By Iacovos Iacovides, Contributor
Over the last six months, we have witnessed a feud between Cristiano Ronaldo and Manchester United’s management and ownership. Months of rumours about Ronaldo’s off-the-field behaviour and attitude towards teammates, managers, and club owners culminated in an explosive interview with British journalist Piers Morgan.
Cristiano Ronaldo
Ronaldo openly expressed his lack of respect for some current and former United managers and coaches. He also suggested the owners prioritize withdrawing money over investing in the club. The interview caused more chaos within the United locker room. Weeks earlier, Ronaldo invited Canadian psychologist Jordan Peterson to his house for a discussion. Peterson implied that Ronaldo struggles mentally. This is due to realizing his career is nearing its end, coinciding with personal tragedy.
Ronaldo played for the best clubs in the world, won every major trophy and accolade. Alongside Lionel Messi – is the best footballer in the history of the game. Unsurprisingly, he is also a multi-millionaire in spite of his athletic gifts. He is the owner of many successful businesses and will almost certainly not face any financial difficulties due to his retirement from football. It should also be mentioned that not only does he still compete at age 38, but he does so at the highest level, which is an achievement in itself. Still, we can safely say that Ronaldo has not been handling his imminent retirement gracefully – no matter whose side you are on. Now imagine how amplified all these feelings would be for someone who is forced to retire five or ten years earlier than the norm.
Retiring Early
There are several reasons why athletes retire early, with health/injury-related issues being the most common. However, there are occasions that force athletes to retire early, such as illegal or highly immoral and unethical off-field behaviour. We have yet to see the final chapter of the Mason Greenwood story, but early retirement is a distinct possibility. The list of early retirees includes Jack Wilshere. Once believed to have a bright future in front of him, but was forced into early retirement due to a string of injuries in his early 20s. The Chinese sensation Yao Ming was also forced to retire at age 30, just like numerous other promising young talents.
Financial and Mental Struggles
Athletes face a variety of struggles as a result of early retirement, but these can be categorized into two main areas: financial and mental. The first category is self-explanatory and relates to the relatively abrupt loss of income. Although most athletes have safety nets in place, such as insurance policies. The second area pertains to the mental impact of early retirement, which can emerge in various forms. Early retirement often comes with little or no adjustment period, which can be overwhelming.
Athletes’ Psychology
According to psychological literature, athletes, like many celebrities, associate and sometimes conflate their identity with their sport. Moreover, the loss of structure, routine, and discipline that they were previously accustomed to negatively impacts their everyday lives. Even the loss of the social aspects of sports, such as camaraderie with teammates, seems to affect athletes in a detrimental way.
To deal with the impact of early retirement, athletes could benefit from finding a therapist. Even if they do not feel like they are struggling, it is a good idea to find a psychologist to discuss life changes and emotions.
Social Environment
Additionally, athletes could open up to their family and social circle. Their social environment can be immensely helpful if they allow them in. Many people tend to close off when faced with difficulties, leading to friction with friends and family.
Other Interests
It would also be beneficial for athletes to pursue their other interests. Were they thinking about higher education, a start-up, or another enterprise? Now is the time. Without rushing and carefully considering their options, athletes can pursue other passions that help address the blow to their self-identity from early retirement. It also provides a replacement for the structure and discipline lost in their daily lives.
Most importantly, athletes should start early! As we stress on the MSA blog, athletes’ off-the-field enterprises and future plans should begin almost alongside their professional debut. By considering retirement from the start of their career and taking action on some of their ideas early, they will be better prepared when early retirement eventually becomes a reality.
The Money Smart Athlete® Blog is established and run by the Sports Financial Literacy Academy® (SFLA). Through its education programs, the SFLA has the vision to financially educate and empower athletes of all ages to become better people, not just better athletes. For more information on our courses, our SFLA Approved Trainer Program®, and how they can benefit you and your clients, please get in touch with us at [email protected].