MILWAUKEE, May 3, 2013 /PRNewswire/ — Last week a number of new millionaires-in-waiting were minted as happens each year with the NFL draft. But what are the ramifications of putting such enormous amounts of money into the hands of these young men and why have others in the past gone broke? Within the answers to those questions is direction and guidance that can help almost everyone – not just athletes and the superrich – manage money in a more responsible and forward-thinking manner.
Eido Walny, a noted estate planning and asset protection attorney, writes, speaks, and co-hosts national webinars about the unique financial issues facing professional athletes. Among other pointers, Walny suggests anyone who comes into a bit of money or wants to protect their funds should consider the following lessons that we can learn from NFL athletes:
- Don't spend money you don't have. Nothing in the NFL, or in life, is a given, but people tend to spend money before they have it in the bank. This might apply when an annual bonus that's expected, or when waiting for a commission check to come through. Don't count it – and certainly don't spend it – it until it is actually in hand.
- Hire a team of trusted professionals, not an entourage. The same rules that should guide the rich to seek out a reliable financial planner and estate planning attorney apply across the board. It's best that these trusted advisors not be friends, and prepare to hear the word 'no' sometimes.
- Not all injuries make news. Unfortunately, we're all just as vulnerable walking down the street as anyone barreling down the football field. An unforeseen accident can put a person's life, and their loved ones' financial security, in jeopardy, but the ramifications can be less severe if there is an advance plan in place.
- Learn from the mistakes of others. It seems hardly a day goes by without headlines regarding divorce, bankruptcy, scam artists, or other scandalous sports news. Pay attention to these cautionary tales. No one wants to live in a shadow of doom and gloom, but when it comes to finances and future planning it's best to follow the old adage "hope for the best and prepare for the worst." That's where asset protection and estate planning provide protection.
Whether you play a storied career in the NFL, a forgettable term in the CFL, or if you never play professionally at all, these lessons will serve you well.
About Eido M. Walny
Eido M. Walny is the founder of Walny Legal Group LLC, an estate planning and asset protection boutique law firm based in suburban Milwaukee, Wisconsin, serving both a local and national clientele. He is one of only 50 attorneys in the United States to hold both of the two sole certifications recognized by the ABA for estate planners, the Accredited Estate Planner (AEP) and the Estate Planning Law Specialist (EPLS). Visit www.walnylegal.com for more information.
Contact: Pam Kassner, Email, 414-510-1838