle was paying another fee to someone else and to quote Molly, "do we really want to pay someone to invest our money?"
Molly shares that after hiring a family office, the value is obvious and far outweighs the cost of the service - and even goes as far as to state that a competent advisor is 'a lifeline' for their family.
Her advice to others who may be experiencing something similar is simple - seek guidance. You never know where you can receive help for your specific situation.
Episode Highlights
1:30: Molly shares how she and Paul met in the Arizona Fall League, and how Molly at first thought that Paul was a student at ASU, not a professional baseball player.4:37: Molly discusses her and Paul's time in the minors, and how Paul had to continually prove himself time and time again for every minor league promotion.6:00: In his final year as a minor leaguer, Paul & Molly experienced what may be their biggest emotional setback in that he didn't make the team out of spring training.7:51: A common theme for non-prospects is that they feel like they need to be perfect - Molly shares the weight of that stress of rooting for Paul to be perfect. She even goes as far as to share how her heart would sink if she received a phone call from Paul at the field, fearing that they were going to get optioned.9:45: Molly shares the weight of her stress was recognizing Paul's stress.11:53: Molly shares about when Paul's contract was non-renewed, she was relieved and excited for a new opportunity.14:32: New opportunities bring new options and new confidence - Molly shares the confidence that Paul gained in Seattle, where he became the most important reliever in their bullpen.17:13: Molly shares their personal story of how they handled finances prior to hiring an advisor, which was to save as much money as possible - a plan that every human should have!18:01: When choosing an advisor, Molly shares how their eyes were opened to a lot of planning that is available to them as their wealth grew - tax planning, investments, automation, and even protecting their wealth.18:17: She shares that hiring an advisor was a way for her and Paul to educate themselves, and then ultimately have people on their team who help automate their future.18:48: Knowing what they know now, Paul and Molly recognize that they would not be where they are today without the help of a trusted advisor.20:47: Molly shares that her biggest fear when they were looking to hire an advisor was "do we really want to pay someone to invest our money." She felt like it would just be one more fee that she was not totally psyched about.21:51: Molly admits that after learning about what a family office does and its services, the value created far outweighs the fee.24:00: Simplicity is the goal - and Molly shares how an advisor's job is to simplify their matters and optimize their family's future.25:15: Molly shares that the convenience of having all advice being in a one-stop-shop for taxes, savings, investments, communication with teams payroll, players' agents, etc. further expands on that level of simplicity that they desire.27:00: Money is a tool to be taken of for what's important to you - and Molly shares that its services, and the security of their daughter is what is important to them in regards to money.28:28: Molly's advice to other families is to seek guidance for your situation, and a competent team that works day in and day out for your family. -
Stevie Rasmussen, the wife of Ray's pitcher Drew Rasmussen, has a unique story to share of their experiencing true adversity in the big leagues.
Everyone at some capacity knows that there will be hard times for families in the minor leagues. Still, few families are prepared and equipped with the tools to handle the complex circumstances that families will experience.
Drew was drafted in the first round after his junior year - only to have this opportunity taken away due to a failed medical exam. Stevie shares how they have handled and persevered through many a trying time in baseball.
Stevie shares their vulnerable story of how they went from being overnight millionaires to having to return to Oregon State for Drew's senior season - and having to take out student loan debt to fund his senior season.
Stevie's simple yet profound advice to other baseball spouses going through similar circumstances - adversity in the game of baseball is inevitable. How you respond to that adversity and support your family is what truly matters.
