Over his many years as a financial advisor, David Osborne of Pebble Beach has helped many athletes who want to support family members. His advice has helped these professionals avoid spending too much money or overextending themselves. In this way, he has helped make it simpler for his clients to help others and enjoy the money that their talents have earned them.
David Osborne of Pebble Beach Helps Athletes Avoid Excess Spending
One of the significant struggles many new professional athletes experience is knowing how much money they should send back home to their families. David Osborne in Pebble Beach has seen many athletes fail to walk this delicate balance and give either too much or too little. This problem is one that David Osborne of Pebble Beach has seen tear many tight families apart.
In this scenario, David Osborne of Pebble Beach suggests sitting down with a financial advisor and figuring out a few different factors. First of all, who does an athlete want to support with their money? David Osborne, serving Pebble Beach, knows that many athletes will be tempted to give money to everybody in their family, but he strongly suggests against over-extending in this way.
For example, David Osborne, serving Pebble Beach, knows that millions of dollars can seem almost limitless to new athletes who may have never had much money in their lives. However, he has also seen many athletes blow through this cash by not paying attention to their spending. And many of these athletes had great intentions and gave much to their families and community.
As a result, it is essential to find which family members that an athlete wants to support and then come up with a strategic amount of cash that helps each family member. David Osborne of Pebble Beach suggests that athletes be honest about how much money that they need. After all, David Osborne of Pebble Beach knows many will be living a life of celebrity after signing.
David Osborne in Pebble Beach always strongly advises against significant lump-sum payments given to family members. These lump sums may seem nice but they could have large gift tax implications. David Osborne in Pebble Beach knows that too many people are likely to blow through this cash and end up struggling instead.
Instead, David Osborne, serving Pebble Beach athletes, suggests creating trust and setting up small payments for their family members.