Sports people should invest early, wisely

The death of one of Kenya’s most decorated boxers, Philip Waruinge, last week once again brought to the fore the challenges that sports celebrities who have hit financial rock bottom face after retiring from their careers.

Waruinge was the first African boxer to win the coveted Val Barker trophy in the 1968 Olympic Games, but he lived a life of squalor in Nakuru after retiring even as the sport’s fraternity blamed the government for allegedly neglecting him despite the pride he brought to the country.

Granted, Waruinge is not alone. There have been many successful sports personalities who have represented Kenya in many international championships in the past, winning many medals and making a name — and sometimes fortune — for themselves especially when they go professional. The fate many of them suffer in old age, or after hanging their boots, brings into the fore the issue of savings, a front on which many high achieving sportsmen and women have fallen short.

As a rule, how the winning athletes use their financial winnings is a matter of personal choice. However, they need to carefully plan for their future financial security and especially when the money may not be rolling in steadily when they are past their prime. It has become the norm for some, athletes in particular, to jump into lavish lifestyles as soon as a financial windfall hits home, forgetting that there will be life after retirement.

One of the worst mistakes high-earning professional athletes make is to squander their paychecks and then, when the rain starts beating them, blame the government for abandoning them once they retire. To avoid such pitfalls, it is important that sports personalities be exposed to financial management advice so that they can build wealth they can enjoy into their old age.

While Kenyans take pride in the success of sports heroes when they are in their prime, it would certainly be in the best interest of our retired sports persons to use their earnings well instead of wrongly accusing the government of neglecting them despite bringing glory to the country. A sound financial plan can serve as a road map for heroes and heroines who brought pride to our country to live happily, productive and fulfilling lives even after they are no longer active in the sports arena.  They should also be exposed to professional training so that they can become coaches or managers, which will guarantee them continous income even after they retire from active competition. It has been done in other countries. It can be done here in Kenya as well.