EPISODE HIGHLIGHTS
2:44 - Stevie discusses how she didn't want to be dating an athlete while at Oregon State, but Drew changed her mind4:18 - Sophomore year of college - Drew received his first Tommy John Surgery. Stevie discusses how Drew felt isolated and not part of the team5:09 - Stevie talks about how prior to the surgery, she saw that her identity was built around Drew and baseball, and the surgery grew their relationship6:12 - After rehab Drew returned to pitch in the College World Series and subsequently get drafted in the first round of the MLB draft6:33 - Drew flew to Tampa Bay to be announced as the Rays first-rounder, only to find out that his elbow was blown out again, and Drew received Tommy John surgery #2.8:45 - Stevie discusses the feelings she experienced during Drew's surgery10:01 - Stevie goes deeper regarding how easy it is to have her identity wrapped up in Drew - even going so far as to introduce herself as "Drew's wife"11:39 - Stevie discusses her feelings of Drew's second surgery - where they went from receiving a $2.1m signing bonus to working landscaping in Corvallis OR being in student loan debt15:55 - Stevie shares the 2 different draft experiences - with the second time being drafted by the Brewers18:40 - Drew's debut was in COVID of 2020 - Stevie, unfortunately, watched the debut in the hotel across the street.21:20 - In 2021, Drew was traded to the Rays, and Stevie shares how this was her roughest part of baseball22:30 - The wives' community is strong - and showed up when Stevie needed them most. Brooke Burnes, wife of Cy Young award winner Corbin Burnes, showed up and helped Stevie pack her entire apartment.27:55 - The Power of the Baseball Wives28:40 - Money does not fix our problems - money is just a tool to be taken care of for what's important.31:50 - Stevie discusses how fortunate they are, and how they optimize their resources for their family, their community, and giving back.35:26 - Stevie discusses the powerful perspective of families navigating the questions of 'can you' afford something vs. 'should you'37:53 - Stevie's advice - adversity is inevitable. Lean on the community and ask for help. -
Sarah Garver, the wife of Ranger's catcher Mitch Garver, is passionate about being a wife, mother, and veterinarian. In this episode, Sarah shares why she pursues her career in conjunction with Mitch being a professional baseball player and the benefits her work provides even though she does not technically "need to work."
Given the above, it makes sense why the Garver family phrase is "It's only temporary." Sarah gives a great perspective on why that is their phrase, what it means to them, and how that governs what their family is working towards. Sarah understands that good and bad circumstance are only temporary, and as she states, "you can get through harder times if you understand that it is only temporary."
Sarah's success story is that she has fulfilled her childhood dream of becoming a veterinarian and continued practicing, even after Mitch was traded, after experiencing several cross-country moves and balancing her more challenging job of being a mother. As a veterinarian, Sarah provides her family flexibility, purpose, and application of the knowledge and skillsets she has obtained over many years. Through it all, Sarah affirms that she is a better mother and spouse because of her work.
Sarah's simple yet profound advice to other baseball spouses going through similar circumstances - if you want to pursue a career, do it!
EPISODE HIGHLIGHTS:
(1:59) Garver Family Story(2:10) Beginnings of Mitch & Sarah's relationship in high school(3:32) Transition to college - while Mitch was trying to figure out where to play baseball, Sarah began pursuing the education for her career as a Vet.(4:12) Sarah discusses Mitch being drafted by the Twins in 2013 and her acceptance to grad school at Oregon State 1 week later.(6:40) Sarah and Mitch navigated being a team while having different goals.(7:48) Sarah discusses the implications of Mitch being a walk-on in college and ultimately signing after his senior year of college, which included a negative experience with an agent relationship.(9:29) How important good advice and representation are as families navigate professional baseball.(13:07) Sarah discusses how they navigated their marriage on limited time and money while Sarah was a grad student and Mitch was a minor league player.(16:09) How they believed it was important to spend the money to see each other - even when they necessarily did not have the money to do so.(16:33) Sarah explains how almost everything in this life is, to quote her, "Only Temporary."(18:50) Sarah talks about why she is a Veterinarian and the benefits being a Vet provides to their family(19:47) Being clear on what you accomplish matters - even while being the wife of a professional athlete.(24:07) Flexibility in her career allows her to continue serving animals, pursuing her passion, balancing work, and being a mother.(27:37) Sarah discusses the importance of her career and the positive impacts on her being a mother, being a spouse, and being part of the Garver family.(32:56) Sarah's advice to others contemplating pursuing a career - is “just do it and figure it out later.” -
EPISODE DESCRIPTION:
Jess Skubal has a unique perspective. She has a deep understanding of what it means to be married to a professional baseball player - her husband, Tarik Skubal, is a pitcher for the Detroit Tigers. She is also familiar with the most significant financial mistakes athlete families make due to her professional background working as a tax CPA for Deloitte, one of the world's top 4 public accounting firms. Jess is passionate about making sure every dollar is maximized, and as we state in the conversation: Investments are a matter of opinion, and taxes are a matter of fact.
