Jack McInerney: 5 Things I Wish I Knew Before Going Pro
By Jack McInerney \\\ MLS forward
Coming out of residency straight to a professional environment, I didn’t know a lot about finances. My parents still paid my phone bill until I got a firm grip on how to budget and handle my financial expenses. I definitely had to grow up quick and being 17 at the time, it was a blessing and a curse knowing how much money I made every paycheck. Being 24 years old now, I have learned a lot, but here are five things I wish I knew before I went pro from a financial standpoint.
The essence of Saving
Not just saving money to save but saving for certain goals or more expensive payments or anything like that. How saving can make things easier, even a simple thing like saving money I made for appearances and use that for offseason spending like on a vacation or something.
Basics of Investing
ETFS, Mutual Funds, Stocks, Bonds, etc. there are many ways to invest. As I got older I started understanding the different characteristics each one had but initially I thought they fell into one spectrum. As I get more knowledgeable about investing it’s crazy to know how much I didn’t know and how much I can still learn!
Real Estate can be a great investing move if handled the right way. I wish I knew about the ins and outs of what goes into actually buying a home, whether it’s for me to personally live in or use a rental property or quick flip. There are many different things that take place when purchasing a home or condo, and the strenuous process can be overwhelming. Simple things like checking credit scores and qualifying for loans can take weeks at a time. I wish I knew a little bit more when getting into real estate.
I had always thought taxes were fairly straightforward. The government takes money from your paycheck and then you pay whatever else you owe when taxes are due. There are a lot of things you can learn about taxes. Whether it’s tax write offs, filing an extension, paying your taxes quarterly instead of all at one time, overpaying so you get a larger refund when tax season comes, I didn’t learn all this about taxes until I played in Canada. They handle their taxes a little bit differently and that helped me learn the different ways to go about your taxes.
Prioritizing Your Paycheck
I wish I knew how to prioritize my paycheck. Like knowing that every month I have my rent, my car lease, my insurance, my groceries, etc. and knowing that after each paycheck this amount would be coming out every month and then knowing how much money I have left for personal stuff. That would have helped me keep better track of my spending and budgeting knowing that every month my pay check is actually this much because of all the things I have to pay for and then going from there.
is a longtime veteran at the tender age of twenty four years old. Drafted as the youngest player in the 2010 draft as a first round pick after an illustrious youth national team career, McInerney has gone to amass over 150 appearances and 40 goals in his young career. He holds countless records for his goal scoring prowess.