5 months ago

In THE modern world, everyone needs money to survive.

But how much of it do you need? It seems that as soon as it’s made, it disappears into thin air.

As World Financial Planning Day approaches, many activities are set to take place across Mzansi to teach people how to make a better life with what they have.

SunMoney spoke to two former football players, Phil Masinga and Eugene Zwane, about the challenges they had when they were playing as young stars.

Masinga said: “ When I came to Joburg to play for Jomo Cosmos, I was only 17 years old. I was happy to play professionally but I my parents were far away and I had no guidance on how I should treat my money.

“My salary was R300 at first but the longer I played, the more money I made from both local and overseas clubs.

“It was while I was overseas for a few years that I learnt a few things – the most important thing being that African players didn’t have good financial management skills, unlike European players. 

“My problems started once I used my savings to open a business but it didn’t do well, and because I couldn’t get more money, I asked for advice to save and recover what I still had.

“The lessons I’ve learnt were a great help to me. This is why I want to help teach these financial skills to other young soccer players so that they don’t wake up too late after their wealth has disappeared like mist.

“It is important that other young soccer players get professional advice and not approach their friends on how to invest their money.”

The soccer legend was one of two former soccer stars who were guest speakers at the Big Drive 4 Financial Freedom initiative.
Masinga spoke on behalf of the International Organisation of Securities Commission World Investor Week, which ends on 8 October, and World Financial Planning Day, which is a Financial Planning Standards Board initiative that’s happening tomorrow. 

When asked as to what the media can do to correct this, Eugene Zwane, a former Orlando Pirates player, said: “I think the media at times make matters worse when players go bankrupt. They are quick to criticise the victim rather than understand his lack of education.”

The Financial Planning Institute offers its network of certified financial planners in a promotion of financial planning and education, across Mzansi, until 8 October. 

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