Jess gives great insight on both the "WHY" and the "WHAT" related to tax planning and the importance of being able to take advantage of every opportunity available to the athlete.
Jess defines "WHY" as "having more money to do what is important to you.” Jess shares a personal story about how their own proactive tax planning led her and Tarik to fund their niece's college education.
Jess then also gives excellent advice on the "WHAT" by discussing three specific tax planning strategies that are available to the professional athlete and are unfortunately commonly missed:
Opening an Individual 401(k) plan for the player's off the field incomeRecalculate your W2 received to ensure the player "pays where he plays."Executing a 'Back Door Roth IRA' strategy for the player and wife for $12,000 of tax-free investment growth annually.To ensure you are taking advantage of every opportunity, Jess' simple yet profound advice to other baseball spouses going through similar circumstances - do not be afraid to ask questions of your advisor, and better yet, find an advisor who will answer and accept your questions.
EPISODE HIGHLIGHTS:
2:51 - Jess shares the story of how she in Tarik met in High School in Kingman, AZ4:00 - Jess discusses Tarik's journey to the big leagues - including not being highly sought after or recruited out of high school.4:55 - Jess worked as an accounting clerk while they did long-distance dating in college.6:29 - Jess chose accounting as a major because she saw an opportunity to help people who were important to her.8:01 - Jess began her post-collegiate career as a CPA working for Deloitte, one of the Big 4 and most prestigious accounting firms in the world, while Tarik was a Top 100 prospect in the minor leagues.9:49 - While at Deloitte, Jess worked on many clients, primarily as a tax preparer.11:24 - Jess later in her career worked on closely held and family businesses, but as she quotes, her "pride and joy" client was the tax planning work she performed for a family office.12:53 - While working for her family office client, the 'Patriarch' of the family passed away, which generated an almost $40m estate tax liability. The importance of the family's tax planning surfaced by saving "a generation's worth of wealth.”15:00 - Josh and Jess expand on the importance of general estate planning and the importance of estate tax planning to the athlete.16:31 - One of Jess' overarching beliefs is to "ask the question." Often, advisors are not asked appropriate questions by their clients, which causes critical tax planning strategies to be missed.18:07 - Jess expands on the definition of tax preparation vs. tax planning.18:56 - Proactive thinking and tax planning are how you arrive at the most advantageous tax outcomes.19:35 - Tax planning should happen 365 days out of the year - not just when you file your return in April of the following year.20:46 - Players have two streams of income: W2 income earned as an employee from the team and 1099 income earned from all trading cards and endorsement money. Those two different income streams have different tax planning strategies available to the player.21:06 - Jess talks specifics on W2 vs. 1099 strategies, including the importance of estimated tax payments.21:45 - Players can set up a separate retirement called an individual 401k, which, as Jess says, has a 'triple benefit' to the family if done appropriately.23:11 - The individual 401k is different than the MLB Vanguard 401k - because of Tarik's the field income, Tarik and Jess were able to receive a tax deduction for the money that went into the account; the money in the account is invested for their retirement, and with the money saved on taxes, the Skubals were able to fund a 529 plan for their niece's college education.24:18 - Jess expands on the purpose of money and why appropriate tax planning gets you to do 'more of what you want to do.’25:50 - The W2s generated to players could potentially be wrong - which is not well known, even amongst baseball players. Real dollars in tax savings could be missed if the family's CPA does not recalculate the player's 'duty days' schedule.30:46 - Josh and Jess discuss the importance of a Roth IRA and why all players and families should take advantage of this tax-free account.32:40 - Jess discusses the importance of taking advantage of every little opportunity every year to maximize a family's wealth.33:45: Jess's advice to other families - don't be afraid to ask your tax and financial advisors questions. If you do not ask, real dollars could be missed. -
There are several questions that constantly come up when we are having conversations with athletes and business owners like:
What should a “deal” look like from both sides of the table?How should an athlete think about branding themselves?How are businesses utilizing their newfound ability to participate in NIL?In this episode of AWM Capital’s Name, Image, and Likeness (NIL) series, we are joined by Anthony Ranaudo. Anthony is a College World Series champion, 1st round draft pick, and former MLB player. Today, Anthony is the owner and founder of Cards and Culture, a store and social platform in the collectibles, art, memorabilia, and lifestyle business that is utilizing NIL deals to help promote his business and the athletes themselves.
