A Certified Financial Planner (CFP) is a professional designation that signifies expertise in the field of financial planning and wealth management. In order to become a CFP, individuals must meet specific educational, testing, and ethical requirements.
The podcast introduces Thomas Elms, a certified financial planner who specializes in working with athletes, agents, and entertainers. The host, Thatcher Taylor, highlights the unique niche that Thomas has carved out for himself and expresses excitement about the upcoming discussion.
Thomas shares a fun fact about himself, revealing that he obtained his CFP certification at the age of 23, which is quite early compared to most people in the industry. He attributes his early success to growing up in a financial planning family, with his father having 33 years of experience in the field. Thomas also mentions that he had the opportunity to start an internship with the firm he currently works for while in college, which allowed him to gain the necessary experience and sponsor him for the series exams required to enter the industry.
Thatcher acknowledges that Thomas's early achievement puts him ahead of most advisors, including himself, who obtained their CFP certifications much later in their careers. He praises Thomas for taking advantage of university programs that offer CFP education tracks, internships, and time requirements in the industry, which ultimately facilitated his early certification and a successful start to his career.
Thomas reflects on his five-year journey since obtaining his CFP certification and expresses excitement about the future. He reveals that he attended Biola University in California, despite Kansas State University being known for its excellent CFP collegiate program. Thomas explains that he went to California because he was a baseball player in college and later returned to Kansas City to work with the firm he is currently affiliated with.
The conversation then shifts to Thomas's unique niche of working with professional athletes, entertainers, and agents. Thatcher compares Thomas's work to the TV show "Ballers" on HBO, which portrays the financial lives of athletes and entertainers. They discuss the different mentality that these individuals have when it comes to retirement preparation.
Thomas explains that most athletes and entertainers initially think about retirement in their own way. They often focus on the short-term and immediate financial gains of their careers, such as signing bonuses or endorsement deals. Retirement planning may not be a priority for them initially, as they are more focused on their current success and financial stability. However, Thomas emphasizes the importance of helping these individuals understand the long-term implications of their financial decisions and the need for comprehensive retirement planning.
In conclusion, a CFP certification is a prestigious designation that requires individuals to meet specific educational, testing, and ethical requirements. Thomas Elms, a certified financial planner specializing in working with athletes, entertainers, and agents, obtained his certification at a young age and has had a successful career in the industry. His unique niche allows him to understand the unique mentality of his clients when it comes to retirement planning and help them navigate the financial complexities of their careers.
One of the key takeaways from Thomas Elms' podcast is the importance of preparing for life after sports. Many athletes enter their professional careers with the belief that they will have a long and lucrative career, making millions of dollars and never having to worry about money again. However, the reality is much different.
Elms emphasizes that it is not only difficult to reach the professional league, but it is even harder to stay there. Athletes must not only stay healthy and perform well on the field, but they also need to manage their finances wisely. The average career span in US sports is only three to seven years, which means athletes have a limited time to earn a lifetime of money.
One of the challenges Elms faces is helping athletes understand that just because they make a lot of money doesn't mean they will keep all of it. Taxes and lifestyle expenses can quickly eat away at their earnings. Athletes often find themselves in a celebrity status, which can lead to extravagant spending and a lifestyle that is difficult to maintain once their career ends.
Elms also highlights the statistic that 78% of professional athletes go broke within three years of retirement. This is a staggering number and underscores the importance of financial planning and preparation for life after sports. Athletes need to think about their next retirement and what they will do once their playing days are over. Many athletes transition into other careers, such as working for sports networks like ESPN, but they need to have accumulated enough money to sustain themselves for the rest of their lives.
The podcast offers valuable lessons not only for professional athletes but for anyone who wants to prepare for retirement. It emphasizes the importance of watching your lifestyle and spending habits, as well as planning for the future. Retirement is not a one-time event for athletes; they experience retirement from their sport and then retirement from their second career. This highlights the need for careful financial management and planning throughout their lives.
In conclusion, preparing for life after sports is crucial for professional athletes. The podcast highlights the challenges athletes face in staying in the professional league and the importance of managing their finances wisely. Athletes have a limited window of opportunity to earn a lifetime of money, and they need to be prepared for retirement both from their sport and from their second career. Thomas Elms' insights as a certified financial planner specializing in working with athletes provide valuable lessons for athletes and anyone looking to plan for their future.
