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.

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.

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.

One way that social media is incorporated into the sports world is by the thousands of sports blogs that players, teams and even fans create.  The following of a certain sites such as a baseball, basketball or football Giants blog could potential have more influence on an audience than any social networking site such as twitter or Faccebook.   Blogs are one way that sports have become social, social networking is another – and it’s a big one!

There are are a lot of creative ways for fans and organizations to get involved in sports by using social media outlets. Something that has really blown up in social media for sports followers during the last several years are fantasy leagues. Operating a fantasy league is simple and convenient, an example is how you can us the home page of a sports affiliated website to link it to a social media page. Although some social media sights won’t allow you to gamble, and give out money prizes, you can still league winners at the end of the season with other items such as tickets, merchandise and other prizes.

One great thing that you can do with social media advertising to sports fans that you can’t do with many other methods of promoting is time every little detail to the minute. you can’t plan a radio or television commercial specific to what is taking place however you are able to do a social networking update and discuss special information. Fans can log in to a social website at halftime or whenever they want throughout the game and you could even get people that see your page as unmissable game time material. It also doesn’t make a difference if it’s at the local or international level as avid sports followers are going to find a reliable page and continue to visit frequently and invite their friends increasing the fan base as well.

This is an innovative time for sports and social media as athletes, teams and sports organizations try to communicate more with the fan base, and those follows flock to the chance to engage with the players. Supporters will let their interests and reactions be heard and an explosion of social communication around the sports community will blossom like we’ve never seen before. The key element is how teams and organizations decide to encourage these interactions and take advantage of the emotional energy of their devoted fans. The future is certainly hopeful for sports and social media.

The first athlete is Dale Earnhardt. Earnhardt was truly loved by his fans. Earnhardt won seven NASCAR championships and won 76 races. He was considered one of the best drivers of NASCAR. Earnhardt was killed when his car struck a wall traveling at 180 miles per hour during the Daytona 500. Earnhardt was on his last lap. He was taken to the hospital where he was later pronounced dead from a basilar skull fracture.

Nick Adenhart was a young 22 year old pitcher for the Anaheim Angels. Adenhart participated in open season on April 8, 2009. Adenhart was involved in a car crash that evening, that later claimed his life. Two others perished with him. The teams Adenhart played with, Angels and Salt Lake Bees, cancelled the next few games after his death. Many tributes were made in Adenhart’s honor.

Reggie Lewis was the captain of the Boston Celtics during the years of 1987 to 1993. Lewis was the top scorer of the team. Lewis was diagnosed with cardiomyopathy, a disease that enlarges and weakens the heart. Cardiomyopathy makes it difficult for the heart to pump blood through out the body. Lewis had previously collapsed during a game while playing the Charlotte Hornets. Lewis was practicing during an off-season game when he collapsed from cardiac death.

Lorenzen Wright was a forward and center for many NBA teams. He played basketball from 1996 to 2009. Wright went missing in July 2010 after visiting his ex-wife’s home. A missing person’s report was filed by Wright’s family. In a wooded area, about 10 days later, Wright’s body was found. Wright’s cell phone record showed that he had made a call to 911 where gunshots could be heard in the background. Wright’s death was reported by police as a homicide.

Chris Henry was a football player for the Cincinnati Bengals. Henry was killed in a car accident on Dec. 16, 2009. He fell from the back of a moving pick-up truck. Henry died from blunt force trauma to his head.

These are only a few of the shocking deaths in sports.

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.

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.