Anthony has a unique perspective as both a business owner utilizing NIL, and a former professional athlete who understands the brand building opportunities that come with being a high-profile athlete.
In this episode, Anthony gives us an insight into what athletes should be thinking about in terms of building their brands through NIL opportunities. He and Will discuss the importance of building a network, understanding the marketplace, spotting the right deals, staying present and humble, and more.
Episode Highlights
1:50: Perspective on the evolution of NIL in the first year.4:08: How Anthony is utilizing NIL for his business.5:20: Ways for athletes to take advantage of the NIL opportunity.7:40: General perception of NIL versus reality.12:30:What roadblocks are currently present for businesses entering into the NIL space?13:50:Business and athlete use of trademarks and logos.15:45:How and why athletes build brands and networks as a college athlete.21:35:Social media presence as a high school athlete.25:20:What kind of deals should an athlete look to enter into?28:25:The future of NIL and what the landscape will look like in the coming years.31:25:The importance of educating yourself on how to best utilize NILIf you have any questions or would like to reach out to Anthony or Will directly, please email them at:
Anthony Ranaudo – [email protected]
Will McGuffey – [email protected]
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In the constantly evolving landscape of NIL, understanding university guidelines as well as the resources that are available is paramount for success. From understanding state laws and NCAA rules, to what activities are allowed, or even how to manage taxes, there are several important topics that every student athlete should know.
In this episode of AWM Capital’s NIL Podcast Series, Taylor Jacobs, Compliance Coordinator at LSU, talks with Will McGuffey about how to effectively participate in the NIL marketplace. Taylor shares her insight on how student athletes and their families should prepare for and participate in NIL, navigating agent relationships, and how NIL can make a positive impact in their life. This episode is a great starting point for understanding how universities work with their athletes to effectively participate in NIL activities.
While there are still a lot of uncertainties and unknowns that surround NIL rules and regulations, this episode should help settle some of those worries by giving listeners an inside look at how universities are helping prepare their student athletes. With more and more schools implementing similar policies and educational programs, Taylor’s advice will help athletes at all schools feel more confident in where to turn for guidance as they prepare to enter the world of NIL.
Episode Highlights
1:00: A look at Taylor’s responsibilities with NIL at LSU.1:50: The evolution of NIL from its inception.3:30: A discussion about what NILSU is and how schools are helping educate athletes and businesses.5:43: Common questions that athletes and businesses have about NIL.8:45: What type of disclosure is required for NIL agreements?10:48: Agents and NIL, what is allowed?12:57: Agent registration with the university and the state.15:43: Rules about the length of NIL contracts.18:47: How athletes can use NIL to prepare them for life after sports.19:30: A look at resources available for high school athletes to help understand NIL.21:56: A beginner’s look at taxes and money education for athletes.25:02: The effects of possible changes in state laws and NCAA rules.28:12: Important advice for anyone who wants to participate in NIL.If you have any questions or would like to reach out to Will or Taylor directly, please email them at:
Taylor Jacobs – [email protected]
Will McGuffey – [email protected]
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As a college athlete interested in NIL deals, how can you connect with potential partners?
