Develop a game plan while still on the field<\/h2>\n
Sustainability begins with asking what kind of lifestyle the athlete hopes to live when the game is over.<\/p>\n
\u201cTake time to really think about what you want from life \u2013 you should then work <\/span>backwards <\/span>from that goal making sure the investment and lifestyle choices made are aimed at achieving this,\u201d says Sandy Swinton, Head of Sports, Media and Entertainment at RBC Wealth Management in London. \u201cSome people may have ambitions to be a manager, pundit or go into business, everyone is <\/span>unique <\/span>but there is still the same planning methodology for everyone.\u201d<\/p>\n A solid, robust financial plan and an advisor are must haves.<\/p>\n \u201cSeek real wealth structuring and protection advice,\u201d he adds. \u201cOutline your goals \u2013 career, financial, family \u2013 and work with them to ensure the structures they deem suitable really meet your needs.\u201d<\/p>\n One element retiring pros often struggle with <\/span>is pay <\/span>control, says Williams.<\/p>\n \u201cThey are so focused on reaching their pinnacle performance that they put so many of their affairs into the hands of others \u2013 whether it be planning a trip abroad, their finances, hiring a car, buying a house, aspects of their wellbeing,\u201d he says.<\/p>\n It\u2019s club culture to take as much of the day-to-day <\/span>responsibilities off <\/span>the player so they can focus on performing at the highest level.<\/p>\n \u201cThat’s <\/span>great, <\/span>until you no longer have the support group of the club and you’ve been asked to make these important decisions on your own,\u201d he says.<\/p>\n That\u2019s where trust structures and insurance can prove invaluable ways to make a salary last, says Swinton.<\/p>\n \u201cBut they could also invest in property to provide further income and asset appreciation and protection,\u201d he adds. \u201cOnly earmark a portion of the disposable income to the athlete to play with, the rest should be set aside to protect the future.\u201d<\/p>\n While athletes have the luxury of earning a lot of money in a very short space of time, it does not follow that they should invest it in the same timeframe with a view to simply earning more, Swinton cautions. Careful planning and consideration of their goals, both personal and financial, should drive an athlete\u2019s strategy, Swinton adds, with careful consideration to a long-term view.<\/p>\n The spike in earning in their early <\/span>life, <\/span>can also lend itself to a slightly higher degree of risk. But investment should be thoughtful.<\/p>\n \u201cDon’t rush into an opportunity, you have all your life to invest in vehicles to make more <\/span>money <\/span>but this time <\/span>is <\/span>really <\/span>to invest in your career and seek advice to help protect and accumulate in a careful way,\u201d he adds.<\/p>\n As the support from the club and sponsors fades, athletes will need to look towards building a new team, one that can help them protect their finances.<\/p>\n \u201cEngage the services of an experienced wealth partner who will have seen it warts and all who has witnessed the good and the bad times and the volatility that characterizes most asset classes,\u201d he says.<\/p>\n Williams agrees, saying horror stories where athletes follow their teammates into bad investments or poor advice, are born out of a lack of their own due diligence.<\/p>\n \u201cThey need to think through investing prudently, seek the right kind of advice, and undertake their due research and intelligence,\u201d he adds. \u201cIt may cost some money, but it may save them.\u201d<\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Do a quick online search for \u201cfootballer\u201d and \u201cbankrupt\u201d and you\u2019ll find no shortage of multi-millionaire athletes who have played, earned and fallen on hard times in only a matter of years.<\/p>\n","protected":false},"author":18,"featured_media":1959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcbd_featured_desktop_image_position":"","rbcbd_featured_mobile_image_position":"","footnotes":"","jetpack_post_was_ever_published":false},"categories":[186],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[207,196],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-46586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","rbcwm_topic-education","rbcwm_topic-your-wealth"],"acf":{"rbc_ct_service":"","rbc_ct_theme":false,"rbc_ct_topic":false,"rbcwm_subtitle":"Do a quick online search for \u201cfootballer\u201d and \u201cbankrupt\u201d and you\u2019ll find no shortage of multi-millionaire athletes who have played, earned and fallen on hard times in only a matter of years.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"A good offense is a solid defense<\/h2>\n
Trade long shots for good shots<\/h2>\n
Stack your bench<\/h2>\n