Planning for Life after Sport
By Marianna Kazazi, The Sports Financial Literacy Academy, Nicosia, Cyprus
It is a well-known fact that the careers of elite athletes are relatively short compared with those of other professionals. For example, football players, on average, retire between the ages of 31 and 35, and reach their peak performances between the ages of 25 and 27.
The vexed question that then arises for athletes is what to do next?
For many athletes, stepping away from their sports marks the beginning of an entirely new journey. Years of dedication, intense training, and competitive success often define an athlete’s sense of purpose, making the transition into life after sports challenging. To make this change as smooth and fulfilling as possible, a thoughtful approach, encompassing financial stability, personal growth, and the development of new interests, is essential.
A successful transition often starts long before an athlete’s final competitive event. Although sports careers demand intense focus, it can be incredibly beneficial for athletes to explore potential passions and career paths early on. Education, workshops, and hands-on experience in different fields offer new skills and a broader perspective on future opportunities. Building a network outside the sports world also opens invaluable support and connections, making the process of entering a new professional sphere less daunting.
Financial security is crucial for life after sport. As mentioned, athletic careers tend to be shorter than those in other fields, which means that earning windows may be limited.
Partnering with financial experts, familiar with the nuances of athletic income patterns is key: these advisors can help create solid investment portfolios; balanced budgets; and income streams that ensure long-term financial stability. Establishing emergency funds and comprehensive insurance plans can further protect athletes from financial uncertainties, offering peace of mind as they navigate new terrains.
Redefining identity and purpose beyond sport can be one of the most profound aspects of the transition. Athletic achievements often form a central part of an athlete’s identity and moving beyond that can be quite challenging.
Many find fulfilment in roles in which they can inspire or lead others, such as mentoring or coaching. Others feel drawn to community work, philanthropic pursuits, or starting businesses that reflect their personal interests and values. For example, George Foreman, the former American professional boxer, became a successful entrepreneur and known for his George Foreman Grill, which he sold more than 100 million of them worldwide. He later sold the commercial rights to the Grill for the sum of US$138 million!
These new paths and roles not only foster personal growth but also serve as outlets for the skills and dedication that athletes have honed on the field of play.
One of an athlete’s greatest assets post-retirement, is their personal brand. Although their competitive sporting career may be at an end, their reputation and story carry lasting power. By strategically managing and promoting their brands, athletes can unlock new opportunities in business, media, or personal ventures. Authenticity, a clear message, and partnerships that align with their values allow athletes to extend their reach and create a legacy that resonates with fans and clients.
Ultimately, leaving sport does not mean an ending but rather the start of a new beginning filled with potential. With proactive planning, financial preparation, and a willingness to embrace change, athletes can craft a life after sport that is as rewarding as their time in their sport, filled with personal achievement, meaningful connections, and fresh opportunities.
In a nutshell, planning, combined with timely expert professional advice, is the name of the game!
For further information and advice, log onto: ‘www.moneysmartathlete.com’
