{"id":1645,"date":"2024-08-05T09:36:48","date_gmt":"2024-08-05T08:36:48","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=1645"},"modified":"2024-08-05T09:36:48","modified_gmt":"2024-08-05T08:36:48","slug":"protecting-your-wealth-for-life-after-professional-sport","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/protecting-your-wealth-for-life-after-professional-sport\/","title":{"rendered":"Protecting Your Wealth For Life After Professional Sport"},"content":{"rendered":"

With Cristiano Ronaldo topping the 2024 list of the world\u2019s highest-paid athletes<\/a>, professional sports men and women have the potential to earn a lot of money.<\/p>\n

However, the average career of a professional sports person is relatively short. For instance, a footballer\u2019s career spans just eight years<\/a>, so it\u2019s important to think about protecting short-term gains for long-term benefits. This can be easier said than done and it\u2019s important to make sure you have the right people around to support you.<\/p>\n

Who\u2019s in your corner?<\/strong><\/h4>\n

High-net-worth (wealthy) individuals \u2013 often classified as people with a net worth of over \u00a31m<\/a> \u2013 will usually have a team of advisors around them to help manage their wealth. Sometimes it can be hard to know who to trust, especially when it comes to money, so it is crucial to ensure people are acting in your best interests, not their own.<\/p>\n

A popular way for professional athletes to protect their wealth is to place it in a trust. This is where you give your assets to a professional trustee who then has a legal duty to protect and enhance your wealth for your benefit, and for anyone else that you would like to benefit (eg your family). A trustee is required to think about what is best for you now, and what is best for your future.<\/p>\n

Benefits of appointing a trustee<\/strong><\/h4>\n