Dropping the Ball: Wealth Manager David Osborne Examines Common Mistakes Athletes Make with Money and How to Avoid Them
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Hiring a financial professional with know-how and experience like David Osborne is a smart way to save money and stay out of the red
Austin-based David Osborne explained what it takes to help these larger-than-life personalities manage their money
AUSTIN, TX, USA, September 1, 2021 /EINPresswire.com/ – David Osborne, Austin, TX, is the founder and President of Osborne Advisors Wealth Management. He built much of his reputation by focusing on retirement plans for Morgan Stanley in Dallas, Texas and New York City. There he built an impressive résumé with strategic investment advice and university planning. With more than 22 years of hands-on experience managing the wealth of professionals, real estate, corporations, athletes and celebrities, Austin-based David Osborne is in great demand with big names we all know.
One of his most interesting areas of work is advising professional athletes on financial matters. These individuals often face unique money management challenges. We asked David Osborne of Austin to explain what it takes to help these larger-than-life personalities manage their money. Here’s what we learned
David Osborne Austin: Common Mistakes Money Athletes Make and How to Avoid Them
As with actors, musicians, and other creative types, the discipline of a professional athlete can be said to be contrary to the mindset that makes a good accountant. This isn’t a sign against their intelligence, but David Osborne of Austin, TX explains that it means they may need a little more help than most who manage large incomes.
Neglect of emergency funds
Emergencies may be inevitable, but they are far from predictable. The fact that they are called “emergencies” tells us pretty much everything we need to know. If you’re not putting money aside and setting it aside, this is a great way to turn an emergency into a disaster.
Use installments
It can be tempting to estimate how much money we have, how much we will spend, and so on. Even if it feels right at the moment, especially if we estimate conservatively, it’s almost a surefire way to miscalculate in the wrong direction.
Failure to Track Expenses
In the sense of guesswork, failure to track your expenses is like sailing without a good map. Chances are you’re overlooking key spending trends, and when strange fees crop up, you can’t tell them apart.
Leaving out a margin for error
Managing money is tough and we all make mistakes. We can accommodate this by saving enough to act as a buffer for mistakes. Failure to do so is tantamount to failing to save for emergencies.
Forgot to put aside fun money
Professional sports stars often have to stick to their feet to stay in the favor of the people who sign their checks. They also tend to let off a lot of steam. It is a mistake to adopt an overly spartan attitude and cut your budget for fun.
David Osborne, Austin, TX says these are common mistakes anyone can and will make. For those of us with unusual corporate income lines, as well as athletes and celebrities, these common mistakes can be especially bothersome. Hiring a financial professional with know-how and experience like David Osborne is a smart way to save money and stay out of the red.
Caroline Hunter
Web Presence, LLC
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September 01, 2021, 14:15 GMT
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