The passion athletes have for their sport is unparalleled and difficult to be replaced. Unfortunately, retirement from sport at a fairly young age is a reality in the lives of most athletes. If retirement from sport is voluntary, it means that the athlete may be rather prepared for life after sport. 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 age, may carry a number of negative side effects which include depression, addiction and suicidal tendencies. It is important for athletes to be prepared to deal with all the negative aspects of early retirement and create appropriate support systems which will help them maintain their mental, physical and financial health.
Through the Sports Financial Literacy Academy we want to help athletes overcome the hurdles of early retirement, get them retirement-ready, and give them the tools to smoothly transition to life after sport. Through our programs we prepare athletes to develop and implement a comprehensive retirement plan from the very beginning of their professional sports career and adjust it as they get close to the end of their career. Creating and implementing such a plan ensures both the emotional and financial stability of athletes in the long-term.
Entrepreneurship is a post sport career option chosen by a number of retired athletes. The decision to pursue entrepreneurship should not be taken lightly by athletes as entrepreneurship is not all ‘roses’. Many athletes see entrepreneurship as an exciting challenge with lucrative wealth generating prospects; and it is, if the athlete is someone who is a risk taker, likes to create, loves to work hard and does not mind being constantly out of their comfort zone. The truth is that the qualities athletes develop throughout their athletic career are similar to those required when setting up a business venture. An added advantage is that athletes usually have a large network which may very well serve as a target market for their prospective business ventures.
The Sports Financial Literacy Academy, through its courses, provides athletes with the necessary tools to help them decide whether entrepreneurship is the way forward and introduces them to the basics of successful entrepreneurship along with various entrepreneurial options.