During their playing days, doesn’t the athlete have a head coach? Don’t they have a specialized coach on the sidelines? Doesn’t the athlete have a coach for his contract (meaning his/her agent)? Doesn’t the athlete have a strength & conditioning coach (also known maybe as a trainer)? Today’s athlete may even have a diet coach (meaning a personal chef).
Why then do most athletes not have a financial coach? Why can’t they have someone who works like a head coach where they teach the athlete about something on a daily or weekly basis? Or maybe they do and simply were not happy with him/her? In reality, the financial coach is the most important one. The financial coach is the only necessary one of all mentioned above. I challenge anyone who can argue that an agent or strength and conditioning coach will still be with the athlete five, ten, and twenty five years after his playing days are over.
How has it come to pass that 95% of the time I receive a resounding no to the question posed to the athlete “Are you saving as much as you could have, should have, or want to?” Part of the reason could be that people will refer an athlete to a personal chef or a personal trainer or a realtor but few athletes refer a financial coach to another athlete. The reason: I will make the statement it is because of society’s “I want it now” attitude. Referring a great agent to an athlete, referring a super trainer to an athlete, or a wonderful personal chef, produces “immediate gratification”. The athlete sees immediate results. Referring a “financial coach” could take years to produce results.
I would welcome the opportunity to discuss this issue with anyone wishing to do so.
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.