“We push the hottest V’s, peel fast through the city, play Monopoly with real cash….” Notorious BIG and Jay-Z collaborated on a song titled “I Love the Dough” and this seems like an appropriate way to open our blog. We are talking about signing bonus dough.
Five days from now on June 4th, 2018 in Secaucus, NJ, the Major League Baseball Rule 4 amateur draft will commence. This anticipation carries the realization of millions being exchanged from the Major League organizations to their newest and hottest prospects. 40 rounds of dreams and each slot carries a dollar amount.
The Detroit Tigers stand in the batter-box as 2018’s first overall selection. #1 pick is worth $8,096,300, closing out the first round is pick #43 held by the St. Louis Cardinals, valued at $1,664,200.
I’m not Nostradamus so there will be no mock draft predictions from me. Although, I have a few guys I’m pulling for to go high. But, first and foremost, these are high-quality character individuals, students, and community members, that happen to be freakishly gifted athletes. I wish you all the type of happiness that isn’t found in material possessions, but the kind that comes from deep within ourselves as you get to live out your desire.
My passion and intentions are to deliver value to my clients through financial and investment management. It’s about preparing you for financial success once you’ve received your money. Our approach is a 5-year goal aimed at helping you navigate your way from the signing bonus to your next bigger contract. We work together to develop and execute this strategy. Money allows us many freedoms and opportunities when constructed for good.
There will be ups and downs as you head off on your new baseball journey, but this can also be summarized in one word “life.” You are officially a professional baseball player. Pause for a moment of reflection and give thanks to those who have helped you along the way. Recognize those inner strengths you possess; perseverance, grit, determination and the love for a game. You will need to call on these intangibles when you feel like giving up or some failure sets in. Welcome to a dream come true. Congratulations MLB draft class of 2018.
Soon you will have six and seven-digit figures showing up in your bank accounts and checks made payable to you. What is the next step?
Treat yourself to something nice. Who deserves it more than you? Hard work and talent has blessed you.
- Pay your federal income taxes (state if necessary too)
- Pay your Agent fees
- Find an Investment Advisor (preferably Finn Wealth Advisors)
- Get a Tax advisor/CPA
- Be charitable and consider the idea of giving back to a program or organization.
- Don’t blow all your money (or at least seek professional financial advice before doing so)
Here is my only prediction: Once the Brinks truck has arrived, you’ll have enough cash for the ice cream truck.
Here for you,
Justin Finn