The Growing Concern for Long-term Financial Stability

The goal for a large majority of individuals in today's society is to achieve maximum financial stability in the shortest period of time possible. However, most do not achieve this goal as expeditiously as they once had hoped. It is for this reason that a majority of individuals view their success in relation to what one obtains in the form of both material goods and financial acquisitions. Does the acquisition of material goods or financial gains insure financial stability? Is there peace of mind for an individual once these goals of procurement are achieved? Is there anyway to insure financial peace of mind? The simple answer would be to become a professional athlete, to win the lottery, or marry into Bill Gate's family. However, these are all long shots for a majority of the world. But even these do not guarantee long-term financial stability. That is why it is becoming increasingly important to possess a high level of competency in the area of wealth management.

What exactly is wealth management? Wealth management is the proficient administration of one's total assets through financial planning an

Why are so many athletes struggling to gain financial stability? What are the major financial factors that affect an athlete? Today's professional athlete is a high profile individual bound by fame and most noticeably fortune. Merrill Lynch suggests that the typical athlete has a career of 4 to 8 years with approximately 20 to 30 working years remaining upon retirement. According to data provided in a Sports Business Journal's special report on salary caps, the average salary for athletes in the four major sports (MLB, NFL, NBA, NHL) combined, exceeds $1.75 million per year. Although some athletes may have more marketable attributes that will significantly increase their personal incomes, most athletes will derive a majority of their income strictly from their base salaries. For example, Player A who is the league superstar will have far better opportunities to acquire additional income from endorsements and incentives than Player Z who is a back up or benchwarmer with little marketability.

Also associated with these factors, which determine the career of a professional athlete, are the high demands for talent. In professional sports, owners are always seeking out new talent to secure the financial future of their franchises. Acquiring the services of these athletes requires an initial investment with no guarantees for a return. However, these athletes possess the potential to develop in to stars and thus, demand high salaries. As a result these young athletes are being introduced to abnormally high incomes and possess little understanding of how to handle such in-depth finances. Consequently, with these high salaries comes a desire to purchase items, which represent financial success. The most common reaction is to buy items such as house(s), car(s), and other impulse items such as various luxury and recreational toys. It is assumed that securing total ownership of these assets will alleviate one of any further financial burdens. This is a misconception that many with little financial background lack to comprehend. The failure to grow this wealth for long-term stability is often overlooked and instead fueled by impulsive decisions and the desire for immediate satisfaction.

As many of these investment firms adjust their services to attract the novice investor they continue to maintain and sharpen their position with high potential investors. Investment firms are also beginning to direct their efforts to another high potential market. Professional athletes. A

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Approximate Word count = 1683
Approximate Pages = 7 (250 words per page double spaced)