Matt Aaron, CERTIFIED FINANCIAL PLANNER (TM), Wealth Management Advisor, Founder and CEO of Lux Wealth Planning, shares 5 ways athletes can start making smart financial decisions today to help them maintain their wealth for tomorrow
WASHINGTON, DC / ACCESSWIRE / May 28, 2021 / Many professional athletes enter the industry as young as 18, with a six to seven figure salary that they don’t know how to handle. Without any financial education, this large sum of money can give athletes a false sense of security and lead to a long road of mistakes. According to Wealth Management Advisor Matt Aaron, “There isn’t enough financial and wealth education for athletes to help them have a deeper relationship with money.”
Matt Aaron has always viewed himself as an entrepreneur and is passionate about education and giving back to his community. Born in Irvington, New Jersey, Matt grew up near downtown Newark. He has seen people in his community struggle with finances, violence, drugs and education. While attending St. Benedict’s Preparatory School in Newark, an all-male school focused on inner-city youth development, he competed on the New Jersey National Wrestling Team and continued to try to ” bring value to their community. He then studied Business Administration at Howard University in Washington, DC. This is where Matt first discovered Northwestern Mutual. He fell in love with financial planning because of the impact it could potentially have on the African American community through education and advocacy.
In college, Matt started his own financial planning practice in partnership with Northwestern Mutual. Lux Wealth Planning, formerly known as Aaron Financial, focuses on providing comprehensive financial planning to a diverse set of clients. Matt’s firm quickly established itself as a leader in the financial services industry, being chosen to serve as spokesperson for the CFPÂ® Board of Directors. Today, most of Matt’s clients are from the African American community and he spends the majority of his time teaching them how to manage cash flow in order to
that they can create generational wealth. âCreating generational wealth is critical to our success as a community,â says Matt. Through education and empowerment, its goal is to teach clients how to make their own financial decisions. When working with athletes, managing their large portfolios with the right strategy can allow them to have a greater impact on their communities and families.
After seven years as a consultant, Matt realized that his passion is working with athletes. He believes there aren’t enough professionals who connect with athletes on a personal level and educate them on how to develop a good relationship with their wealth and money. He shares 5 simple strategies to help athletes start managing their finances today:
1. Create a sustainable paycheck and stay disciplined about a budget: Many athletes get impulsive with their finances at first, not accepting that this new money doesn’t come back forever. Some athletes may feel pressured to help their struggling friends and family, they often buy toys, “stuff” and overspend at an unsustainable rate.
2. Do not accept financial advice from people who are not specialized in wealth management. With money comes responsibility, and that requires professional help. Every athlete should seek financial advice by hiring a counselor who understands them and their needs.
3. Be patient and make the right investments to build long-term wealth. It’s important to make strategic investments, not just to invest in whatever comes your way because you have the money to do it. Be thoughtful with every monetary decision and have a clear plan for success.
4. There is nothing wrong with saying no in the short term. If you learn to say no, you will be able to keep more money in your pocket and build more wealth. Then you can say yes forever later. Deferred gratification is an important skill. The ability to hold on now for better rewards later is essential for long-term wealth and for building generational wealth.
5. Treat your wealth education process like a sport. Use this competitive personality to your advantage. Train, try to win the game, improve year after year.
Matt’s firm, Lux Wealth Planning, offers seven main services, making it a full-service finance company designed to help clients with portfolios of all sizes. These services include cash flow planning and lifestyle management, tax efficient planning, risk planning, investment management, education planning,
comprehensive and comprehensive financial planning. In addition to his professional work, Matt’s passion has always been to give back to his community. He spends a lot of time giving motivational talks to young people from disadvantaged neighborhoods. Coming from a similar background, he strives to help children with limited resources understand how to create opportunities for themselves through entrepreneurship. He is also a spokesperson for the National CFPÂ® Board, advocating for diversity within the financial services community.
To learn more about how you can work with Matt Aaron, you can visit www.luxwealthplanning.com.
Northwestern Mutual is the trade name of The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) and its subsidiaries. Matt Aaron uses Lux Wealth Planning as a trading name to do business as representatives of Northwestern Mutual. Lux Wealth Planning is not a registered investment adviser, broker, insurance agency or federal savings bank.
Matt Aaron is an insurance agent for NM. Investment advisory services provided as an advisor to Northwestern Mutual Wealth Management CompanyÂ®, (NMWMC) Milwaukee, WI, a subsidiary of NM and a Federal Savings Bank. Investment brokerage services provided as a registered representative of Northwestern Mutual Investment Services, LLC (NMIS), a subsidiary of NM, stockbroker, registered investment advisor and member of FINRA and SIPC. It may happen that this agent represents companies in addition to NM or its subsidiaries.
Certified Financial Planner Board of Standards Inc. has the certification marks CFPÂ®, CERTIFIED FINANCIAL PLANNER â¢, CFPÂ® (with plaque) and CFPÂ® (with flame) in the United States, which it awards to individuals who have passed the CFP Â® Board’s initial and continuing certification requirements.
Company name: LUX Wealth Planning. In partnership with Northwestern Mutual.
Contact Person: Matt Aaron, CFPÂ®, RICPÂ®, ChFCÂ®
Address: 2001 Pennsylvania Ave NW 10th Floor Washington, DC 20006
Phone number: 908-548-2745
Send an email
Link to website: http://www.luxwealthplanning.com/
THE SOURCE: LUX wealth planning. In partnership with Northwestern Mutual
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