With NIL being such a new concept, there are several ways outside of the traditional models of procuring endorsements that are showing up as options for student athletes. One of these new platforms is MatchPoint Connection, which is a two-way marketplace that helps student athletes and other social media influencers connect for endorsement purposes. Through their web-based app, student athletes can connect and partner with brands both locally and nationally to earn money through various types of endorsement deals.
In this episode, Jonathan Pixley, Vice President of Athletic Operations at MatchPoint Connection, sits down with AWM Capital’s Will McGuffey and Zach Miller to discuss what MatchPoint Connection is as well as the current landscape of NIL for college athletes. In what is a constantly evolving marketplace, Jonathan shares his insight on what the NIL marketplace looks like, and the direction that it is trending. One point that Jonathan believes that all athletes should understand is that while making money with current NIL opportunities is important, the focus should always be placed on being a good person and your preparation and performance on the field.
With many student athletes not knowing how to capitalize on the NIL opportunity, Jonathan gives our listeners valuable insight into the processes that have been successful for student athletes so far. Whether it is a proper valuation, understanding your marketability, or tips into curating and maintaining a successful brand, Jonathan, Will and Zach discuss how athletes should be looking at the NIL opportunity.
Episode Highlights
2:05: What is MatchPoint Connection?4:30: Why was Matchpoint Connection founded and what services does it offer student athletes?5:35: What does the NIL landscape look like for a student athlete?6:57: Are there any changes to NIL rules for NCAA athletes that are on the horizon?8:30: A discussion on current trends in the NIL marketplace and what are athletes able to earn.10:10: How should student athletes value themselves in the NIL marketplace?11:50: What should a student athlete do when managing their brand and image.13:35: NIL as a recruiting tool for college athletics.15:58: Discussion on how NIL will impact the future of NCAA sports.19:00: How to succeed on and off the field with NIL.If you have any questions or would like to reach out to Will, Zach, or Jonathan directly, please email them at:
Jonathan Pixley – [email protected]
Will McGuffey – [email protected]
Zach Miller – [email protected]
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Since July 2021 when the NCAA opened the floodgates with its interim policy, Name, Image, and Likeness - or “NIL” as it is more commonly referred to - has been a hot topic. Unfortunately, while NIL is constantly being seen on social media or when watching press conferences where college football coaches are responding to allegations made by other coaches about it’s unfair use in recruiting or the transfer portal, there is not much clarity or information out there for the student athlete or their family to rely upon.
In this episode, Will McGuffey sits down with NIL expert David Fleshman, who is a partner at the Breazeale, Sachse, & Wilson law firm in Louisiana and an Adjunct Professor of Sports Law at the LSU Paul M Hebert Law Center, to discuss the background and basics of NIL and how it affects amateur athletes.
With everyone asking questions about making money while maintaining eligibility as an amateur athlete, Will and David discuss what an athlete and their family should do as well as where they can look for guidance.Whether you are a high school athlete or a current collegiate athlete, there are several steps that should be taken to ensure you stay compliant and protect your athletic eligibility. In the constantly evolving NIL world, everyone should understand that each state, university, conference, or high school athletic association could possibly have different rules that will need to be understood and followed. With every individual’s situation being different, David discusses the importance of knowing where to look and what resources should be utilized to maintain eligibility.
Episode Highlights
2:20: What is NIL?6:25: What is the history of NIL for athletes participating in NCAA sports?11:20: What rules has the NCAA placed on athletes regarding NIL?12:35: A guide on where an athlete should look for guidance on what laws and rules are applicable to them.16:20: Do NCAA Conferences have any rules that need to be looked at when entering an NIL deal?17:50: What should a high school athlete who wants to enter an NIL deal do?19:35: Will an NIL deal from high school affect college eligibility?21:40: Are there different laws in different states and how can these affect eligibility?25:50: NCAA rules against “pay to play” and how NIL is different.30:00: “Collectives” at NCAA schools and how they are used.33:30: Where should an athlete look to find state and school rules?If you have any questions or would like to reach out to David or Will directly, please email them at:
David Fleshman – [email protected]
Will McGuffey – [email protected]
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You have worked hard for your money, which is why it never feels good when you see how much you lose to taxes. Unfortunately, most players neglect ongoing tax planning, which results in paying more in taxes than they should.
