#20 - Navigating Sports and Salary Cap - With MNP Tax Accountant Cameron Pitchers
In today’s episode, we have a special guest and long-time friend of the show, Cam Pitchers. Join us to get a behind the curtain look at how professional athletes are managing their finances, and how it’s not so different from yourself. Deeper into the show we talk about armchair GMing, the future of sports, structuring contracts and how we may start seeing new incentives added into athlete contracts. If you’re at all interested in learning about how to handle your personal finances or maybe you want to hear three guys chat about sports and what the future will look like from their perspective then this is going to be a good episode for you.
“Wisdom is always an overmatch for strength.” – Phil Jackson
[2:30] - Cam’s personal background and landing at MNP.
[11:30] - The importance of soft skills in client services.
[16:00] - Little known fact regarding athlete salaries, overseas tax, etc.
[25:00] - John Tavares Example - https://www.forbes.com/sites/seanpackard/2018/07/06/john-tavares-could-save-nearly-12-million-in-taxes-on-his-new-contract/#18c3cdc91ab7
[29:00] - How will new innovation and technology in accounting be felt across the industry?
[39:00] - The role of specialization when it comes to growing his practice.
[44:00] - Cam’s insights of a common trait among successful entrepreneur clients.
[51:30] - How is the NHL getting creative with player contracts? -
[1:04:00] - Thoughts on incentivizing franchise players.
[1:10:00] - Advice for young (professional) athletes.
[1:14:00] - The trend towards professional athletes building personal brands.
[1:23:00] - Predictions - What sports will innovate and grow the fastest over the next 10 years.
Connect with Cam on LinkedIn -> https://ca.linkedin.com/in/cameron-pitchers-cpa-aa332040
Joel Shackleton works for Gold Investment Management. All opinions expressed by Joel and Broc or any podcast guests are solely their own opinions and do not reflect the opinion of Gold Investment Management. This Podcast and Substack is for informational purposes only and should not be relied upon for investment decisions. Clients of Gold Investment Management may hold positions discussed in this podcast.