Siphiwe Tshabalala and Stanton Fredericks discussed the topic of financial literacy within South African football during a recent financial education panel discussion, moderated by Primo Baloyi.
Legends Siphiwe Tshabalala and Stanton Fredericks look at the importance of financial literacy in South African football.
Check it out!
Read: DStv Prem veteran reflects on Ronaldinho reunion
The story
When it comes to South African football, excelling on the pitch is not the only goal. Financial literacy and wellness are equally important to current and former athletes as well as aspiring stars.
This year, as part of the Nedbank Cup (which concluded last Saturday), Nedbank addressed this crucial issue, highlighting the need for financial education for footballers.
At a recent panel discussion led by TikTok sensation Primo Baloyi, Kaizer Chiefs legends Stanton “Stiga” Fredericks and Siphiwe “Shabba” Tshabalala, alongside Linda Gcwabe, head of strategic relations and consumer education at Nedbank, have delved into the unique financial challenges prevalent in the industry. .
The conversation offered valuable insights into managing finances during and after a professional sports career.
The discussion began by emphasizing the importance of young athletes balancing their lifestyle choices with long-term financial stability. Gcwabe emphasized the need to build wealth from the start, mentioning: “A personal budget is essential to manage all expenses, and seeking the advice of a reputable financial planner is crucial. »
According to the NedFinHealth Monitor 2023 report, younger people demonstrate better financial health than their older counterparts, largely due to fewer financial commitments.
However, careful planning of monthly expenses is essential to achieve short- and long-term financial goals.
Reflecting on his career, Shabba advised his youth: “You don’t need to wait until you have a substantial income to start saving. Starting early to invest provides career options after gaming and guarantees a pension of retirement.”
The conversation also touched on possible financial setbacks, such as insufficient long-term savings. A significant proportion of South Africans do not have a retirement pension, a situation exacerbated for footballers whose careers often end in their mid-30s.
Stiga recounted a past mistake, emphasizing the importance of understanding budgets and saving: “One of the mistakes I made was putting a policy in place that didn’t match the retirement age of footballers, which is 30. Therefore, understanding your budget and saving is crucial, especially as signing fees are heavily taxed.
Shabba shared some insights into his business investments and stressed the importance of knowing how to handle setbacks:
“Thinking that investing in a business means immediate profit is a misconception. A lack of knowledge can lead to setbacks. I managed to recover from it, but these are the right lessons to ensure the success of others future enterprises.”
Read: Modiba commits to supporting disadvantaged communities
Watch below:
Have your say…
Siphiwe Tshabalala and Stanton Fredericks discussed the topic of financial literacy within South African football during a recent financial education panel discussion, moderated by Primo Baloyi.
Siphiwe Tshabalala and Stanton Fredericks discussed the topic of financial literacy within South African football during a recent financial education panel discussion, moderated by Primo Baloyi.
you have to be CONNECTED to read and post comments.
