ProTouch Africa’s mid-week writing series in association with The Players NIL (Name, Image and Likeness) is designed to empower athletes to take control of their image in a way that will benefit their career. Not only is our team committed to the development of African athletes but we are working closely with The Players NIL to make their course more applicable to the African context.
The ‘Empowering Athletes’ series returns with an in depth look at the fifth pillar of The Players NIL course; the importance of financial literacy.
Financial literacy is a vital cornerstone of personal development that empowers African individuals to make informed decisions about their money. It encompasses a range of crucial aspects, including shaping a healthy money mindset, managing credit effectively, being aware of debt, preventing fraud, budgeting wisely, embracing savings, and making sound investment choices.
The journey toward financial success begins with cultivating a strong money mindset. This involves shedding outdated beliefs and societal pressures and defining personal financial aspirations. Recognize that attaining financial stability demands diligence, persistence, and astute decision-making. Moreover, credit management holds immense importance. Strive to minimize reliance on credit cards, maintain a credit utilization ratio under 30%, and view borrowing as a calculated step.
Guarding against fraud is essential in the digital era. Stay vigilant against phishing scams, online fraud, and identity theft. Regularly monitor financial accounts, adopt secure online practices, and promptly report suspicious activity. Grasp the various types of taxes, such as income, value-added, property, and capital gains. Construct a budget that aligns with financial goals, fostering responsible spending habits and prudent savings practices.
A solid financial foundation entails cultivating savings habits and making informed investment decisions. Create an emergency fund to cater to unforeseen expenses and teach a routine of saving a portion of income. Educate yourself about diverse investment opportunities like stocks, bonds, mutual funds, and real estate. It might be beneficial to seek guidance from a financial advisor who has your best interests and understands your unique objectives.
Financial literacy is an ongoing journey necessitating continual learning and adaptation. By nurturing a positive money mindset, responsibly handling credit and debt, safeguarding against fraud, comprehending tax implications, crafting effective budgets, and making well-informed investment choices, you can chart a course for a secure financial future. Remember, financial literacy is a vital foundation for realizing personal and professional.
Source Credit: Wada
ABOUT PROTOUCH AFRICA
PROTOUCH AFRICA is a purpose-driven and for-profit Sports Tech, business founded in 2016 with the purpose to enable African Athletes to perform on the World Stage. It is pioneering new ways for fans to interact and engage with their favourite teams, leagues and athletes and enable alternative revenue streams.
ProTouch Africa’s Podium Pursuit Project is focused on creating a transparent and sustainable funding mechanism for the next generation of African Athletes. Its vision is to launch the World’s first fan-owned impact investment platform for African Athletes, by assembling an ecosystem of top-performing athletes, their fans and the brands that support them.
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