In the sports world, success often brings significant monetary compensation. While high earnings are a dream come true for many, it is important to take prudent steps to safeguard this new wealth. Most assume that the biggest challenge is to spend wisely and to live within one’s means. While limiting extravagant spending can be a problem for some athletes, proper planning should consider and address a few other important issues:
Taxes: Create a Game Plan for These If You Play in the United States
1. Gift tax
As you increase your income, it is natura
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