You might think athletes have it made: they play a game for their job, travel all over the world, live exciting lives and make boat loads of money. While all of this may or may not be true, they are still not excused from their fiscal responsibilities, including paying taxes. And just like the average Joe, they pay their fair share, without any break due to who they are.

To start, lets examine the average salaries for the four most popular sports in North America. An athlete in the NBA, NFL, MLB or NHL averages $5.5, $3.3, $2.4 and $1.9 million per year, respectively. That works out to an average $3.3 million per year for discussion’s sake. Since this figure is so large, athletes tend to fall into a higher tax bracket than the average worker, meaning they usually have to pay a higher percentage in taxes. In New York City, for example, they would have to pay a state tax rate of 8.97% versus 6.85% for anyone making between $20,000 and $200,000. They are also subjected to city taxes and federal taxes, all at a higher rate.

Of course, tax rates vary by city and state and some states don’t even require residents to pay income tax. Something to consider is that since athletes are constantly playing in places other than where they live, they also have to pay tax for all money earned there. However, most states allow that tax to count towards what you owe in your home state, so the two figures tend to cancel each other out. Endorsements and money earned from means other than playing should also be noted, and this amount is almost always taxed in the athlete’s home state.

One advantage athletes do have is that they are eligible for a lot of potential deductions. Everything from the fee they pay their agent to costs incurred due to training can be deducted come tax time .

In the end, athletes tend to do pretty well. They are subjected to a higher tax rate, but they are also eligible for some sizable deductions. One this is certain though, they are not afforded any loopholes because of how they make a living and pay taxes just like the rest of us.

It seems as though athletes and sports stars have not usually been associated with fashion. In fact, some people would argue that the world of sports often mixes strange wardrobes including odd styles. During recent years this trend has started to change with such people as Tiger Woods, Gabriela Sabatini, and Anna Kournikova being photographed in fine fashion. The two lady tennis stars have gathered a stable of fans due to their athleticism, modeling, and fashion sense. The golf star is often considered a fashion icon and he is usually seen in public looking like a male fashion model himself.

Football quarterback Tom Brady has been successful in combining fashion with financial gain. He has recently endorsed a fashion company. He had a GQ photo shoot which has all resulted in business and dollar signs. Others, such as British soccer star David Beckham embraces fashion “from the heart.” He has a fondness for fashion which has resulted in him designing a menswear line. The Miami Heat’s Dwyane Wade is proud and fashionable in his flawless Gucci and Louis Vuitton outfits.

Athletes from all area of sports are definitely becoming trendsetters and icons in the world of fashion. Once they leave their sport on the court or on the field they can be seen in famous name-brand three-piece suits or in t-shirts by a designer brand. Aside from Beckham there are other athletes who do designing as a sideline. Tennis great Venus Williams loves to design clothing as does tennis star Maria Sharapova.

Many sports stars and athletes are finding that stylish can pay big dividends. This is happening as a result of name brands sponsoring these giants for marketing. They are also seeing a change from the ’80′s and ’90′s when big jewelry, six-button suits, and other extreme wear proved to be more gangster than fashionable. Today there is a trend leaning toward preppy and tailored classic.

Today the world of sports has opened the door to fashion. Many athletes have walked through the door and either accepted an endorsement for monetary gain, or realized that dressing fashionably in designer clothes can offer a rewarding and worthwhile feeling. They understand that it is nice to appear in public, with thousands of adoring fans, looking as great as they can.

Las Vegas:

It should come as no surprise that a wide variety of athletes take off to Las Vegas when it’s time to get away from the grueling workout and game schedule for a bit or R&R. After all, who doesn’t enjoy a trip to Sin City, especially when you’ve got money to burn? Sports stars stay at a wide variety of Las Vegas’ exclusive, luxurious hotels, including the Bellagio, Venetian and Hard Rock, but one room at the Mark Cuban owned Palms Casino Resort has become a favorite among athletes; The Hardwood Suite. The Hardwood Suite is a 10,000 square-foot, two-story penthouse room that houses huge murphy beds long and big enough for NBA giants like Ron Artest, Carmelo Anthony and Shaquille O’Neal. The Hardwood Suite also features an in-room basketball court complete with scoreboard and, get this, optional cheerleaders, just in case a spirited pickup game breaks out.