Athletes need hands-on financial guidance to navigate the unique challenges they face in managing their finances. This is highlighted in a podcast featuring Thomas Elms, a certified financial planner specializing in working with athletes. Elms emphasizes the importance of athletes preparing for life after sports and managing their finances wisely.
One of the key challenges athletes face is the short window of opportunity to earn a lifetime's worth of money. Many professional athletes start their careers in their twenties and may only have a few years to make a significant income. This means that they need to make smart financial decisions during their playing years to ensure long-term financial stability.
Elms notes that athletes often have a single-minded focus on their sport and may not think about anything else. They spend their offseason training and preparing for the next season, leaving little time for financial planning. This is where hands-on financial guidance becomes crucial. Financial advisors can help athletes create a step-by-step plan to achieve their financial goals, including retirement.
The mentality of athletes can also pose challenges when it comes to managing their finances. Elms mentions that athletes tend to have more ego and confidence, which can make it difficult to keep them on track with a financial plan. They may see their peers investing in certain ventures or want to spend their hard-earned money without restrictions. Financial advisors need to find a balance between educating athletes about financial planning and respecting their autonomy.
Elms highlights the importance of pitching the dream retirement to athletes while also providing a concrete plan to achieve it. Athletes need to see the potential outcomes of their financial decisions and understand the steps they need to take to reach their goals. This approach helps them stay focused and motivated to stick to their financial plan.
One of the key differences in working with athletes as a financial advisor is the need for a more hands-on approach. Elms explains that athletes are often younger and may not have been taught financial literacy. They also have busy schedules, making it essential for financial advisors to be proactive in guiding them through the financial planning process. Regular check-ins and communication are necessary to ensure athletes stay on track with their financial goals.
Elms compares financial planning for athletes to their training and nutritional programs. Athletes follow these programs diligently because they understand the importance of discipline and consistency in achieving their goals. Financial planning should be approached in the same way, with frequent check-ins and follow-through on financial decisions.
In conclusion, preparing for life after sports is crucial for professional athletes. The podcast highlights the challenges athletes face in staying in the professional league and the importance of managing their finances wisely. Athletes have a limited window of opportunity to earn a lifetime of money, and they need to be prepared for retirement both from their sport and from their second career. Thomas Elms' insights as a certified financial planner specializing in working with athletes provide valuable lessons for athletes and anyone looking to plan for their future.
One of the unique aspects of being a professional athlete is the payment structure. Unlike most people who receive a steady paycheck, athletes have a fluctuating income that is dependent on their performance and the season. This can make financial planning and budgeting more challenging, but it is essential for athletes to manage their money wisely to ensure a secure future.
In the podcast, Thomas Elms, a certified financial planner who works with athletes, explains some of the unique aspects of how athletes get paid. He mentions that all athletes, except professional golfers, are paid as W-2 employees. This means that taxes are withheld from their paycheck, just like any other employee. However, Elms also mentions that athletes have additional income from endorsements, which is not subject to tax withholding. This means that athletes need to make quarterly estimated tax payments to ensure they are meeting their tax obligations.
Elms also discusses the importance of cash flow management for athletes. He explains that a portion of the athlete's income goes towards covering their day-to-day expenses, such as rent, mortgages, and lifestyle expenses. Athletes often have a smaller living expenses during the season when they are busy with games and travel, and a larger lifestyle in the off-season. To prepare for the off-season, Elms recommends setting up an off-season fund, where a portion of the athlete's income is saved to cover their expenses during this time. This helps prevent the need to withdraw from investment accounts and ensures that the athlete's financial future is secure.
Another aspect of financial planning for athletes is retirement planning. Elms explains that athletes retire at a much younger age than most people, so they need to plan for a longer retirement period. He recommends setting up non-qualified accounts, such as individual investment accounts, to cover retirement expenses. This is because withdrawing from retirement accounts before a certain age can result in penalties and additional taxes. By having money in non-qualified accounts, athletes can access their funds without incurring these penalties.
In conclusion, the payment structure for athletes is unique and requires careful financial planning. Athletes need to manage their cash flow, save for the off-season, and plan for retirement at a younger age. Working with a financial planner who specializes in working with athletes, like Thomas Elms, can provide valuable guidance and ensure that athletes are making the most of their income and preparing for a secure financial future.
Taxes for professional athletes are complex. This is evident in a podcast transcript where the hosts discuss the intricacies of tax management for athletes. The conversation touches on topics such as 401k contributions, W-2 and 1099 income, quarterly estimated payments, and the importance of having a knowledgeable team in place to navigate the tax system.
