Texas residents know the importance of estate planning, especially for those who make a significant income. Estate planning is especially important for professional athletes. In fact, it is a well-publicized fact that National Football League players often find themselves facing financial difficulty, despite make millions of dollars.
It can be an overwhelming temptation for a young athlete to find himself or herself making large amounts of money at a young age. This can sometimes encourage disproportionate spending, poor financial decisions and a lack of financial planning. These same mistakes are not only found among professional athletes. Young people entering the workforce after school can find themselves overwhelmed as they begin to receive a paycheck for the first time.
Some of the most common mistakes made by professional athletes include spending too much money and failure to plan for the future. Many athletes do not consider the high-risk factor of their careers or recognize that their present incomes may have to provide for their entire lives. Failure to take into consideration these factors can result in dire financial and practical straits later in life, after the football career is over.
Regardless of the career field Texas residents choose, it is always important to save money and consider estate planning. This can include investing, saving, making a will and working on a contingency plan for the future. These steps are especially important for those who have high salaries or who are just beginning to enter the work force. Taking the right steps in the present can protect one from serious financial predicaments later in life.
Source: lifehealthpro.com, The 6 biggest estate planning mistakes NFL players make, Maria Wood, Jan. 27, 2014