The premise is simple enough: try to have more money coming in than you have going out. That is a major challenge for professional athletes, even with the massive amounts of wealth at their disposal. Carter Financial Management brings the focus back to “regular living” when helping clients plan for the future. On today’s podcast, our host spoke with Dustin Eldridge, a Certified Financial Planner for Carter Financial. They discussed why wealth is a challenge for so many athletes, how the way they grew up can have a serious impact on their approach to planning, some shocking statistics regarding NFL players and retirement, and some interesting instances where athletes planned their retirements before they had even really begun their sports careers.
“More athletes are starting to talk about taking care of themselves for the future by just taking care of the basics. Just living within their means or on a set salary or stipend, whatever they give themselves, and not doing these outlandish things, investing in restaurants in South Florida or in California, and instead, just doing the boring stuff. Let me take care of me and my family. Let me make sure I have insurance policies to cover my body, for one,” Eldridge said.
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