Professional athletes need to have a plan for retirement. In most cases, once the playing days are over, we have no experience outside sport and a certain level of lifestyle we have gotten used to. Once the paychecks from our professional sport stop coming in, we need to have another source of income to cover our expenses. That is why, us athletes need to be investing for passive income during our sports career.
Not Having A Plan Can End In Disaster
An estimated 60% of NBA athletes are broke within 5 years of their career ending and 78% of NFL players face financial problems within 2 years of finishing their career. Those sad statistics show that it does now matter how much you make, if you do not have a financial plan in place and invest accordingly, you will be in a very difficult position soon after your retirement. Having similar expenses as during the playing career, and no income coming in will drain anyone’s finances quickly. No matter how much you might have made during the career. Athletes investing for passive income proactively deal with this problem by creating a source of income through their investments when they are still playing.
My Personal Plan
Following my personal investment plan every month and investing money in dividend paying stocks and REITs is my way to set me up financially for the end of my football playing days. Through investing in assets that pay me in cash regularly I will be able to cover my expenses through the income that my investments generate.
The reason why I invest in stocks for income and never want to sell a stock, is simple. I do not want to stress over stock price movements, I want good-quality companies to pay me in cash regularly for being an investor in their company. Therefore, to have a portfolio of great companies that pay investors dividends is my investment goal.
I will be able to live off that dividend income, and it does not require any further effort from me. That will give me the freedom to do things that I like – such as spending time with my family, enjoying my hobbies, helping other people etc.
Creating a source of growing passive income will help me to approach retirement from a position of strength. With my expenses covered by the dividend income that is growing year-over-year, I can look forward to the next chapter in my life with excitement.
Start investing for Your retirement TODAY!
