NEW LIFE AFTER SPORT!
It is a well-known fact that the careers of elite sportspersons are relatively short compared with those of other professionals.
For example, football players, on average, retire between the ages of 31 and 35, and reach their peak performances between the ages of 25 and 27.
The vexed question then is: what to do next?
For many, moving away from their sports marks the beginning of an entirely new and uncertain and also possibly risky journey.
Following years of dedication, intense training, and competitive success makes the transition into life after sport challenging, to say the least. To make this change as smooth and fulfilling as possible, careful consideration needs to be given to the need for:
- financial security;
- personal growth; and
- the development of new interests.
A successful transition starts long before sportspersons take part in their final competitive events. Although sports careers demand intense focus, and attention, it is advisable for sportspersons to explore potential passions and career paths early on in their sporting careers.
Education, workshops, and hands-on experience in different fields offer new skills and a broader perspective on future opportunities. Building a network outside the sports world also opens up invaluable support and connections, making the process of entering a new professional sphere less daunting and more successful.
Financial security is crucial for life after sport. As mentioned, sportspersons’ careers tend to be shorter than others, with earning windows, therefore, more limited. Setting up comprehensive insurance plans, for example, can contribute to financial security in the longer term.
Advice from financial experts, familiar with the nuances of sportspersons’ income patterns, is key. These advisers can facilitate:
- solid investment portfolios;
- balanced budgets; and
- income streams that ensure long-term financial stability.
By redefining identity and purpose beyond sport, sportspersons can find fulfilment in roles in which they can inspire or lead others, such as mentoring or coaching the next generation of sportspersons.
Others may feel drawn to community work, philanthropic pursuits, or starting businesses that reflect their personal interests and values.
For example, George Foreman, the former American professional boxer, became a successful entrepreneur and known for his George Foreman Grill, of which he sold more than 100 million worldwide. He later sold the commercial rights to the Grill for the sum of US$138 million!
One of a successful sportsperson’s most valuable assets post-retirement, is the sportsperson’s personal brand.
Although their competitive sporting careers may have come to an end, their reputation and story continue to carry lasting power and resonate with fans and clients.
For example, in 2018, the well-known English former footballer and England captain, David Beckham, launched his own fashion brand ‘House 99’, and has also established himself as a modern men’s style icon.
To leverage their well-earned personal brands after retiring from sport, sportspersons need expert legal advice, especially on protecting their intellectual property rights in them.
In a nutshell, planning, combined with timely expert professional financial, commercial and legal advice, is the name of the game for representing and assisting sportspersons in his/her life after sport!
We have a team of experienced financial, commercial and legal experts (see the details of our Team on our website at ‘www.vallon.ch’), who provide professional financial, commercial and legal advice and assistance to sportspersons contemplating a new life after sport.
For further information, contact us by email at ‘info@valloni.ch’