Retirement Planning: The Pro-Athlete Way

By BankBazaar | May 18, 2017

Do you love sports? 2017 has been a year of comebacks for so many of our favourite athletes across different sports. Whether it’s cricket, where Dhoni and Yuvraj built an incredible 256 run partnership in the second one-dayer in Cuttack, or tennis, where the legendary Roger Federer won the Australian Open 2017.

But, have you ever thought about how these great athletes manage their money and plan their retirement? No matter how rich or financially sound you are, retirement planning is something you shouldn’t skip.

This is precisely why even the greatest and richest people need to plan their financial moves right. There have been a number of instances where bad or non-existent retirement planning has left even the richest people broke by the time they hang up their boots.

Additional Reading: Spend It Like Beckham. 5 Things To Do If You’ve Got Money To Burn

Most of these pro athletes often reach big milestones and achieve great heights by their early 30s. Great success for them also comes with an increase in finances. This makes it extremely essential for them to get their financial game right.

One small mistake is enough to ruin their chances of a happy retirement. Most athletes prefer taking an early retirement because age does play a role in your performance on the field. That’s why it is imperative that they get their retirement plans in place since they have relatively less time on their hands as compared to someone with a nine-to-five job.

If you’re wondering how they manage all that money and plan for their retirement, you’ve come to the right place. There are a number of valuable financial lessons you can absorb from the way they plan their retirement. Here are a few:

Don’t Splurge

No matter how many zeros your salary slip has, always plan your expenses. It might make sense to pamper yourself once in a blue moon, but splurging for no reason every other day can hurt later.

Although you might not realise it now, splurging on unnecessary things (that you probably won’t even use) is only going to make things difficult for you in the future. More than a few athletes (at least the smart ones) tend to live within their means.

Sure they have enough money to buy that latest sports car in different colours, but more often than not they focus on other important things as well such as investing their money in stocks, shares or even real estate.

Additional Reading: Real Estate Investing 101

Make A Note Of Your Expenses

Maybe you have more money than you know what to do with. Even if you do, never forget to keep an account of all your expenses. It’ll save you a lot of trouble later when all those overwhelming Credit Card bills start to haunt you. You’ll know exactly where you spend your money and how much you spend.

Building a budget is not the difficult part; sticking to it is. There will be times when it’ll be more than difficult. Imagine finding that perfect camera you’ve been looking for all your life. The only problem is that it is slightly out of your budget. What do you do now? Break that Fixed Deposit or exhaust your savings on it or wait and save? The latter is definitely the better (and wiser) option. Include this in your budget and aim to save for it.

Once you’re done achieving that target, you can buy this dream gadget without burning a hole in your pocket (and without going on a guilt trip). Yes, curbing the temptation to get your hands on that camera will be slightly difficult, but with a proper plan in place, you will be able to motivate yourself.

Additional Reading: How Budgeting Can Transform Your Financial Life

Prepare Yourself Emotionally

While getting all your finances in place and making rock-solid financial plans for your future is important, it is equally important to prepare yourself emotionally.

Stepping into retirement may not be as easy as it sounds. No matter how interesting or adventurous your retirement plans are, make sure that your transition from a working professional to a retired person is as smooth as possible.

If you have all savings in place and you’re totally prepared to handle retirement from a financial standpoint, that’s great. However, ask yourself if you’re emotionally ready. Retired life is going to be totally different from your current lifestyle.

As you get older, the chances of falling sick increase as well. It simply means that you’ll need to spend more on your health. Getting a good Health Insurance policy now would be a great way to ensure a financially healthy future.

Additional Reading: Health Insurance Terms Explained

Focus On Profile Building   

Are you still looking for opportunities to land that dream job? Don’t worry. Perfect planning can help you get there as well.

In order to plan your retirement right and secure your finances, you need to keep a watch out for better-paying jobs. Instead of being stuck in the same role, it’s always better to sharpen your skill set. Top athletes, like football players for example, always look to move to bigger and better clubs. Never settle for less than what you think you can achieve.

Also, one of the most important things you need to be vigilant about is your social media presence. Companies nowadays tend to scan the social media profiles (yes Facebook and Instagram too) of prospective employees before hiring them. We’re sure you won’t want them to see negative posts where you’ve cribbed about an ex-boss, a bad company policy or just a super-drunk selfie from the New Year’s party.

Social media can make or break your reputation and kill your chances of getting that dream job, so keep that in mind.

Additional Reading: Financial Moves You Should Make A Few Years Before Retirement

Retirement planning is not an easy thing, we agree. But, with all these valuable lessons from your favourite athletes, it shouldn’t seem that difficult either.

However, there’s one tried and tested way of securing your financial future. You guessed it right—a Fixed Deposit. Check out the best rates and choose the one that suits you.

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