Athlete Wealth Podcast

Before the draft, we often hear agents and families say things like: Unfortunately, statements and approaches like these lead to players losing both money and opportunities that are often not recoverable. Mainstream media, some agents, and most financial education in the United States have sent the wrong message that financial advice is just about picking investments. Let’s look at a few important types of Financial Advice that aren’t picking investments: Tax Planning:Taxes are the #1...

What is the difference between amateur and professional baseball? Money. Overnight, with your name being called in the MLB Draft and the signing of a contract, you instantly transform into a professional. Even though this might be your first decision based on money, you have been a part of the industry of baseball for years. Everyone around you has been making monetary decisions about you for years. A few examples include: The industry of baseball has been preparing for you, but have you...

Welcome to the MLB Draft Podcast, the proven playbook to help you navigate the Draft Process successfully. Our goal is to inform you, support you, and help you achieve the greatest amount of success which we define as: The challenge: Winning is not guaranteed. History is littered with "can't miss" players who never made it and volumes of athletes experiencing financial ruin. The good news is the results are mainly in your control. If you follow this playbook, you will win. What's at...

Molly Sewald, the wife of Mariner's closer Paul Sewald, has a unique story to share of their experience in the minor leagues and stewarding their wealth. Molly and I discuss a topic that can be difficult or exciting for others to talk about - choosing a financial advisor. Molly first shares important context and background on their personal story, which weaves into what feelings they felt when choosing an advisor. Their biggest hurdle was paying another fee to someone else and to quote...

Stevie Rasmussen, the wife of Ray's pitcher Drew Rasmussen, has a unique story to share of their experiencing true adversity in the big leagues. Everyone at some capacity knows that there will be hard times for families in the minor leagues. Still, few families are prepared and equipped with the tools to handle the complex circumstances that families will experience. Drew was drafted in the first round after his junior year - only to have this opportunity taken away due to a failed medical...

Sarah Garver, the wife of Ranger's catcher Mitch Garver, is passionate about being a wife, mother, and veterinarian. In this episode, Sarah shares why she pursues her career in conjunction with Mitch being a professional baseball player and the benefits her work provides even though she does not technically "need to work." Given the above, it makes sense why the Garver family phrase is "It's only temporary." Sarah gives a great perspective on why that is their phrase, what it means to them,...

EPISODE DESCRIPTION: Jess Skubal has a unique perspective. She has a deep understanding of what it means to be married to a professional baseball player - her husband, Tarik Skubal, is a pitcher for the Detroit Tigers. She is also familiar with the most significant financial mistakes athlete families make due to her professional background working as a tax CPA for Deloitte, one of the world's top 4 public accounting firms. Jess is passionate about making sure every dollar is maximized, and...

There are several questions that constantly come up when we are having conversations with athletes and business owners like: In this episode of AWM Capital’s Name, Image, and Likeness (NIL) series, we are joined by Anthony Ranaudo. Anthony is a College World Series champion, 1st round draft pick, and former MLB player. Today, Anthony is the owner and founder of Cards and Culture, a store and social platform in the collectibles, art, memorabilia, and lifestyle business that is utilizing NIL...

In the constantly evolving landscape of NIL, understanding university guidelines as well as the resources that are available is paramount for success. From understanding state laws and NCAA rules, to what activities are allowed, or even how to manage taxes, there are several important topics that every student athlete should know. In this episode of AWM Capital’s NIL Podcast Series, Taylor Jacobs, Compliance Coordinator at LSU, talks with Will McGuffey about how to effectively participate...

As a college athlete interested in NIL deals, how can you connect with potential partners? With NIL being such a new concept, there are several ways outside of the traditional models of procuring endorsements that are showing up as options for student athletes. One of these new platforms is MatchPoint Connection, which is a two-way marketplace that helps student athletes and other social media influencers connect for endorsement purposes. Through their web-based app, student athletes can...

Since July 2021 when the NCAA opened the floodgates with its interim policy, Name, Image, and Likeness - or “NIL” as it is more commonly referred to - has been a hot topic. Unfortunately, while NIL is constantly being seen on social media or when watching press conferences where college football coaches are responding to allegations made by other coaches about it’s unfair use in recruiting or the transfer portal, there is not much clarity or information out there for the student athlete or...

You have worked hard for your money, which is why it never feels good when you see how much you lose to taxes. Unfortunately, most players neglect ongoing tax planning, which results in paying more in taxes than they should. Depending on your tax bracket, you can save paying 40% to 50% in taxes on a portion of your self-employment income (1099 income) or you can maximize the opportunity to grow your money tax free. In this episode of the MLB Players’ Podcast, Erik Averill, CPWA®, CFP® and...

This year marks the inaugural PGA Tour University class that will have immediate access to the Korn Ferry Tour and Mackenzie Tour. Like with any new system there have been lots of questions, plenty of conflicting thoughts, and some incorrect information swirling, that may influence players decisions whether to turn pro or come back for one more year of college golf. We decided to go straight to the source. Senior Director at the PGA Tour and creator of the PGA Tour University, Brendan von...

Professional Golfers have one of the most unique tax situations of all individuals. We tend to see the same mistakes made over and over when we review new clients previous tax returns. It typically comes down to a lack of knowledge and expertise in how to work with athletes. Your team should be doing everything possible to keep as much money under your control now and minimize your tax liability over the long haul as well. In this episode we will discuss the three most common Mistakes that...

The stakes are higher on Tour: the competition, the opportunities, the money. With this comes even more of a need for expert advise and planning. As an elite athlete, you NEED and DESERVE to have a team that is built to serve elite athletes. Unfortunately, the existing landscape of financial institutions is built to serve the general public. In this episode we will explore what a wealth management team should be doing for you. You have a unique situation that requires unique solutions. You...

None of us are walking down the fairway bragging about the returns we got last year with an index fund, or the interest we are getting in our bond portfolio. Whether we should or not is another topic. But everyone seems to know someone that knows someone who can get them in on a private deal that is sure to have amazing returns with very little downside. Private investing versus public investing is a very different endeavor. Over the next few episodes we will dive deeper into the types of...

Though tax planning is a year round process, the culmination of tax planning each year is tax filing. Most people are familiar with filing their taxes by April 15th, but what are you doing throughout the year to make sure that you are being as tax-efficient as possible? This week we discuss the different tax documents you will be receiving and what you and your tax team will need to make sure all is accounted for. We go over some of the commonly overlooked items, tax deductions specific to...

The single most important driver of your Net Worth is your physical ability to play golf. If you are hurt or sick and cannot play for an extended period, this has significant impact on your earnings. Not only does it impact your on-course earnings, but it can affect your endorsement deals as well. So why is disability insurance one of the most overlooked parts of players’ financial structures? The Tour has a disability policy for players with certain exempt status. It is meant to help if...

Waste Management Open week is unlike any other on tour. It brings with it all sorts of craziness: sometimes good sometimes bad. This is a good reminder that sometimes things go wrong off the golf course and can potentially have a major impact on your finances if not protected correctly. As an athlete you are a public figure and for all the good that brings, it can also be a target on your back. From minor car accidents, someone getting hurt on your property, to dog bites and parties, if...