GQ magazine featured an article on NFL players and their financial decisions in April’s edition of the magazine. The article, Show Yourself the Money by Ben Austen, chronicled the efforts by leaders in the industry to help educate professional athletes on their business decisions.
ProSport CPA’s President, Dr. John Karaffa, shared valuable insight with the author on how NFL players tend to make riskier financial choices than warranted. Dr. Karaffa’s general advice to professional athletes is to be conservative with their investment dollars, investing in safe, tax-advantaged ways. Professional athletes make the most they’re probably going to make in their lifetimes at a young age, when they know very little about personal finance. Therefore, their financial decisions are very critical during their playing careers, so they can maximum how long their money will last during their early, long retirements.
GQ (Gentlemen’s Quarterly) is the premier men’s magazine that focuses on fashion, style, and culture for men. GQ has a massive international following with a readership of 1 million print subscriptions and 4 million viewers online.
For more information or to speak with a financial professional, knowledgeable about taxes for professional athletes, please contact Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.