FOR NICK: WEEKLY MOTIVATIONAL PIECE - APRIL 28, 2012

Greetings Nick!


This week I wanted to touch on a topic that has a different type of motivation that could SAVE you hundreds of thousands of dollars in baseball wages during your future. Whether you are in high school, college or just starting out in the pros, I am going to assume your athletic ability on the field will someday earn you the opportunity to be compensated significantly for your god-given talent and skills.

As I was completing my tax return for the 2011 calendar year – and owed the government – yes, sad as that is – it made me think of you and I started researching tax savings items for athletes. Some I knew and some of my findings surprised me?

I’ve said this once before to many of the veteran players that have been with me on Facebook for a couple years … and that is besides your agent, the person that will act as your financial advisor will be equally critical for you in the long term to afford you a secured lifestyle post-career. You need to have 100% TRUST in this person! The individual will need to be one that completely understands the complexities of a professional athlete while you need to have complete control and understanding of your financial portfolio too (for those in HS/College – consider taking an online course in ‘Fundamentals of Personal Financial Planning’ to give you a better comfort zone ).

Here is what I uncovered from my research into tax saving opportunities.


> STATE OF RESIDENCY – Some are more advantageous than others. Florida and Washington are lower taxing states as examples. Some players will own a home in one of these states.


> AGENT – For negotiating your contract, their fees are deductible.


> WORKOUT EQUIPMENT – Weight machines, yoga classes, baseball gear, equipment, etc. – all tools of your professional trade that you purchase, are deductible.


> RENT – Any dollars paid toward temporary housing during the playing season while you are under contract, is deductible.


> TRAVEL – When you are asked to buy an airline ticket, meals, car rental, lodging, etc., it’s all deductible as a professional player.


> EXPENSES – Say if you are forced to pay for a rookie meal on behalf of the veterans and the tab runs to a $1,000, the gesture of good will is deductible.


> MASSAGES – If an injury requires frequent massage therapy, you are entitled to deduct your payments to help you perform your job.


For those of you that are strong community-minded individuals and plan to help support charitable causes or to create a Foundation, this is one of the great ways to help those in need while lowering your tax rate. Most athletes will tell you that if they have doubts about the way their money is being handled, that stress can affect their performance on the field. Always be in control of your destiny OK!

All the best my friend! Have a great weekend ahead!

Jim Loria


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*** Here are some interesting quotes to digest from this past week that I wanted to share with you. They emphasize how much value pro personnel people and coaches put towards maturity, character, and ability to smile and communicate with their athletes when recruiting, drafting or signing prospects for their teams ...

BILL POLIAN, FORMER GM OF THE INDIANAPOLIS COLTS REFLECTING BACK ON WHAT TIPPED THE SCALE TO MAKE PEYTON MANNING THEIR 1ST OVERALL CHOICE IN THE 1998 DRAFT OVER ANOTHER HIGHLY RANKED QB PROSPECT: “We just felt that there was a huge difference in the MATURITY of the two guys. Peyton was much more ready to handle the burdens of being a rookie starter in the NFL”.

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KANSAS CITY CHIEFS NFL COACH ROMEO CRENNEL SPEAKING ON HIS MEETING WITH QB ROBERT GRIFFIN III, THE 2ND SELECTION IN THIS WEEK’S 2012 DRAFT: “Not only is he very sharp about football, but he’s also sharp about LIFE!”


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New Ohio State College Football Coach Urban Meyer commenting on the fact that five players SHOWED UP LATE for one of his first team meetings: “I guess some made an incorrect decision?” Meyer then made the entire team report for outdoor conditioning drills starting at 5 AM for five straight days in 10’ degree freezing temps. Said Coach Meyer: “YOU ONLY GET SO MANY CHANCES IN LIFE TO MAKE A FIRST IMPRESSION AND WE WANTED TO MAKE THIS ONE STICK.”



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By: Jim Loria
E-Mail: loria@sfstampede.com