Athletes at all levels prefer not to think about retirement. It’s easy to see why: These are exceptionally skilled individuals that display high levels of confidence and motivation. However, even the greatest have to retire at some point. Here are three things any athlete can start doing today to be better prepared when that moment comes.
All athletes should make it a point to improve their financial literacy. The time they invest on this endeavor can make a crucial difference in both the long and short term.
From sponsorships and advertisement deals to contracts and investments, finances are an important part of the career of any athlete. Taking the time to educate themselves or seeking advice from a trusted professional are two smart ways for athletes to stay ahead of the financial curve in their careers.
Cultivate Other Passions
In addition to paying attention to the financial side of their careers, athletes should also have an emotional plan for their retirement.
Sports can be all-consuming and extremely rewarding. Athletes may have difficulties trying to find activities that fill that emotional void after retirement. That’s why they should cultivate alternative passions even while they’re thriving on the field. The answer will vary from person to person but some options include:
- Journalism and communications
- Arts (painting, writing, photography)
- Business and entrepreneurship
- Academic pursuits
So far, we have seen how financial literacy helps athletes manage their money and how cultivating other passions helps cushion the emotional blow of retirement. Athletes can work on both aspects (financial and emotional) by making a conscious effort to foster personal connections.
On one hand, research suggests that strong interpersonal connections lead to a happier life, making it easier for athletes to deal with the psychological hurdles of retirement. On the other hand, the connections athletes make during their career can prove immensely helpful after retirement, be it as professional references, business partners, or providers of informed advice.
Empowering Individuals and Changing Lives
At New Tech Outreach we assist athletes at all levels and the public at large with counseling, coaching, life skills training, and financial education. We aim to change lives by empowering individuals to achieve the goals they have set for themselves.
We work with clients in Washington, Arizona, and all over the United States. Contact us today by email (email@example.com), telephone (202-412-4768), or through our social media accounts on Facebook and Instagram.