Andrew Carnegie once stated, “Take away my factories, my plants; take away my railroads, my ships, my transportation; take away my money; strip me of all these, but leave me my key people and I will have them all back again.”
Throughout the history of sports, many athletes have failed both on and off the field of play, both during and after their playing days. The difference, however, between ultimate success and long-term failure can be and should be the people surrounding the athlete. Following some type of setback from an injury to being cut to being traded to some type of economic hardship, the ability for an athlete to pick himself up and get going again, might be directly related to the people he surrounds himself with.
While an athlete can be well served by a good “team” around him, he must also be aware of fees. If someone provides a service for an athlete, naturally he should be compensated for that service. It’s widely known that many athletes have their bills (mortgage, car payments, utilities) paid by someone as a service. The person responsible for this service should gauge the client simply due to the fact he makes millions of dollars per year. As a result of today’s modern day banking and upcoming technological advances, athletes do not need to pay thousands or hundreds of dollars per month for the “service” of having their bills paid. How much is too much? The fee should be zero, or very close to that figure.
Disclosures. The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security. Past performance is not a guarantee of future results. Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products. Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial. Arque Capital, Ltd., and DK Sports Financial are unrelated entities. Securities offered through Arque Capital, Ltd. 7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258. (602) 971-9000. Member FINRA/SIPC. Any unauthorized reproduction of this information is strictly prohibited.