Depending on your tax bracket, you can save paying 40% to 50% in taxes on a portion of your self-employment income (1099 income) or you can maximize the opportunity to grow your money tax free.
In this episode of the MLB Players’ Podcast, Erik Averill, CPWA®, CFP® and Travis Chick, CFP® break down everything you need to do before the December 31st deadline.
If you can answer no to any of these questions, you are missing out.
Has your CPA® prepared a year-end tax projection showing you the projected taxes you will pay or be refunded for 2020?Have you opened an Individual 401(k) by December 31st?This is NOT your MLB Vanguard 401(k)?Has your Certified Financial Planner implemented the Back-Door Roth IRA Strategy?Most Common Mistake We See
Log-in to your account, do you have a SEP IRA?The most common mistake we see is the recommendation to open a SEP IRA. This is a great tool for the mass affluent. However, if you are in the highest tax bracket it is not ideal for you. If you have a SEP IRA, it is a red flag that you advisor does not have the specialized expertise you need.
Limitations of the SEP IRAThe type of contribution you make (Roth or Traditional)The amount of contribution you make (excludes an employee option)Violates IRA aggregation rule, preventing the Back-Door Roth IRA strategy which limits your ability to grow your money tax freeEpisode Highlights
Differences between W2 and 1099 income (2:04)What is an Individual 401(k)? (2:36)The difference between an Individual 401(k) and the MLB Vanguard 401(k) (3:10)Options for draft players and minor league players (4:06)Why a SEP IRA might not be your ideal option (5:05)The difference between tax planning and tax compliance (6:05)The Backdoor Roth IRA (8:01)How much can you actually contribute? (10:26)Tips for agents and parents (12:37)Should you set up an LLC? (13:30) -
This year marks the inaugural PGA Tour University class that will have immediate access to the Korn Ferry Tour and Mackenzie Tour. Like with any new system there have been lots of questions, plenty of conflicting thoughts, and some incorrect information swirling, that may influence players decisions whether to turn pro or come back for one more year of college golf. We decided to go straight to the source.
Senior Director at the PGA Tour and creator of the PGA Tour University, Brendan von Doehren, joins us to walk through the genesis of PGA Tour U, how the system works, and clarifies some of the questions and misconceptions we have been hearing on the ground. If you are a player, coach, or part of their inner circles you do not want to miss this episode.
Episode Highlights
(1:58) How was PGA Tour University created?(5:23) Who had input and was consulted?(8:42) Benefit to the players and the Tour?(11:32) Who is eligible in the rankings?(13:16) How do the rankings work?(14:00) What events count and why?(17:44) What access to Korn Ferry and other tours is available?(26:48) How much movement in the rankings is expected the last couple months?(31:23) How will the rankings look next year?(34:29) Ho will players in the rankings this year who come back, fit in to next year’s rankings? -
Professional Golfers have one of the most unique tax situations of all individuals. We tend to see the same mistakes made over and over when we review new clients previous tax returns. It typically comes down to a lack of knowledge and expertise in how to work with athletes. Your team should be doing everything possible to keep as much money under your control now and minimize your tax liability over the long haul as well.
In this episode we will discuss the three most common Mistakes that we see when it comes to taxes. There are different strategies that professional golfers should be utilizing in high tax years and low tax years, and there are some foundational planning items that should be in place year-round. Why pay more in taxes than you have to?!
Episode Highlights
(1:10) The two things we see wrong with quarterly estimated taxes(3:49) Why your tax planning should be a 365 day per year endeavor(4:30) Not taking advantage of retirement plan contributions(5:13) SEP IRA vs individual 401k(8:37) Actions in a low tax year(10:31) Mistakes with residency daysDownload your free resource at awmcap.co/pga15
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The stakes are higher on Tour: the competition, the opportunities, the money. With this comes even more of a need for expert advise and planning. As an elite athlete, you NEED and DESERVE to have a team that is built to serve elite athletes. Unfortunately, the existing landscape of financial institutions is built to serve the general public.