One of the first points raised in the podcast is the similarity between the 401k provided by the league and traditional 401k plans offered in the workplace. While the league's 401k may have similar contribution limits and rules, there are also some differences that will be further explored later in the conversation.
The hosts then discuss the difference between W-2 income, which is regular income, and 1099 income, which is self-employment income. They explain that W-2 income is subject to withholding, while 1099 income requires individuals to make quarterly estimated payments. This distinction is important for athletes to understand and manage their finances accordingly.
The conversation also highlights the importance of accurately tracking income and making timely quarterly payments to avoid under withholding penalties. Athletes, especially those in professional sports like basketball and football, often have endorsement contracts that can significantly increase their income. Managing both W-2 and 1099 income, as well as finding ways to reduce overall income through tax strategies, becomes crucial in minimizing tax liabilities.
The hosts further emphasize the complexity of taxes for professional athletes by discussing the case of Bill Romanowski, who got in trouble for trying to funnel personal expenses through his business. This example serves as a reminder that athletes need to be diligent in their tax management to avoid future problems.
Additionally, the hosts mention that professional athletes pay state income tax in every state they play in. This is a unique challenge that requires careful tracking of the number of days spent in each city to calculate the correct rate of taxable income. Being aware of state income tax rates and residency requirements can help athletes optimize their tax strategy.
In conclusion, the payment structure for athletes is unique and requires careful financial planning. Athletes need to manage their cash flow, save for the off-season, and plan for retirement at a younger age. Working with a financial planner who specializes in working with athletes, like Thomas Elms, can provide valuable guidance and ensure that athletes are making the most of their income and preparing for a secure financial future. The complexity of taxes for professional athletes underscores the need for expert advice and careful tax management to avoid potential pitfalls and penalties.
Professional athletes invest conservatively initially. This is evident in a podcast transcript where financial advisor Thomas Elms discusses the financial planning process for athletes. Elms explains that when athletes are first starting out, the focus is on building a solid financial foundation rather than making risky investments.
One key aspect of this conservative approach is managing cash flow. Athletes often have irregular income due to their contract structures, endorsements, and bonuses. Elms emphasizes the importance of budgeting and saving during the high-income years to prepare for the off-season and potential career transitions.
Retirement planning is also a crucial part of the financial strategy for athletes. Elms mentions that athletes retire at a younger age compared to most professions, which means they need to save and invest for a longer retirement period. Athletes typically have access to a 401k plan through their leagues, and Elms explains that the contributions are made by the team rather than the league itself. He highlights the unique benefits of the baseball 401k plan, such as a generous match and the option for after-tax contributions.
When it comes to investment choices, Elms dispels the notion that athletes are constantly investing in businesses and ventures. He states that the majority of athletes he works with opt for tried and true investment options like Vanguard index funds and mutual funds. He explains that the focus in the early years is on building a solid financial base before considering riskier investments like buying businesses or investing in private equity and venture capital.
Elms also acknowledges the growing popularity of private investments among athletes. While there can be benefits to these investments, he cautions that for every successful deal, there are many failures. He emphasizes the importance of careful evaluation and due diligence when considering private investments.
In conclusion, professional athletes invest conservatively initially. This approach is driven by the need to build a solid financial foundation, manage cash flow, and plan for retirement at a younger age. While there may be opportunities for more adventurous investments down the line, athletes prioritize stability and long-term financial security. Working with a financial advisor who specializes in working with athletes, like Thomas Elms, can provide valuable guidance and ensure that athletes make the most of their income and prepare for a secure financial future. The complexity of taxes for professional athletes underscores the need for expert advice and careful tax management to avoid potential pitfalls and penalties.
Investing in traditional funds is a key strategy for professional athletes to secure their financial future. This approach prioritizes stability, long-term growth, and the ability to manage cash flow effectively. In a podcast transcript featuring financial advisor Thomas Elms, the importance of investing in traditional funds is emphasized.
Elms highlights the fact that professional athletes receive numerous investment opportunities and ideas thrown at them constantly. This influx of deals can be overwhelming, and athletes may struggle to say no to these opportunities. Elms plays a crucial role in this aspect by being the "no person" for athletes. He reviews potential deals and provides honest feedback, helping athletes make informed investment decisions.
