Financial Planning for Athletes and Entertainers

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Behind the scenes at Goldman Sachs, thought-provoking insights are bubbling up each day. This space is for a few nuggets we think are worth sharing. From macroeconomics to the genome medicine revolution to the rise of digital gaming, these stories from around 200 West show you how top-level views can impact your life (and maybe even shape the way you think about money).

Athletes and entertainers vie for our attention on  the court, field, stage or at the box office. But they’re also entrepreneurs, finding their way into our social media feeds and apps. They’re even a part of the products that line the shelves of our grocery stores and big box retailers. 

They invest, they own, they endorse. 

And they earn – in some cases, a lot.

If you’re interested in the personal finance side of the sports and entertainment industry, then this Q&A on GoldmanSachs.com with Goldman Sachs’ Nicole Pullen Ross and DeDe Agar, who run the firm’s newly launched Sports and Entertainment Solutions (SES), is worth your time. In it, the two discuss the changes they’ve seen in the financial lives of today’s athletes and entertainers, and why planning for the end game should work the same across this group - regardless of the length of one’s earning cycle and sports contracts.

Here’s another interesting nugget – last year, the SES division created a financial fitness ‘playbook’ for a major sports league to help educate athletes about financial planning and money management topics.

Even if you call a basketball court your ‘office,’ everyone could use a little more financial education.

By the Numbers: The Evolving Athlete and Entertainer

  • $3.6 billion – the amount of money earned by the top 50 entertainers in 2018, according to Forbes.
  • 40 percent – the increase in NFL salary caps since 2014. 
  • ~$500 million – the amount of claimed losses from fraud by athletes between 2004 and 2017, according to Ernst & Young.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.

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