Breakout stars at the Winter Olympics in Sochi could soon find themselves with opportunities for lucrative corporate endorsements and speaking gigs. Private Wealth Services Partner Alby Salaman shares his tips for Olympians to manage and protect their money amid newfound fame. His advice includes hiring the right advisors and attorneys and learning how to deal with requests from friends.
“I've been involved with athletes that have friends and hangers-on who say, ‘Can you lend me $50,000 for a restaurant? It's going to be terrific, we'll make so much money. And remember in ninth grade, when the teacher asked where you were, I lied for you?’ They call in their chips,” Salaman said. That’s dangerous for athletes who suddenly have a lot of cash and the means to share it with friends and relatives.
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