MLB Draft Podcast

AWM Capital, Erik Averill, Travis Chick, Will McGuffey
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It's hard to encapsulate the excitement surrounding the MLB Draft. Years of hard work, sacrifice, and dedication all point to this one day of becoming a pro. However, it can be hard to figure out how to navigate the process. The MLB Draft podcast is the only podcast dedicated to preparing athletes entering the MLB draft, and includes interviews from some of the top athletes in the MLB, how to build your team of experts, and how to prepare for draft day.

  1. 03/04/2023

    The Difference Between Tax Planning & Tax Filing | MLB Draft #10

    Taxes are one of the biggest destroyers of wealth.   Misconceptions about taxes are everywhere, and you often hear many of them daily.  Below are a few examples we often hear: Getting a large tax refund is always a good thingMy CPA did a good job if I got a bigger tax refundApril 15th is the most important date in the tax world“Tax Planning” and “Tax Filing” are the same thingNow for some truths that everyone should understand: You actually want to get back $0 or owe money (not penalties and interest) when you file your taxesDecember 31st of the prior year is the most important date in the tax worldTax Planning is done throughout the year and has a major impact on what happens when you file your taxesBeing reactive when it comes to taxes can cost you thousands (sometimes millions) of dollars throughout your lifetimeYou should have a Family Office that throughout the year proactively integrates your Tax Planning with your Financial PlanResidency, 1099 income, MiLB 401ks, team assignment, contract language, duty days; your situation is unique, and the complexities you face are different than most people.  Luckily, there are answers available if you start your Tax Planning now.  If you have questions about your situation or would like a free consultation, please text or call one of our Private Wealth Advisors to help you know what your next steps should be. Travis Chick – (903) 714-7951 Josh McAlister – (505) 239-5488 Will McGuffey – (225) 326-0992

    16 min

  2. 20/03/2023

    Understanding The “Net Signing Bonus” And Its Importance | MLB Draft #9

    MLB teams will be interested in your gross signing bonus. Your agent will be paid based on your gross signing bonus.  You should be focused on your NET SIGNING BONUS. Your net signing bonus is what you will have in your pocket after taxes.  This is the amount of money that you will be able to invest in your career, grow your wealth, and spend on the things that are important to you and your family. To put into perspective why you should focus on your net signing bonus, you can look to a client we worked with in advance of the 2021 MLB Draft.  In the months leading up to the draft we proactively worked with the player, his family, and their agent to break down all scenarios, taxes, residency, and contract language so they were prepared and fully understood what different gross signing bonuses meant to them after taxes. The result ----- Even though this player had a gross signing bonus of more than $1,000,000 less than the highest bonus in the Draft that year, this player ended up with the highest after-tax signing bonus of any player. Whether the player would sign or not hinged on the language of the contract and how the player’s bonus would be taxed.  This was financial advice that they received before the draft that led to $700,000 more being put in his bank account after all taxes and agent fees were paid.  The family was educated and prepared for draft day and knew the decision they were making and why. They won; other players who were not as prepared permanently lost money.   Educate yourself, hire the right team of experts, and maximize your opportunity!

    12 min

  3. 06/03/2023

    Advice From A 1st Round Parent | MLB Draft #8

    On this week’s episode, we’re honored to be joined by Todd Seigler, father of Anthony Seigler – a first-round draft pick with the New York Yankees. We get to hear from Todd on what the draft process was like from the perspective of family members and in working through these areas together as a family.  As a parent going through the draft process, it can feel like everybody is painting a rosy picture about how perfect your son’s game is – it can be hard to sift through all the feedback using data to separate out sales pitch from reality. There are also challenges in setting good boundaries to maintain family bonds and help to make intentional decisions about the long-term future that don’t rely solely on emotions or chasing shiny things.  Todd offers a lot of helpful insight into this process and throughout the episode, he covers topics such as: Going through the draft process from scouting during senior year season to draft dayThe potential of getting distracted by the wrong things that can seem like really good thingsHow to have good family conversations to set healthy boundariesThe importance of staying faithful and committed to your routinesAvoiding “Draft intoxication”How they handled choosing the right people in their inner circleWhat was a draft day like for a familyWhat the transition to pro has been likeLooking back, what things he wishes he would have known going through the process as a parent

