For high earners like athletes/entertainers, a key business manager role is implementing budgets and financial controls.
When you suddenly start earning huge amounts, it can seem infinite. But you must account for taxes, fees to agents/managers, overhead – your true discretionary income is much less.
A business manager makes you aware of realistic spending power after obligations. They show you the dollars remaining for lifestyle and reinforce staying within budget.
This prevents thinking all the money is yours to freely spend. Let an advisor implement financial discipline through proper budgeting and guidelines.
Budgeting helps avoid squandering windfalls and sets you up for long-term sustainability. Have a business manager define and enforce budgets.
