11 seconds! That’s all it took for Hakan Sukur from Turkey to end a forty-year record for the fastest goal ever scored in world cup history. The match was against the host country South Korea in the 2002 world cup, but that didn’t stop the Turkish striker from slotting home the first goal seconds into the match and silencing the disbelieving crowd. 11 seconds! The record remains unbeaten to this day.
From the moment the whistle blows at the start of any game, there is only one thought in every experienced striker’s mind; how do I score? For them it’s never too early. In the investment world, it is no different. The earlier you start investing, the longer your money has time to grow. That way you can retire early and enjoy the fruits of your hard –earned labour. This is something Mike Tyson failed to do! Shooting into success early in his life with a career that earned him around $400million, Mike was busy being a bigger boy around town, spending instead of investing his millions, so much that by the time he hit 37, he was already declared bankrupt! Emmanuel Babayaro, David James, Marion Jones, the list goes on, successful sports men and women who failed to invest when the going was good are now on the sidelines, living on scraps.
Early good financial planning and investing is particularly crucial if you’re a sportsman or sportswoman, because of the average retirement age of 30-35 years, due to injuries, reduced fitness levels, aging etc. In comparison, other professionals like engineers, marketers, lawyers, doctors, etc. are just reaching the peak of their careers at around the same age of 40 to 41 years, so have a longer time to earn, invest and grow their money for retirement. A research conducted by the charity group Xpro in 2013, found that 40% of former footballers became bankrupt within five years of retiring.
As a sports person, your career starts a lot earlier, sometimes even while still in school, than other professional careers. It’s like earning what other professional careers will fetch you in 30 years of service and a lifetime of pension in just 15 years. That’s why you need to start investing from the first paycheck. Now while the saying holds true that the best time to start investing was yesterday, it‘s important not to feel rushed into making investments that you don’t fully understand. There are a whole range of investment possibilities out there, from the stock and bond markets, mutual funds, to exchange traded funds (ETFs), and so on. The key is to know what you want to invest and for how long.
At Meristem we can help by giving you expert advice on the best investment choice for you. Why not give us a call today on 0700-MERISTEM and let our KISS agents help you on your road to financial freedom.