How should Patrick Mahomes manage his wealth?
After all, it is not every day that a Kansas City man in his 20s earns a $503 million contract. That sounds like a good question for two guys on the internet to podcast about.
Continuing on with our theme of financial advice for young adults, I decided to take a crack and giving (unsolicited) advice to everyone’s favorite young Kansas Citian, Patrick Mahomes.
To discuss the Mahomes financial situation, I enlisted the help of Ethan Hutcheson, AAMS®. Ethan is a Wealth Manager at Metcalf Partners Wealth Management in Overland Park, KS and a Patrick Mahomes superfan. The resulting conversation is a fun look at his contract through the lens of personal financial planning. In reality, this is general financial education intended for more than just one person… but, Patrick should listen too!
This is purely an estimate for entertainment and education purposes that Ethan put together. In a situation like this, an athlete in this situation could be sending around half of everything to Uncle Sam in the form of taxes.
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Andy Flattery is a CERTIFIED FINANCIAL PLANNER™ and Owner of Simple Wealth Planning. He serves young and affluent families that are working to lower their time preference and achieve financial sovereignty. Flattery is the host of The Reformed Financial Advisor Podcast, where he relates stories in Kansas City history to pivotal themes in personal finance. When he’s not helping individuals build wealth, you can catch him playing rec sports, reading Austrian economists, and spending time with his wife and three children.
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