Injuries are an unfortunate reality of professional football. Even the most talented players can face career-ending injuries that can have a devastating impact on their finances. It’s crucial for footballers to plan ahead and take proactive steps to ensure financial security in case of injury.
The first thing to do is to understand your contract. Obviously, that’s something we can help significantly with, but things to check for include:
- Injury Clause: Review your contract carefully to understand the specific provisions related to injuries. Some contracts may include clauses that guarantee a certain level of income even if you’re unable to play.
- Insurance Coverage: Assess the insurance coverage provided by your club. This may include health insurance, disability insurance, and other relevant policies.
Financially, too, it’s important to plan ahead. Save and invest wisely, while the money is coming in, so that you have plenty left if a day comes when it doesn’t:
- Save Aggressively: Start saving as early as possible to build a substantial emergency fund. This fund can cover living expenses, medical bills, and other unexpected costs if you’re unable to earn income from football.
- Consider High-Yield Savings Accounts: Explore high-yield savings accounts or certificates of deposit (CDs) to earn interest on your savings while keeping your money easily accessible.
- Diversify Your Investments: Don’t put all your eggs in one basket. Invest in a diversified portfolio of assets, such as stocks, bonds, real estate, and commodities.
We can work with you to understand how best to look after your money. We can also help you explore alternative income streams and ensure you’re protecting the financial assets you currently have. You should also invest in your education to prepare for a career outside of football. This can include pursuing a degree or certification in a field that interests you. You should also build relationships with people in industries outside of football. Networking can help you identify potential career opportunities and expand your professional circle.
But, while that’s going on in the background, keep hold of what you’ve got:
- Business Ventures: Consider starting a business or investing in a business venture that can provide a steady income stream even if your football career ends.
- Media Opportunities: Leverage your fame and popularity to explore opportunities in media, such as television, radio, or writing.
- Coaching or Mentoring: Share your knowledge and experience by becoming a coach or mentor to young football players.
- Estate Planning: Ensure your assets are protected by creating a will, trust, or other estate planning documents. This will help safeguard your wealth for future generations, even if you’re no longer around.
- Intellectual Property: If you have created any intellectual property, such as a brand or logo, protect it with appropriate legal measures.
Seek mental health support and financial planning (we’re better at the latter than the former, to be honest), but the key is that by taking these proactive steps, footballers can increase their chances of financial security even if their playing careers are cut short due to injury.
Get in touch and let’s plan for the worst, while expecting the best, from your career.
