Players need to make sound future financial decisions
Consultant at Cricket South Africa, Johnny Philander says development players and coaches need to make sound financial decisions whilst at the peak and prime of their careers.
Philander was speaking at the Cricket South Africa and Limpopo Impala Cricket Union’s Coaching Framework and Academy Player Training Programme workshop held at Polokwane Cricket Club on Friday.
Most of the athletes go into retirement with empty pockets, broke and pinching pennies. To avert the inevitable, Philander says players and coaches alike need to set personal financial goals to secure their future. “Before you can begin setting goals and developing strategies to achieve them, it is important to understand where you are now.
The first step in creating your personal financial plan is determining your current financial situation.
Having a thorough understanding of your current financial situation will help you to formulate realistic and well informed goals.
Taking a detailed look at your situation may also help you identify changes you could make, to change the situation and help you achieve the goals you will create later in the planning process,” Philander says.
He told the players that when developing their goals, they must be sure to differentiate between necessities and wants.
“Establish priorities. Consider the nett worth you calculated in step one and realistically align your goals with your financial situation.
Be sure to prioritise your financial goals in order of importance to assist you later in the planning process.”
He further stated that when it comes to personal financial goals, many can be long-term.
“Paying off student loans, a new vehicle, or a home loan does not happen in a month or even a year. Retirement is an even longer term goal. When it comes to financial matters, planning can be of paramount importance. It is never too early to start planning.
In fact, the earlier you start, the sooner you will reach your goals,” concluded Philander.
