According to a research by the Professional Players Federation, over half of the retired sportsmen experience financial difficulties at least five years after they quit the sports. Professional soccer players are among the group of people who earn a good amount of money. Thus the need for proper financial planning.
If you are an upcoming or a professional soccer player, you must have the requisite financial literacy. It will ensure that you are doing well in your in career and financially. Here are important financial tips you can apply to ensure your future is secure.
1.Practice Safe Borrowing
If you are an upcoming soccer player, you probably don’t have your finances together. If you must borrow, ensure you are utilizing the best and friendly financiers.
For instance, you can get a loan from the bank with the friendliest repayment terms. You can also consider loan on items such as car title loans, or any other valuable item.
2.Talk to Qualified Financial Advisors
Professional players, especially in soccer make large amounts of money within a short time. Sometimes the money goes away as quickly as it is earned. With unplanned spending, it might get hard for the soccer player to invest or account for their money wisely.
Therefore, you need the help of a qualified financial expert to help you plan for your money. The financial advisor will help you budget for your money, identify the best investment options, among other financial assistant.
3.Spend Less
A soccer player with a high income and little financial literacy might fall into the trap of spending large. Strike a balance between enjoying today while you save up for tomorrow.
Keep your todays spending to the minimum and keep away a larger proportion for the future. Track your spending every month and cut off all the unnecessary spending.
4. Choose Your Investments Wisely
The right investment option will keep your future financially secure even after your retirement from soccer. If you are not sure the best investment to place your money, talk to a good financial advisor to walk you through the best investment options you can venture.
The investment you choose depends your earnings. You should be able to live comfortably today as you focus on your soccer career while securing your future.
Diversify your assets and investment portfolio. It is risky to put all your money in one type of investment or assets.
5. Have an Accountability Partner
Another way you can have a healthy relationship with your finances is by having a partner who can help you account for all your spending. You can choose your most trusted financial advisor or anyone who genuinely cares for your financial well-being.
Having an accountability financial partner will help you stick to your budget, make wise financial decisions, and help you evade gross financial mistakes.
Final Thoughts
Soccer is one of the sports that pays the players quite well. However, due to poor planning or mismanagement of their earnings, a good number of players have nothing to show for it after retirement.
If you are an upcoming soccer player, you should have a healthy relationship with your finances for a secure future. Also, take notes from other successful players.