One example Elms shares is when a client wanted to invest heavily in the Rivian IPO. While many advisors may have wanted to satisfy their client's desires, Elms conducted extensive research and advised his client to wait. Initially, he faced criticism when the IPO's price soared, but he proved the value of his advice when he showed his client the stock's price two weeks later. This example highlights the importance of having a financial advisor who can provide clarity, logic, and sincerity in investment decisions.
Another crucial point discussed in the podcast is the need for professional athletes to invest in traditional funds like ETFs, index funds, and mutual funds. These investment vehicles are built for long-term goals and provide a solid foundation for financial growth. Elms emphasizes that athletes should not try to outthink the room or get swayed by social media trends and networking events. Investing normally and utilizing these traditional funds can lead to a secure retirement and a life after professional sports.
Elms also mentions that most athletes have at least one rental property, which serves as a source of cash flow and tax deductions. However, he highlights the importance of showing athletes the amount of work and maintenance required to manage real estate properties. Athletes often have busy schedules and may need to hire others to manage their properties, which can be costly. This serves as a reminder that traditional funds provide a more passive and manageable investment approach.
In conclusion, investing in traditional funds is a fundamental strategy for professional athletes. It provides stability, long-term growth, and the ability to manage cash flow effectively. Working with a financial advisor who specializes in working with athletes, like Thomas Elms, can provide valuable guidance and ensure that athletes make the most of their income and prepare for a secure financial future. The complexity of taxes for professional athletes underscores the need for expert advice and careful tax management to avoid potential pitfalls and penalties. By investing in traditional funds, athletes can build a solid financial foundation and secure their future beyond their professional sports careers.
Financial planning for professional athletes is a crucial aspect of their careers. These athletes often come into large sums of money at a young age, and without proper guidance, they can easily make financial mistakes that can have long-lasting consequences. In a podcast featuring Thomas Elms, a financial advisor who specializes in working with athletes, the importance of financial planning for professional athletes is discussed.
One of the key points highlighted in the podcast is the need for athletes to have a team of professionals around them to help manage their finances. This team includes an accountant, an insurance person, and an estate planner. These professionals can provide guidance on tax management, risk management, and estate planning, which are all essential aspects of financial planning for athletes.
Another important aspect of financial planning for professional athletes is the need to diversify their investments. As mentioned in the podcast, athletes should not have all their money in one account. Instead, they should spread their investments across different banks and asset classes to reduce risk and maximize returns. This approach ensures that athletes have a well-rounded portfolio that can withstand market fluctuations and provide long-term growth.
The podcast also emphasizes the importance of educating athletes about financial management. Many athletes come from backgrounds where they may not have had much exposure to financial literacy. Therefore, it is crucial for them to understand the basics of budgeting, saving, and investing. By providing education and guidance, financial advisors can empower athletes to make informed decisions about their money and avoid common pitfalls.
One specific example discussed in the podcast is the case of Victor Wemba Nia, a basketball player who was recently drafted into the NBA. Thomas Elms explains that working with a player like Victor involves not only managing his finances but also considering his schedule and commitments. In the weeks following the draft, Victor would be busy with physical evaluations and promotional activities. Therefore, financial planning for athletes also involves taking into account their unique circumstances and designing a plan that aligns with their goals and schedules.
One challenge highlighted in the podcast is the influence of family and friends on athletes' financial decisions. It is common for athletes to have people around them who may try to take advantage of their newfound wealth. Financial advisors play a crucial role in protecting athletes from such situations by providing unbiased advice and helping them make sound financial decisions.
In conclusion, financial planning for professional athletes is a complex and essential process. It involves building a team of professionals, diversifying investments, educating athletes about financial management, and protecting them from potential financial pitfalls. By working with experienced financial advisors who specialize in working with athletes, athletes can navigate the complexities of their finances and secure their financial future beyond their professional sports careers.
Sudden wealth can be overwhelming, and this is evident in various aspects of life, including professional sports and the entertainment industry. In a podcast transcript, the topic of sudden wealth is discussed in relation to athletes, parents, and influencers.
The transcript highlights the potential challenges that arise when athletes achieve success and start earning significant amounts of money. One aspect that is explored is the role of parents in the athlete's success. Some parents may believe that they deserve a share of the athlete's wealth because they played a significant role in their development. This sense of entitlement can create tension and financial strain on the athlete. It becomes crucial for athletes to navigate this dynamic and make decisions that are in their best interest.
