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While focusing on immediate performance, players should prioritize financial planning early in their careers to ensure they can maintain their lifestyle after retirement.

Properly tracking business expenses is essential for saving on taxes, as missed deductions can lead to higher tax payments, making it important to maintain organized records and save receipts.

By today's deadline (11:59 PM ET), MLB teams must add eligible minor league players to their 40-man rosters to protect them from the Rule 5 draft, with protected players gaining significant benefits including increased minimum salaries, health insurance, and membership in the MLB Players Association.

The document warns MLB draft prospects against using their sports agents for financial management or blindly accepting their agents' financial advisor recommendations, as this common practice can lead to conflicts of interest and financial exploitation of athletes.

The article warns athletes about the risks of whole life insurance policies, which are often aggressively sold to them with high premiums and hidden costs, as exemplified by MLB pitcher Kevin Correia's lawsuit against his former financial advisors.

Professional baseball players must meticulously track and document all business-related expenses with proper receipts and records to maximize tax deductions and protect themselves in case of an IRS audit, as credit card statements alone are insufficient proof.

The main asset classes used in investment portfolios (cash, fixed income, equities, real estate, and commodities) can be further divided into sub-asset classes to achieve better diversification.

Professional athletes must carefully establish and document legitimate state residency through multiple factors beyond just having an address, as states actively pursue their share of athletes' income with varying tax implications based on residence.

Despite MLB players earning multi-million dollar salaries, they file for bankruptcy four times more often than the national average because they fail to save adequately for retirement.

Endorsement income, classified as self-employment income, allows professional baseball players to access additional tax-advantaged retirement plans beyond their standard employee benefits, enabling them to reduce current taxes and benefit from tax-deferred investment growth.

Diversification, like Starbucks offering a variety of drinks to suit different customer preferences, is a fundamental investing principle where spreading money across various asset classes reduces risk, balances returns, and aligns portfolios with both short- and long-term financial goals.