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Professional Athletes

There are several financial challenges that professional athletes have been known to face. Here are some of the biggest ones:

  1. Uncertain Career Span: The average NFL career lasts just 3.3 years, which means that players have a limited time frame to earn significant amounts of money.
  2. High Taxes: Professional football players are taxed at a high rate, with federal and state taxes, as well as other deductions, potentially taking a significant chunk out of their earnings.
  3. Poor Financial Planning: Some players may not have the financial literacy or education to manage their money effectively, leading to poor financial planning and decision making.
  4. Injuries: Injuries can be a significant financial burden for professional football players, especially if they are not able to secure a long-term contract or disability insurance.
  5. Scams and Fraud: Professional athletes can be targeted by scammers and fraudsters who try to take advantage of their wealth and fame.
  6. Family and Friends: Some players may feel obligated to financially support family members and friends, which can put a strain on their finances.

Overall, it is essential for professional athletes to manage their finances carefully and plan to avoid financial challenges both during and after their career. Working with our team of holistic financial professionals, including access to the Northeast Financial Network's Sports Division, headed by Former MLB Player John Valentin, athletes can benefit from a comprehensive approach to financial planning that accounts for their unique needs and goals.

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