WASHINGTON, DC / ACCESSWIRE / May 28, 2021 / Many professional athletes enter the industry as young as 18 years old, with a six to seven figure salary that they have no idea how to manage. Without any financial education, this large amount 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 seen himself as an entrepreneur and is passionate about educating and giving back to his community. Born in Irvington, New Jersey, Matt grew up near the inner city of Newark. He watched 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 developing the youth of the inner city, he participated in the New Jersey National Wrestling Team and continued to try to bring value to his community. He went on to study business administration at Howard University in Washington, D.C. This is where Matt was first introduced to Northwestern Mutual, he fell in love with financial planning because of the impact he could potentially have on the African American community through education and representation.
As a junior in college, Matt started his own financial planning practice in partnership with Northwestern Mutual. Lux Wealth Planning, previously known as Aaron Financial, focuses on providing comprehensive financial planning to a diverse set of clients. Matt's firm quickly became known as a leader in the financial services industry being chosen to serve as a spokesperson for the CFP® Board. Today, most of Matt's clients are from the African American community and he spends a majority of his time teaching them how to manage cash flow so
that they can build generational wealth. "Building generational wealth is critical to our success as a community," says Matt. Through education and empowerment, his goal is to teach clients how to make their own financial decisions. When working with athletes, managing their large portfolios with proper strategy can result in them having the opportunity to make a bigger impact on their communities and families.
After seven years as an advisor, Matt has realized his passion is working with athletes. He believes that there aren't enough professionals that 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 paycheck that is sustainable and remain disciplined to a budget: Many athletes become impulsive with their finances at first, not accepting that this newfound money may not be coming in forever. Some athletes may feel obligated to help struggling friends and family, they often purchase toys, "stuff" and over-spend at an unsustainable rate.
2. Don't take financial advice from people who do not specialize in wealth management. With money comes responsibility, and that requires help from professionals. Every athlete should look for financial advice by hiring an advisor that understands them and their needs.
3. Be patient and make the right investments to create long term wealth. It's important to make strategic investments, not just invest in anything that comes your way because you have the money to do so. Be thoughtful with every monetary decision and have a clear plan for success.
4. It's okay to say no in the short term. If you learn how to say no, you'll be able to keep more money in your pocket and build more wealth. Then, you can say yes forever later on. Delayed gratification is an important skill. The ability to hold out now for a better reward later is essential for long term wealth and to build generational wealth.
5. Treat your wealth education process like a sport. Use that competitive personality to your advantage. Practice, try to win the game, get better year after year.
Matt's firm, Lux Wealth Planning, offers seven main services, making it a full- service financial firm 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, business
planning, and overall comprehensive financial planning. Aside from his professional work, Matt's passion has always been to give back to his community. He commits a great deal of time to delivering motivational talks to inner-city youth. Coming from a similar background, he is focused on helping children with limited resources understand how to create opportunities for themselves through entrepreneurship. He is also a spokesperson for the National CFP® 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 marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) and its subsidiaries. Matt Aaron uses Lux Wealth Planning as a marketing name for doing business as representatives of Northwestern Mutual. Lux Wealth Planning is not a registered investment adviser, broker-dealer, insurance agency or federal savings bank.
Matt Aaron is an Insurance Agent of NM. Investment advisory services provided as an Advisor of Northwestern Mutual Wealth Management Company®, (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, broker-dealer, registered investment adviser and member FINRA and SIPC. There may be instances when this agent represents companies in addition to NM or its subsidiaries.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP® Board's initial and ongoing certification requirements.
Contact:
Company Name: LUX Wealth Planning. Partnered with Northwestern Mutual.
Contact Person: Matt Aaron, CFP ®, RICP®, ChFC®
Address: 2001 Pennsylvania Ave NW 10th Floor Washington, DC 20006
Phone Number: 908-548-2745
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Website Link: http://www.luxwealthplanning.com/
SOURCE: LUX Wealth Planning. Partnered with Northwestern Mutual