In this episode we will explore what a wealth management team should be doing for you. You have a unique situation that requires unique solutions. You also have a unique opportunity to secure your financial future at an early age and have a large impact on your family and community. Make sure your wealth management team already understands the complexities that you face, and that their incentives align with your goals.
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None of us are walking down the fairway bragging about the returns we got last year with an index fund, or the interest we are getting in our bond portfolio. Whether we should or not is another topic. But everyone seems to know someone that knows someone who can get them in on a private deal that is sure to have amazing returns with very little downside.
Private investing versus public investing is a very different endeavor. Over the next few episodes we will dive deeper into the types of private investments, when they may be appropriate, and why they should be considered. We will have experts in each segment join us to uncover the most important facts and questions to be considered around private investing.
Episode Highlights
(2:05) Defining the public market vs private market(3:22) "In the short term, the stock market can be a voting machine, but in the long term it's a weighing machine." -Benjamin Graham(4:14) Accessing outsized returns in private markets(5:32) How the biggest and best venture capital and private equity funds are similar to the best college football teams(8:26) What are the different types of private investments?(9:22) Questions to answer before getting into private investments(10:33) What are the risks to look out for? Liquidity, access, and lack of regulation(14:35) When are these investments appropriate?(16:21) Private investments towards the end of your athletic career(17:48) What we're covering over the next few weeksMore info at pgaplayerspodcast.com
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Though tax planning is a year round process, the culmination of tax planning each year is tax filing. Most people are familiar with filing their taxes by April 15th, but what are you doing throughout the year to make sure that you are being as tax-efficient as possible?
This week we discuss the different tax documents you will be receiving and what you and your tax team will need to make sure all is accounted for. We go over some of the commonly overlooked items, tax deductions specific to professional golfers, and clarify some of the myths on what you can and can not deduct.
Episode Highlights
1:30 – What you will get from the Tour
2:00 – Tax documents you need
3:00 – Avoid amending your taxes: often overlooked tax documents
3:45 – Foreign tax documents
5:12 – Ways to reduce what you pay in taxes
7:15 – “Tax efficiency is going to be such a good way for you to maximize the money in your pocket now”
8:30 – What is deductible and what is not deductible -
The single most important driver of your Net Worth is your physical ability to play golf. If you are hurt or sick and cannot play for an extended period, this has significant impact on your earnings. Not only does it impact your on-course earnings, but it can affect your endorsement deals as well. So why is disability insurance one of the most overlooked parts of players’ financial structures?
The Tour has a disability policy for players with certain exempt status. It is meant to help if you get hurt/sick, but not cover everything. It is important to know what you get as a benefit and when you can receive it if you were to be eligible. Chances are what the Tour supplies, (PGA or Korn Ferry) is not going to be enough to cover what you need. In this podcast we will discuss the unique disability needs of professional golfers and what you can do about it.
Episode Highlights
2:00 – “If you get hurt or sick…what are you going to do?”3:22 – Coverage on the PGA Tour4:20 – When would I start getting the benefit?6:12 – Coverage on the Korn Ferry Tour7:15 – Protecting your wealth and future wealth8:03 – “This is one of the biggest gaps I see”8:57 – Top players coming out of college11:20 – Rely on your team to determine the right amount and right type13:00 – Career Ending Injury13:30 – Anthony Kim example -
Waste Management Open week is unlike any other on tour. It brings with it all sorts of craziness: sometimes good sometimes bad. This is a good reminder that sometimes things go wrong off the golf course and can potentially have a major impact on your finances if not protected correctly.
As an athlete you are a public figure and for all the good that brings, it can also be a target on your back. From minor car accidents, someone getting hurt on your property, to dog bites and parties, if someone sees an opportunity to sue, they will. Make sure you understand how to protect yourself from unforeseen liabilities and keep your personal assets and business assets separate so that you maintain proper protection.
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