    59 min

  4. 20/02/2023

    When Should You Hire A Financial Team | MLB Draft #7

    Do you know when to start looking to hire a financial team?   The easy answer is: “As soon as you are making financial decisions, and as soon as you have done the research to know who to hire.” Easy enough right, but unfortunately most people have boiled down financial decisions into choosing investments.  It is not uncommon to think that financial advice is only about investments and that you should wait until after you have money to hire a financial team.  Unfortunately, this is the wrong approach to take.  By taking this approach you will cost yourself both money and opportunities that you will not be able to get back. Every situation is different and comes with its own set of unique variables.  You want to plan and not be reactive.  Being reactive leads to quick emotional decisions that often end up being wrong.  Some topics that are financial advice that you need to understand well in advance of the MLB Draft include: Residency PlanningTax PlanningUnderstanding MLB Draft contract language and its effects on taxesMLB Draft Signing Bonus structureName Image & Likeness (NIL)Business FormationInsurance & LiabilityFinancial EducationWith the entrance of NIL into the amateur landscape, financial advice is now oftentimes needed at an earlier time than ever before.  While you might not need to hire a firm immediately, you should be proactive in educating yourself about who the experts are that understand your unique situation and can help prepare to make decisions to maximize the opportunities available. If you have any questions about your situation, please feel free to text or call our advisors for answers to your questions or for a free consultation. Will McGuffey: (225) 326-0992 Travis Chick: (903) 714-7951 Josh McAlister: (505) 239-5488

    12 min

  5. 06/02/2023

    Adley Rutschman on Going Amateur to Pro | MLB Draft #6

    On this week’s episode, Erik and Travis talk with Adley Rutschman, catcher for the Baltimore Orioles. Adley was selected by the Orioles as the first overall selection in the 2019 Major League Baseball draft with the highest signing bonus ever. He joins us this week to discuss his time playing in college for Oregon State University, going into the MLB draft last year and making the transition from amateur to pro.  Adley covers a wealth of topics in this episode including: - How to handle the public pressures of being a highly-ranked athlete - The important things to look at when choosing an agent - Utilizing time in college to hone in and build up skills - The mental development and other key contrasts that accompany going from college to pro - Walking through what draft meetings with scouts were like including some of the most unique questions he got - Sharing how he maintained good family dynamics despite the high-stress level that comes with the draft - What it was like on draft day - Mentally preparing for the back-and-forth of salary negotiations - Advice for players and their families as they’re about to enter the draft

    37 min

  6. 23/01/2023

    How Do I Prepare to Make the Decision to Sign or Not | MLB Draft #5

    Going into the MLB Draft, there are a lot of questions that will be asked, but at the end of the day, the only question that matters is the question of whether or not you will sign.   How do I make this decision? As the owner of your career and life, you should prepare for the MLB Draft like the CEO of a company would.   To make the right decision, CEOs prepare for and understand the questions that they are being asked.  They take emotion out of decisions and are confident because they have taken the time to understand what it is that they are trying to accomplish. As the CEO of your career, you should write up a business plan before the draft and commit to the process that you have laid out.  You need to answer questions such as: Am I mature enough to handle this opportunity?What is my “net signing bonus” and what does that mean to me?Am I prepared to become a professional today?Do I have the right experts around me today to help me make the right decisions?Can I put the right team of professionals around me (trainers, dieticians, coaches, mental skills coaches, etc.) to achieve my career goal?By doing your due diligence and defining what success means and how you will get there, you will be confident and prepared to make the right decision when you are asked the only question about the MLB Draft that matters.

