Legends Siphiwe Tshabalala and Stanton Fredericks delve into the importance of financial literacy within South African football.
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The story
When it comes to South African football, excelling on the field isn't the sole focus. Financial literacy and wellness hold equal importance for current and former athletes as well as aspiring stars.
This year, as part of the Nedbank Cup (which concluded last Saturday), Nedbank addressing this critical issue, emphasizing the necessity of financial education for footballers.
In a recent round table discussion led by TikTok sensation Primo Baloyi, Kaizer Chiefs legends Stanton "Stiga" Fredericks and Siphiwe "Shabba" Tshabalala, alongside Linda Gcwabe, Nedbank's Strategic Relationship and Consumer Education Manager, delved into the unique financial challenges prevalent within the industry.
The conversation offered valuable insights into managing finances during and after a professional sports career.
The discussion commenced by highlighting the importance of young athletes striking a balance between lifestyle choices and long-term financial stability. Gcwabe stressed the necessity of creating wealth early, mentioning: "A personal budget is essential for managing all expenses, and it's crucial to enlist the guidance of a reputable financial planner."
According to the 2023 NedFinHealth Monitor Report, younger individuals exhibit better financial health compared to older counterparts, largely due to fewer financial commitments.
However, meticulous planning of monthly expenses is pivotal for achieving both short and long-term financial objectives.
Reflecting on his career, Shabba advised his younger self, saying: "You don't need to wait until you're earning substantial income to begin saving. Initiating investments early provides post-playing career options and ensures pension provision."
The conversation also addressed potential financial setbacks, such as inadequate long-term savings. A significant portion of South Africans lacks retirement annuities, a situation exacerbated for footballers whose careers often conclude in their mid-30s.
Stiga recounted a past mistake, emphasizing the importance of understanding budgets and saving: "One of the mistakes I made was taking out a policy that didn't align with the retirement age of footballers, which is 30. Therefore, understanding your budget and saving are crucial, especially since signing fees are heavily taxed."
Shabba shared some insights from his business investments, and underscored the importance of knowing how to deal with setbacks:
"Thinking that if you invest in a business means immediate profit is a misconception. A lack of knowledge can lead to setbacks. I managed to recover, but those were the good lessons for ensuring that other future businesses are a success."
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