Furthermore, the transcript also touches on the pressure athletes face to continuously generate income. This pressure can lead to athletes making poor financial decisions, such as taking bad contracts or pushing through injuries. The desire to maintain a certain lifestyle or support family members financially can lead to stress and overwhelm. Athletes may find themselves in situations where they are not enjoying their wealth, but rather feeling trapped by it.
The podcast also delves into the world of social media influencers and the challenges they face with sudden wealth. While it may seem like social media stars have the potential to generate long-lasting revenue, the reality is that the influencer space is highly competitive and short-lived. Many influencers experience a burst of popularity and income for a short period, but struggle to maintain their following and financial success in the long run. Transitioning to new content or ventures can be difficult, and many influencers find themselves fading into obscurity.
In conclusion, sudden wealth can indeed be overwhelming. Whether it is athletes, entertainers, or social media influencers, the pressures and challenges that come with sudden wealth are significant. Financial planning and management become crucial in order to navigate these challenges successfully. Athletes and influencers need to build a team of professionals who can guide them in making wise financial decisions, diversify their investments, and protect them from potential financial pitfalls. By working with experienced financial advisors who specialize in working with sudden wealth situations, individuals can secure their financial future beyond their initial success.
College athletes can now profit from their likeness and make money through Name, Image, and Likeness (NIL) deals. This new development allows athletes in college to be their own bosses and earn income that was previously prohibited by the NCAA. In this podcast transcript, the hosts discuss the implications of NIL deals and how it is changing the landscape for college athletes.
The hosts begin by acknowledging that in the past, college athletes were not allowed to make money outside of their scholarships. However, with the introduction of NIL, athletes now have the opportunity to profit from their likeness. They can enter into contracts with various organizations, such as car dealerships or even major brands like Nike. This opens up a new avenue for athletes to earn income that was previously unavailable to them.
The hosts also mention that colleges are building collectives to manage the NIL process and protect their players. These collectives are staffed by university employees and donors who work with athletes to secure deals and manage their finances. This insulates the athletes and makes it harder for outside advisors to access and work with them.
However, the hosts note that some athletes are still able to work with outside advisors to navigate the complexities of NIL deals. They mention that some athletes are earning significant sums of money, with figures like $250,000 per quarter being thrown around. These deals can come from both the university collectives and outside contracts with organizations.
One concern raised by the hosts is the tax implications of these NIL deals. All the income earned by athletes through NIL is reported on a 1099 form, which means it is considered self-employment income. This can create challenges for athletes who may not be familiar with tax strategies or have access to the right advisors. The hosts express concern that athletes may be at risk of being audited and owing back taxes if they do not work with the right professionals.
The hosts also touch on the importance of insurance for athletes, particularly those with unique physical attributes. They mention examples like David Beckham insuring his legs for millions of dollars. They discuss the need for athletes to have general insurance, such as life insurance and disability insurance, as well as specific body part insurance to protect their valuable assets.
In conclusion, the introduction of NIL deals has provided college athletes with an opportunity to profit from their likeness. However, it also presents challenges in terms of managing sudden wealth and navigating the complexities of taxes and insurance. Athletes need to work with experienced financial advisors who can guide them in making wise financial decisions, diversifying their investments, and protecting their assets. By building a team of professionals, athletes can secure their financial future beyond their initial success.
Insurance is crucial for professional athletes. This is evident in a podcast transcript where the importance of insurance for athletes is discussed in detail. The conversation revolves around various types of insurance that athletes should consider, including loss of value insurance, disability insurance, and liability insurance.
Loss of value insurance is particularly relevant for athletes who are still in college and looking to enter the professional sports world. This type of insurance protects them in case they incur an injury that prevents them from being drafted or affects their draft position. It provides financial compensation for the loss of potential earnings and helps athletes recover from such setbacks.
Different sports have different areas of focus when it comes to insurance. For example, knees are highlighted as a major concern in basketball, while arms are critical for pitchers in baseball and quarterbacks in football. The example of Tiger Woods is also mentioned, suggesting that he likely had a significant insurance policy for his back, given the rotational nature of golf swings.
While insurance for injuries and disabilities is crucial, the conversation also emphasizes the importance of other types of insurance, such as home, auto, and umbrella insurance. Professional athletes often have expensive cars and luxurious houses, making them vulnerable to lawsuits and liabilities. Adequate coverage is necessary to protect their assets and ensure they are not exposed to financial risks.
The podcast highlights that many athletes underestimate the need for insurance until they experience a situation that demonstrates its value. Athletes often have a sense of invincibility and may not consider the potential risks they face. However, it is crucial to educate athletes about the importance of insurance early on in their careers to ensure they are adequately protected.