St. Martin, French West Indies:

A popular vacation destination among professional athletes just looking for a bit of lavish relaxation, St. Martin in the French West Indies is a go to spot. Luxurious hotels that offer in-room spa services, private infinity pools that overlook the ocean, gourmet kitchens with on-call world class chefs and in-house fine dining spots abound in St. Martin. Race car driver Jeff Gordon, New Orleans Saints linebacker Jonathan Vilma and NBA superstars Elton Brand and LeBron James have all been spotted taking it easy in scenic St. Martin.

Miami:

LeBron James of the Miami Heat might want to get out of Miami when he isn’t on the court, but other superstars flock there when they get some downtime. Why wouldn’t they? Miami is home to some of the finest beaches in the world, a pleasant year round climate and some of the hottest nightspots in the world. South Beach is still Miami’s biggest draw, with the lush, modern Prime Hotel and its decadent, attached Prime One Twelve restaurant a major draw for celebrity athletes of all kinds.

An athlete’s job is physically challenging, so it is very important to take time out to relax and wind down during the off-season. During the off-season, some athletes enjoy spending much needed time reconnecting with family. Because athletes spend so much time away from home, off-season provides the perfect opportunity to play catch up. Quality time with the wife or significant other, children, parents and friends. Intimate dinners, playful pool parties, and summer barbeque makes for a relaxing time.
Although the season may be over, it is important for athletes to maintain a workout routine to keep them in shape. Many athletes continue to include exercise into their daily routine during off-season. This ensures that muscles are still being worked and stamina is being strengthened. For athletes who suffered injuries during the season, exercising during the off peak season is critical. Athletes must maintain their physical strength to be ready to perform when the season begins. Many athletes find that exercising helps to relieve stress and can be very relaxing.

Many professional athletes enjoy extravagant vacations during off-season. Since money is not an issue for most professional athletes, the sky is the limit. Athletes enjoy a variety of adventurous but relaxing vacations. Disney World is always a good way to let off some steam and a favorite vacation spot for athletes. It is something about Mickey Mouse, Donald Duck, and Goofy that tends to bring out the kid in everyone that visits this magical play land.

Other vacations include spending time on exotic beaches or private islands. The Caribbean islands are another great place that athletes enjoy a relaxing time during the off-season. Hawaii, Puerto Rico, and Cancun Mexico are other favorite places athletes like to travel. At these travel destinations, they enjoy the sandy white beaches, jet skiing, clear water, and rhythmic music.

For the athlete that does not want to sun bathe and swim with the dolphins, they choose a cooler spot to wind down in relax. Skiing in Colorado. Ivory white snow, cool fresh air, and cozy fires are super appealing to some athletes. The home like feel of vacationing in a private ski lodge with grand fireplaces, Jacuzzi tubs, and peaceful, quiet evenings. I truly understand why this would be a favorite spot to kick up your heels and enjoy time off away from the hustle and bustle. As in any job, down time is essential to rejuvenate your mind body and soul. Athletes must refresh them selves to be at maximum capacity during the season.

Even the lowest paid pro athletes make a lot of money. Though it must be said, their careers in pro sports are not that long, and they pay a lot of taxes. Depending on income and knowledge pro athletes invest money in different ways. The biggest advantage pro athletes have in their investments is their status, and the fact that they generally do not have to take huge risks, as their income is already very comfortable.

Some go the tried and true way, immediately after going pro. They hire someone to handle their investments for them. The adviser would invest on their behalf, buying stocks, penny stocks s, bonds, mutual funds, real estate, and many other things. This is helpful for someone with little knowledge in the investment world.

A lot of players invest in restaurants or nightclubs. This is because their name can make it instantly popular. Although, often, little more than the players money and name is attached to the establishment. Usually these investments are made by the more popular well known players.

Other players invest in business ventures, though usually as an “angel investor” meaning they have little say, but simply provide the capital. These ventures are usually something that interests them such as a clothing line. Again, other than the name attachment and money, they usually have very little to say about the day to day operations.

Sometimes during a players career, they invest and spend money like they will always be making their current income. This is rarely the case though unfortunately. Many athletes invest in poor business models, or invest in the business of friends who ultimately fail, costing the athlete possibly millions.

When players retire, this is where they generally invest in things that they can actively manage. This is because they have the time, and maturity to run their business. Some players invest in and run a business that becomes their second career. This is because most athletes of most major sports retire well before they are at a true retirement age.