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Month: September 2018

Structuring Wealth in view of Sports Retirement

Structuring Wealth in view of Sports Retirement

Being a young athlete, one could suggest that all you should care about is performing your best in the field – an utterly mistaken perception that can be the root of a financially unsuccessful life for professional athletes. At Money Smart Athlete, we say that financial planning and wealth management should be at the core of an athlete’s mind throughout their career. The average athlete has a career of about 10 years, depending on the sport they play, and assuming…

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Life after Sport: Identifying Your Passions outside of sport

Life after Sport: Identifying Your Passions outside of sport

  While professional athletes perform the job they love earning thousands and millions, when it’s time for them to retire they find it difficult to decide what to do next in terms of employment. They may transition their career to either being employed or to setting up their own business. As an athlete nearing retirement, any way you choose to proceed, you will need first to discover who you are outside of sport; and who you are outside of sport…

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The abrupt ending of a sports career – an athlete’s testimonial

The abrupt ending of a sports career – an athlete’s testimonial

Lunch time discussions when I was around 18, always revolved around my future career.  Decisively, I would argue that a suit was not in order; my life was in the gym, on the court in shorts.  “Come my 40th birthday, please ask me again”. At age 20, I was on top of the world; a “Monarch”, at Old Dominion University, Division 1 basketball program in the USA.  My first collegiate game, against then nationally ranked number 5 Stanford, was a…

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Planning for a Successful After Sports Career

Planning for a Successful After Sports Career

  Retirement is one of the few certainties you will face in your athletic career. Unfortunately, research shows that athletes are often unwilling to plan in advance for their post sport careers. The transition to a post sports career becomes even harder because most athletes don’t have any previous work experience in a full-time job and may have missed out on education due to their sporting commitments. In order to avoid suddenly finding yourself in deep water, you have to…

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The psychology of retiring from sport at a young age

The psychology of retiring from sport at a young age

  Professional athletes are considered to be by nature mentally tougher than other people, due to the hard work and devotion to their sport in their everyday life. Professional athletes have also dedicated their lives to sport and made personal sacrifices to pursue their athletic dreams. But what about when the time to retire comes? Can all these years of hard work be terminated without distressful reactions and psychological effects?  Retirement can be involuntary and voluntary. Involuntary retirement occurs when athletes have no choice in the matter, most likely due to age, or due to illness or injury. On the other hand, voluntary…

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September 2018 Editorial: The Money Smart Athlete’s Retirement from Sport

September 2018 Editorial: The Money Smart Athlete’s Retirement from Sport

1 September, 2018 The passion athletes have for their sport is unparalleled and hard to be replaced. Unfortunately, retirement from sport at a fairly young age is a reality in the lives of most athletes. And, if retirement is voluntary, it means that the athlete is rather prepared for his/her life after sports. In most cases though, retirement from sport is not voluntary and it is accompanied with many emotional and financial challenges. Retirement from sport, especially at a young…

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