The conversation also emphasizes the importance of finding the right insurance providers who can offer comprehensive coverage for high-value assets. Standard insurance policies may not be sufficient for professional athletes, given the significant value of their homes and cars. Working with experienced insurance agents who specialize in serving athletes is crucial to ensure they have the right coverage.
In conclusion, insurance is crucial for professional athletes to protect their financial well-being and assets. Athletes should consider various types of insurance, including loss of value insurance, disability insurance, and liability insurance. They should also ensure they have adequate coverage for their homes, cars, and other assets. Educating athletes about the importance of insurance early on and working with experienced insurance providers are key steps in securing their financial future beyond their initial success.
Life insurance is an essential component of financial planning for professional athletes. Due to the unique nature of their careers and the potential for high earnings, athletes need to have a comprehensive life insurance strategy in place to protect their financial well-being and provide for their families in the event of their untimely death.
One of the challenges in developing a life insurance strategy for athletes is the variability in their income and career length. Athletes may have short careers due to injury or lack of performance, while others may have long and successful careers. This variability makes it difficult to determine the appropriate amount of coverage and the length of the policy.
To address this challenge, financial advisors typically recommend a laddering approach to life insurance. This involves purchasing multiple term policies with different lengths, such as 10-year terms, that align with the athlete's career trajectory. By doing so, athletes can secure high-value policies while they are young and healthy, which can serve as income replacement during their active years.
As athletes continue to work, earn, and invest, they can build up a nest egg and consider transitioning to permanent life insurance policies. Permanent policies provide lifelong coverage and can also accumulate cash value over time. However, it is important to ensure that athletes have enough financial resources to fund these policies adequately without triggering any negative tax consequences.
Another consideration in developing a life insurance strategy for athletes is their retirement age. Many athletes retire at a relatively young age, such as in their early 30s, but they are still in excellent health. This means that they can still qualify for favorable life insurance policies even after retirement. It is crucial for athletes to take advantage of this opportunity and secure a policy that provides adequate coverage for their needs.
In addition to life insurance, athletes should also consider other types of insurance to protect their financial well-being. Loss of value insurance can provide coverage in the event that an athlete's performance declines, resulting in a loss of earning potential. Disability insurance is also important to protect against injuries or illnesses that may prevent an athlete from working. Liability insurance is crucial to protect athletes from potential lawsuits and other legal liabilities.
Education is a key component of developing a life insurance strategy for athletes. Athletes need to understand the importance of insurance and how it can protect their financial future beyond their initial success. Working with experienced financial advisors who specialize in working with athletes is crucial in navigating the complexities of insurance and ensuring that athletes have the right coverage for their needs.
In conclusion, insurance is crucial for professional athletes to protect their financial well-being and assets. Athletes should consider various types of insurance, including loss of value insurance, disability insurance, and liability insurance. They should also ensure they have adequate coverage for their homes, cars, and other assets. Educating athletes about the importance of insurance early on and working with experienced insurance providers are key steps in securing their financial future beyond their initial success.
The podcast transcript emphasizes the importance of enjoying life because it is short. The speaker acknowledges that anything can happen at any time and encourages listeners to make the most of their lives. They also mention the significance of working with a financial advisor to ensure financial stability.
The idea that life is short and should be enjoyed is a common sentiment that many people can relate to. It serves as a reminder to prioritize happiness and fulfillment in our lives. It encourages individuals to make the most of their time and not take anything for granted.
The speaker's mention of working with a financial advisor adds an interesting perspective to the discussion. While it is important to enjoy life, it is also crucial to plan for the future and ensure financial security. By seeking the guidance of a professional, individuals can make informed decisions about their finances and create a solid foundation for their future.
The podcast also mentions the upcoming second part of the episode, which will focus on entertainers and their lives. This suggests that the discussion about enjoying life and working with a financial advisor may be particularly relevant to individuals in the entertainment industry. Entertainers often face unique financial challenges, and it is essential for them to find a balance between enjoying their careers and securing their financial well-being.
In conclusion, the podcast highlights the importance of enjoying life because it is short. It encourages listeners to make the most of their time and seek happiness and fulfillment. However, it also emphasizes the significance of working with a financial advisor to ensure long-term financial stability. This combination of enjoying life and planning for the future is crucial for individuals in various industries, including entertainers, to lead fulfilling and financially secure lives.