Managing Personal Finances – A Guide for Professional Athletes

Private Clients partner Theresa Fortin Balducci and corporate associate Adam Unger are joined by Matt Joyce, 14-year veteran of Major League Baseball and one-time Major League Baseball All-Star, to discuss issues faced by professional athletes in managing their personal finances.

Matt shares his personal experiences, both during and after his tenure as a professional athlete. The podcast discusses how to engage in strategic financial planning and have a long-term mindset if you are in a position of coming into a significant amount of money. The podcast further discusses the importance of retaining and engaging reputable professionals, including a lawyer, investment manager and an accountant, particularly when considering potential investment opportunities. Theresa, Matt and Adam highlight that professional athletes, for whom risk-taking is the norm, need to consult with seasoned professionals to minimize potential risks in new investment opportunities and to draft documents critical for asset protection including a will, power of attorney, health care proxy and a pre-nuptial agreement. Theresa elaborates on how professional athletes can achieve their financial goals, including asset growth and protection and tax planning, at different life stages.