    14 min

  7. 09/01/2023

    Hiring the Right Financial Team | MLB Draft #4

    What should I look for when interviewing financial teams? The financial team you hire should be Independent, Integrated, and Individualized.  If they aren’t, you are putting your financial security at risk.   Independent –The first question to ask a financial advisor is if they must always work under a fiduciary standard.  The fiduciary standard means that they are legally obligated to always work in your best interest.  Most people who call themselves “financial advisors” fit into the following categories: 1. Registered Investment Advisor (Always a Fiduciary, Continue the interview process) 2. Broker/Broker-Dealer/Registered Representative (Not a Fiduciary, Stop the interview process) - Do not have a legal obligation to act in your best interests 3. Dually Registered as a Broker & Registered Investment Advisor (Not always a Fiduciary, Stop the interview process) - Have a conflict of interest and can choose whether to act in your best interest or not - As Peter Mallouk wrote in The 5 Mistakes Every Investor Makes and How To Avoid Them, “The dually registered advisor is the ultimate wolf in sheep’s clothing.”   Integrated – You should be hiring a complete team of people that will work together for you.  The experts on your team must include: - Chartered Financial Analyst (CFA ®) (https://www.investopedia.com/terms/c/cfa.asp) - Certified Public Accountant (CPA ®) (https://www.investopedia.com/terms/c/cpa.asp) - Attorney - Certified Private Wealth Advisor (CPWA ®) (https://smartasset.com/financial-advisor/cpwa) - Certified Financial Planner (CFP ®) (https://www.investopedia.com/terms/c/cfp.asp)   The members of your team should all work at the same firm so that there is constant real-time collaboration.  If the financial teams you are interviewing are missing any of these experts, you should stop the interview process with them.     Financial advisors that are not part of a Family Office and do not have a CPA® on staff will often make statements like: - We work closely with a CPA® at an outside firm (Expensive, not effective, not efficient) - There is a conflict of interest having your CPA® and Investments handled by the same firm (False Statement) - Having a different firm handle your taxes provides checks and balances (False Statement, you need to hire a “Forensic Accountant”, not a “Tax Accountant” to perform the audit; ask them what checks and balances are provided by having an outside Tax Accountant)    Individualized – You are in the 1%, you have a unique career, and your situation is different. You do not fit into one of 5 or 6 “Model Portfolios” from a limited menu of firm-approved investments that are offered after filling out a Risk Tolerance Questionnaire. Because your situation is different, you require a different solution.  You have “One Net Worth and One Effective Tax Rate” and you should be receiving tax and investment advice simultaneously to maximize your opportunity. You need a tailored financial solution based on your life, career, and circumstances.     What should I do next? Email every firm that you are interviewing with the following “MLB Wealth Advisory Team Questionnaire” and request that they fill it out and send it back to you IN WRITING.  If they are not willing to put their answers in writing, that is a major red flag. If you would like to receive a copy of AWM Capital’s filled-out questionnaire, please text or call Will McGuffey at (225) 326-0992 and he will send you a written copy of our filled-out questionnaire as well as help answer any questions you might have about the questionnaire so that you can feel confident when you sit down to interview Wealth Advisory Teams.

    16 min

  8. 14/11/2022

    The Draft Opportunity | MLB Draft #1

    Welcome to the MLB Draft Podcast, the proven playbook to help you navigate the Draft Process successfully.  Our goal is to inform you, support you, and help you achieve the greatest amount of success which we define as: Fulfilling your potential to become the best MLB player and;Maximizing the financial opportunity that is a byproduct of achieving #1The challenge: Winning is not guaranteed.  History is littered with "can't miss" players who never made it and volumes of athletes experiencing financial ruin.  The good news is the results are mainly in your control. If you follow this playbook, you will win. What's at stake? Scouts, agents, showcases & NIL. You are now a part of an $11 billion industry.  Everyone you interact with is making a business decision. So are you.  The only question is: how confident are you that you are making the right decisions? Why Listen to Us? We are former players who have personally walked this path and now guide the best players in the game. This is our business. 100+ MLB players represented by 29 different agenciesMLB clients' earnings of $3,000,000,000+58 1st-Round Draft PicksMultiple 1sts Overall Draft Picks

    6 min
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Sobre

It's hard to encapsulate the excitement surrounding the MLB Draft. Years of hard work, sacrifice, and dedication all point to this one day of becoming a pro. However, it can be hard to figure out how to navigate the process. The MLB Draft podcast is the only podcast dedicated to preparing athletes entering the MLB draft, and includes interviews from some of the top athletes in the MLB, how to build your team of experts, and how to prepare for draft day.

Informações

  • Criado por
    AWM Capital, Erik Averill, Travis Chick, Will McGuffey
  • Anos de atividade
    2021 - 2023
  • Episódios
    24
  • Classificação
    Livre
  • Copyright
    © 2021 MLB Draft Podcast | AWM Capital
  • Site do podcast
    MLB Draft Podcast

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