When Should You Hire A Financial Team | MLB Draft #7
MLB Draft Podcast · Will McGuffey, Travis Chick, AWM Capital
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Show Notes
Do you know when to start looking to hire a financial team?
The easy answer is:
“As soon as you are making financial decisions, and as soon as you have done the research to know who to hire.”
Easy enough right, but unfortunately most people have boiled down financial decisions into choosing investments. It is not uncommon to think that financial advice is only about investments and that you should wait until after you have money to hire a financial team. Unfortunately, this is the wrong approach to take. By taking this approach you will cost yourself both money and opportunities that you will not be able to get back.
Every situation is different and comes with its own set of unique variables. You want to plan and not be reactive. Being reactive leads to quick emotional decisions that often end up being wrong. Some topics that are financial advice that you need to understand well in advance of the MLB Draft include:
- Residency Planning
- Tax Planning
- Understanding MLB Draft contract language and its effects on taxes
- MLB Draft Signing Bonus structure
- Name Image & Likeness (NIL)
- Business Formation
- Insurance & Liability
- Financial Education
With the entrance of NIL into the amateur landscape, financial advice is now oftentimes needed at an earlier time than ever before. While you might not need to hire a firm immediately, you should be proactive in educating yourself about who the experts are that understand your unique situation and can help prepare to make decisions to maximize the opportunities available.
If you have any questions about your situation, please feel free to text or call our advisors for answers to your questions or for a free consultation.
Will McGuffey: (225) 326-0992
Travis Chick: (903) 714-7951
Josh McAlister: (505) 239-5488