06/05/2026
Myles Garrett's Trade Is a Reminder That Wealth Isn't About What You Make—It's About What You Keep
When news broke that NFL superstar Myles Garrett was traded from Cleveland to Los Angeles, most people focused on the football implications.
As a an advisor, I immediately thought about something else:
Taxes.
Garrett's paycheck may remain enormous, but where that paycheck is earned can have a significant impact on how much of it he actually keeps.
And that's a lesson that applies far beyond professional athletes.
The Wrong Question
Most people focus on one number:
"How much did he sign for?"
Investors do the same thing.
They ask:
What's the return?
What's the yield?
How much did the stock go up?
How much income does the portfolio generate?
Those are important questions.
But they're often not the most important question.
The better question is:
How much do you keep after taxes?
A Million-Dollar Difference
California has one of the highest state income tax rates in the country. Ohio's rates are considerably lower.
For someone earning millions of dollars per year, a change in location can mean a massive difference in after-tax income.
The same principle applies to investors.
Two people can earn the exact same investment return and end up with dramatically different outcomes depending on how their investments are structured and taxed.
One investor focuses solely on returns.
The other focuses on after-tax returns.
Over time, the second investor often wins.
The Silent Performance Killer
Many investors obsess over finding an investment that can outperform by 1% or 2%.
At the same time, they ignore taxes that may be costing them far more than that every year.
Taxes are often one of the largest expenses investors will ever pay, yet they receive far less attention than market performance.
That's why tax planning is not a once-a-year activity.
It's a year-round wealth-building strategy.
Good Financial Planning Isn't Just Investment Planning
When people think of financial advisors, they often think about stocks, bonds, and portfolio performance.
But some of the most valuable conversations happen outside the investment portfolio.
Questions like:
Should I do a Roth conversion?
Which account should I withdraw from first in retirement?
How should I structure charitable giving?
When should I take Social Security?
How can I reduce future Required Minimum Distributions?
How do I position assets to create the most tax-efficient income stream?
These decisions can potentially save tens or hundreds of thousands of dollars over a lifetime.
The Real Scoreboard
Myles Garrett's trade is a reminder that earning more money doesn't automatically mean building more wealth.
Whether you're an NFL player, a business owner, an executive, or a retiree, the goal isn't simply to maximize income.
The goal is to maximize what stays in your pocket.
Because at the end of the day, wealth isn't measured by what you earn.
It's measured by what you keep.
nypost.com
