Taxes are one of the biggest destroyers of wealth.   Misconceptions about taxes are everywhere, and you often hear many of them daily.  Below are a few examples we often hear: Getting a large tax refund is always a good thing My CPA did a good job if I got a bigger tax refund April 15th is the most important date in the tax world “Tax Planning” and “Tax Filing” are the same thing Now for some truths that everyone should understand: You actually want to get back $0 or owe money (not penalties and interest) when you file your taxes December 31st of the prior year is the most im ..read more

MLB teams will be interested in your gross signing bonus. Your agent will be paid based on your gross signing bonus.  You should be focused on your NET SIGNING BONUS. Your net signing bonus is what you will have in your pocket after taxes.  This is the amount of money that you will be able to invest in your career, grow your wealth, and spend on the things that are important to you and your family. To put into perspective why you should focus on your net signing bonus, you can look to a client we worked with in advance of the 2021 MLB Draft.  In the months leading up to the draf ..read more

On this week’s episode, we’re honored to be joined by Todd Seigler, father of Anthony Seigler – a first-round draft pick with the New York Yankees. We get to hear from Todd on what the draft process was like from the perspective of family members and in working through these areas together as a family.  As a parent going through the draft process, it can feel like everybody is painting a rosy picture about how perfect your son’s game is – it can be hard to sift through all the feedback using data to separate out sales pitch from reality. There are also challenges in setting good boundarie ..read more

Do you know when to start looking to hire a financial team?   The easy answer is: “As soon as you are making financial decisions, and as soon as you have done the research to know who to hire.” Easy enough right, but unfortunately most people have boiled down financial decisions into choosing investments.  It is not uncommon to think that financial advice is only about investments and that you should wait until after you have money to hire a financial team.  Unfortunately, this is the wrong approach to take.  By taking this approach you will cost yourself both money an ..read more

On this week’s episode, Erik and Travis talk with Adley Rutschman, catcher for the Baltimore Orioles. Adley was selected by the Orioles as the first overall selection in the 2019 Major League Baseball draft with the highest signing bonus ever. He joins us this week to discuss his time playing in college for Oregon State University, going into the MLB draft last year and making the transition from amateur to pro.  Adley covers a wealth of topics in this episode including: - How to handle the public pressures of being a highly-ranked athlete - The important things to look at when choosing a ..read more

Going into the MLB Draft, there are a lot of questions that will be asked, but at the end of the day, the only question that matters is the question of whether or not you will sign.   How do I make this decision? As the owner of your career and life, you should prepare for the MLB Draft like the CEO of a company would.   To make the right decision, CEOs prepare for and understand the questions that they are being asked.  They take emotion out of decisions and are confident because they have taken the time to understand what it is that they are trying to accomplish. As ..read more

What should I look for when interviewing financial teams? The financial team you hire should be Independent, Integrated, and Individualized.  If they aren’t, you are putting your financial security at risk.   Independent –The first question to ask a financial advisor is if they must always work under a fiduciary standard.  The fiduciary standard means that they are legally obligated to always work in your best interest.  Most people who call themselves “financial advisors” fit into the following categories: 1. Registered Investment Advisor (Always a Fiduciary, Continue the ..read more

Welcome to the MLB Draft Podcast, the proven playbook to help you navigate the Draft Process successfully.  Our goal is to inform you, support you, and help you achieve the greatest amount of success which we define as: Fulfilling your potential to become the best MLB player and; Maximizing the financial opportunity that is a byproduct of achieving #1 The challenge: Winning is not guaranteed.  History is littered with "can't miss" players who never made it and volumes of athletes experiencing financial ruin.  The good news is the results are mainly in your control. If you foll ..read more

“What is your number?” is one of the most frequently asked questions to a player as the MLB draft approaches every summer. MLB teams want to know it, your agent wants to know it, the coaches at the college you are attending or committed to want to know it, but what is it and how do you calculate it? With everyone asking what this number is, how should you and your family calculate this number and who is qualified to help you understand the true value of the opportunity that you are foregoing to begin your professional career? In this episode, Travis and Will look at how to analyze the opportun ..read more

It’s April and the MLB Draft is starting to change from a possibility to a reality. What are some of the most common questions that prospects and their families start asking their financial teams at this point in the year as they prepare to make their big draft decision? What are some nuances that most people are missing heading into July? From the realities and importance of a mock draft in March, to discussing spending habits and purchasing your first car, to what the value of the College Education Plan really is, Travis Chick and Will McGuffey break down a number of interesting topics in th ..read more