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Wealth Matters: Why Inconsistent Income Needs Consistent Planning
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Professional athletes, Hollywood players, even tech entrepreneurs whose company rises to a billion-dollar valuation would not seem to need wealth planning.
They are life’s lottery winners. If they win big enough, they’re likely to stay rich no matter what happens. But if their win is smaller, there are abundant cautionary tales about how quickly millions of dollars can disappear with little to show for it. Antoine Walker, once a first-round draft pick and an N.B.A. champion with the Miami Heat, made $108 million in his playing career and lost almost all of it before filing for bankruptcy protection in 2010.
What these stars share with many others is an inconsistent income. It comes in bulk early in their career or later in chunks that are unpredictable.
“Right now, it’s easy to relax,” Mr. Thompson said in an interview between postseason games. “I’m in the prime of my career. Checks are coming in constantly, so the cash flow is great.”
But he knows it’s not forever. “I’m in my seventh year,” he said, “but I’ll be done in another seven years. I’ll have a whole life to live with this wealth.”
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