Episode Summary
The road to the Olympics starts long before an athlete steps onto the ice. For parents, it can mean years of financial sacrifice, with costs that grow as their child progresses through competitive sport. Supporting that ambition takes more than a budget for the next season. It takes a financial plan that considers the whole family's future.
In this episode of The Wealth Exchange, James Atherton, Managing Director, Private Wealth, speaks with three-time Olympic medalist and Nicola Wealth Planning Associate Patrick Chan about the financial decisions behind raising a high-performance athlete.
You'll hear:
- When the rising cost of competitive sport becomes a family financial planning decision
- How to support a young athlete while protecting retirement savings and other financial goals
- The role of Registered Education Savings Plans (RESPs) in planning for a child's future
- How in-trust-for (ITF) accounts and amateur athlete trusts can support different financial and tax planning needs
- How grandparents can contribute through intergenerational wealth and estate planning
- Why insurance and cash flow planning matter when funding a child's athletic pursuits
- How athletes can prepare financially for life after competitive sport
Supporting a young athlete is a long-term commitment. Financial planning can help families make the most of that journey while keeping their own financial goals on track.
Want to explore this topic further? Read the companion article.
Episode Featured on:
The Wealth Exchange
The Wealth Exchange podcast provides insight, innovation, and access to the experts on a wide range of topics affecting affluent families across Canada. Join our team of hosts as they sit down with leaders and changemakers from around the globe to discuss investing, leadership, philanthropy, entrepreneurship, and more.
Disclaimer
This material contains the current opinions of the author, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Nicola Wealth Management Ltd. (Nicola Wealth) is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required securities commissions. This investment is intended for tax residents of Canada who are accredited investors. Residency restrictions apply. Please read the relevant documentation for additional details and important disclosure information, including terms of redemption and limited liquidity. All investments contain risk and may gain or lose value. Please speak to your Nicola Wealth advisor for advice based on your unique circumstances.
