If I had one hour with Gabby Douglas…

Gabby Douglas Olympics

  Imagine experiencing a substantial windfall of money - talk about everyone’s fantasy! Well, Gabby Douglas is one of these lucky people. CONGRATULATIONS GABBY!! As a CPA, I do worry about her sudden success. Can she manage and maintain this financial windfall? She’s a talented young woman with a good head on her shoulders, but it’s a big responsibility and a complex task to take on at such a young age. So, instead of yelling my advice to her through the TV, I thought I would blog about it. Everyone will tell her to assemble a good financial team around her – but really, what does that mean? What comprises a good financial team and what will they (hopefully) tell her? Gabby, here are my 3 pieces of advice… 1) When selecting your financial team, be sure to get a CPA who understands international tax law in addition to US tax law for entertainers and athletes. As a US citizen you are taxed on your entire worldwide income. The country you’re in may tax you too. There are … [Read more...]