FORT LAUDERDALE, FL, USA – The change in rules at National Collegiate Athletic Association (NCAA) that came into effect on June 30, 2021, officially allows college athletes to receive a piece of the trillion-dollar pie that only the NCAA and major university athletic departments have been privy to for more than a century. All of that changed this year and the flood gates have burst open as every day another college athlete is receiving a 6 or 7 figure deal to cash in on their Name, Image and Likeness (referred to as NIL). But this sudden shift is going to create significant tax and other financial issues that have haunted pro athletes for years, although most will not know it until it is too late.
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There are countless articles and documentaries that tell the stories of professional athletes who have squandered away their fortunes due to bad decisions, rogue financial advisors, risky investments, and a general lack of understanding of money. College athletes are likely to end up in the same trap of financial mismanagement if they are not guided properly. PMG Private CFO Services based in Florida, has been quick to envisage the imminent trend and is making all efforts to impart necessary financial guidance to college athletes.
PMG Private CFO Services is a joint venture between husband and wife, Aaron & Laura Parthemer. The company acts as the CFO for each of their clients and handles all their daily financial management. The company aims to help college athletes avoid the same financial blunders that pro athletes have been making for years which eventually pushes them to the brink of bankruptcy.
“While things have come a long way in the last decade as far as education, warnings, online courses, and even major colleges preparing college athletes for their windfalls, it still happens every day,” says Aaron Parthemer, President of PMG Private CFO Services. “As someone who has been on the money side of the sports business for two decades, I have seen it all and studied the characteristics of hundreds of professional athletes and even tackled this topic myself in my upcoming book, ‘A View from the Sidelines’ that is being released fall of 2021.”
While it is an amazing time to be a collegiate athlete and there is no doubt that there will be many athletes who will be able to make money from their NIL, the business aspect is more important than ever. College athletes who may never go pro now have an opportunity to cash in on their college days and give them a financial head start for their post college career.
Aaron has the following advice for the prospective college athletes, “While you cannot avoid taxes, you can plan and have a strategy in place to pay only what you are legally obligated to pay. In the case of young men and women who are currently college athletes and who now have an opportunity to make money from their name, image and likeness, finding a marketing agent or someone to write up the legal contract is only the start. Prior to the signing of any contract, it is imperative that you understand the Federal and State tax laws and determine the best way to structure it. And the planning for the income is not limited to the collegiate athlete, it would also involve planning for their parents/guardian and making sure that they are prepared for this change too.”
Today PMG Private CFO boasts of several happy clients and has garnered hundreds of rave reviews & testimonials. The company’s motto is “Personalized Financial Advice and Friendly Customer Service” and these are the values that underpin the entire operation of the business. Customized financial planning and efficient customer service backed by expert knowledge is what makes the company one of the best financial planning companies in town. The dedication to client satisfaction is unmatched and makes for a business which Clients are proud to use and recommend to others.
About PMG Private CFO
PMG Private CFO is the only tax-centric organization that acts as the CFO for each of their clients and handles all their daily financial management. Tracking their cash flow, financial planning, analyzing the company’s financial strengths and weaknesses as well as proposing corrective actions. The company uses business bookkeeping as the core of their practice, and advanced tax planning is what opens the doors and serves as the strength of their relationship with their clients.
For more information about PMG Private CFO and other inquiries, send an email or reach out via the website (https://pmgcfo.com/).