Victoria StewartLandry Shamet is heading into one of the most uncertain summers of his professional life. After two seasons with the New York Knicks — averaging 9.3 points, 1.8 rebounds, and a sharp 39.2 percent from three-point range — the 28-year-old guard becomes an unrestricted free agent this offseason. A 15-point breakout performance against the Philadelphia 76ers in the Eastern Conference Semifinals reminded everyone of his value. Yet with OG Anunoby back healthy, Shamet's path back to New York is narrowing fast.
For millions of Canadian sports fans who follow the NBA closely, Shamet's situation is a reminder that professional sports careers are short, income is volatile, and the financial decisions made around career transitions can define an athlete's next thirty years.
The Short Window That Defines Long-Term Security
The average NBA career lasts fewer than five years. For role players — guards and forwards who provide shooting, depth, and versatility without commanding max contracts — that window can be even shorter. The National Basketball Players Association has long documented that a significant percentage of former NBA players experience financial hardship within five years of retirement.
Shamet earned approximately $8 million in the 2025-26 season. That figure sounds enormous until you account for agent fees (typically 3 to 4 percent), federal and state taxes across multiple jurisdictions, and the reality that another contract at similar value is never guaranteed.
Free agency is not a windfall — it is a test. And passing that test requires preparation that begins long before any team makes an offer.
1. Build Liquid Reserves Before Any Contract Is Signed
The first priority for any athlete approaching free agency is cash liquidity. Advisors who work with professional athletes consistently recommend maintaining twelve to twenty-four months of living expenses in accessible, low-risk accounts before negotiating any new contract.
The reasoning is straightforward: contract disputes can delay income by months. Injuries can terminate a deal before its first payment. Teams can make a player a low-ball offer that takes time to navigate. During any of these delays, an athlete without liquid reserves is forced into poor decisions — selling investments at a loss, borrowing against future income, or accepting an unfavourable contract out of financial pressure.
For Canadian families watching NBA free agency unfold this summer, the lesson applies directly. Whether your next income decision involves a job change, a mortgage renewal, or a career pivot, having accessible savings protects your negotiating position. A financial expert can help you calculate the right emergency reserve for your specific circumstances.
2. Diversify Income Beyond the Playing Contract
Role players who retire with lasting financial security typically share one trait: they built income streams that do not depend on the next contract.
For athletes of Shamet's calibre, this might mean real estate in markets where they have played, equity stakes in businesses or startups, index fund portfolios that compound over a 10-to-20-year horizon, or brand partnerships structured for long-term royalties rather than one-time payments.
Shamet's time in New York — one of the world's leading commercial cities — created business relationships that outlast any single contract. Whether he returns to the Knicks or signs elsewhere, the commercial relationships established in that market have durable value. A qualified wealth manager helps athletes convert those connections into lasting financial assets.
For Canadians building wealth outside professional sports, the principle is the same: no single income stream is reliable forever. A registered financial planner can help structure a portfolio that generates income across multiple sources — dividends, rental income, business equity — reducing your exposure to any one employer or market.
3. Navigate Multi-Jurisdiction Taxation With Professional Help
NBA players earn income in dozens of cities throughout a single season. Each state or province where a game is played can create a tax obligation under rules that tax professionals call "jock tax" provisions. A player who competes in California, New York, Texas, and Canada over the course of a season may owe taxes in every jurisdiction.
For Canadians who hold investments in the United States, operate businesses across provincial lines, or receive income from foreign sources, multi-jurisdiction taxation is equally complex. Capital gains treatment differs between Canada and the U.S. Withholding taxes apply to certain cross-border dividends and royalties. RRSP versus TFSA decisions carry long-term tax implications that compound over decades.
The Financial Consumer Agency of Canada recommends working with a licensed financial advisor whenever your financial situation involves multiple income sources, foreign assets, or significant life transitions. Verifying an advisor's credentials through your provincial regulator before signing any agreement is an essential first step.
4. Begin Planning for Life After the Last Game
The final and most important financial move for any professional athlete is planning for retirement as early as possible — not as late as possible. The conventional approach of "I'll think about retirement when I'm closer to it" is particularly dangerous for professional athletes, whose earning window is measured in seasons rather than decades.
Shamet, at 28, has likely five to ten productive seasons remaining at most. A wealth manager who specializes in professional athletes will build a retirement plan that begins today: modelling projected income across multiple contract scenarios, stress-testing those projections against market downturns, and establishing tax-advantaged structures that preserve as much of each dollar earned as possible.
For non-athletes in Canada, the same urgency applies. Compound growth rewards those who start early. A financial planner can build a retirement model tailored to your income, risk tolerance, and timeline — showing you exactly what actions today translate into what security tomorrow.
What a Wealth Manager Provides for Athletes and Everyday Canadians
A wealth manager who works with professional athletes brings together several specializations that overlap directly with the needs of any high-income professional: contract structure analysis, multi-jurisdiction tax optimization, estate planning for international families, and long-term retirement modelling.
For Canadians who are not professional athletes, the services are equivalent applied to different circumstances: mortgage strategy, TFSA and RRSP contribution optimization, college savings plans, and business succession planning for owners approaching retirement.
The gap between athletes who retire wealthy and those who do not is rarely about how much they earned. It is almost always about whether they had qualified professional guidance during the transitions that mattered most.
The Right Moment to Consult an Expert Is Before You Need One
Landry Shamet will have financial advisors and agents in the room when he signs his next contract. Most Canadians navigating equivalent transitions — a job change, an inheritance, a divorce, a business sale — do not. That gap in professional guidance is where costly mistakes happen.
Consulting a wealth management expert before a major financial decision is not a luxury reserved for professional athletes. It is a practical tool for any adult whose next financial choice will shape the following ten to twenty years of their life.
This article is for informational purposes only and does not constitute financial advice. Consult a licensed financial advisor or wealth manager for guidance tailored to your specific situation.
