Tag Archives: Athletes saving money

Pro Athlete Losses Part 3 (updated 4/2014)

In 2013, I wrote two posts on professional athletes handling their money poorly. Thanks to Nerdwallet.com, where I have begun writing on their Ask an Advisor platform (I am not compensated for this), there is finally a good story to read. Nerdwallet interviewed Eric Sogard of the Oakland A’s.  Eric and his wife work with a CFP(R) financial planner. Since joint the MLB, their big splurge on his $510,000 annual contract was a beagle for $1700, purchased at the mall. Plus a house. (not from the mall, I presume)

Eric’s salary is $10,000 over the MLB minimum for 2014, as he is not yet eligible for salary arbitration. In 2013, the average salary was $3,386,212. For those who do not know, players are eligible for salary arbitration after year 3 and before year 6 in the League.

 

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Here is the piece fromNerdwallet.  Written by on April 2, 2014

“The face of major league baseball wears glasses? That was very nearly the case when, over the winter, the Oakland A’s bespectacled second baseman Eric Sogard finished second in an online fan poll for the #FaceofMLB—besting the likes of former league MVP Buster Posey. Not bad for a guy who broke into a regular starting role just last year.

Eric caught our attention at NerdWallet for two reasons: his wearing glasses gave rise to the nickname “Nerd Power,” and it turns out he’s a great example of a professional athlete who’s financially responsible. On the eve of the 2014 season, we chatted with Eric and his financial planner, Brett Dimas from OFS Wealth, about the lessons he’s learned about money, some of the first big purchases he made (including one pricey pup), and how he’s working today to set his family up for the future. “

 

NerdWallet: When you were a kid, how did your mom and dad first teach you about money? Do you remember your first money lesson growing up? Read more  Continue reading

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