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Heres what Willardsonadvises his athlete clients to do with this cash.
The portion dedicated to building a safety net should go into low-risk investments.
Anything from CDs to U.S. Treasuries to insurance-based accounts to high-yield savings accounts, Willardson said.
All of those options [provide] liquidity.
These are especially great options in our current rate environment.
[These accounts] may be paying you 4% to 6% in todays environment, Willardson said.
Ten years ago when you were getting 0%, it was a lot harder to swallow.
They could invest in real estate, they can invest in bonds, Willardson said.
A lot of professional athletes, depending on what state they live in, can invest in tax-free bonds.
Thats something that really helps for their high income.
Theyre looking at the stock market, private equity, venture capital or individual businesses, Willardson said.
Some of them are even looking at cryptocurrency.
And thats when we see these athletes go bankrupt and have lots of financial problems.
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