Elite athletes receive confronting reality check on long-term financial security
The Wests Tigers may not be top of the NRL table right now, but at least the squad's finances are in order.
At least, that’s what leading non-bank lender Pepper Money had in mind at a masterclass hosted by chief executive Mario Rehayem (pictured, top) last Monday.
Stepping into the Wests Tigers’ Centre of Excellence in Concord, Rehayem delivered a workshop titled Mastering Money On and Off the Field.
Squad members learned about building long-term financial resilience and received expert tips on how to take control of their financial wellbeing.
Rehayem said he drew inspiration for the workshop after seeing many professional athletes, particularly NRL players, “earn substantial income only to squander it, ending their careers with little to show for their efforts”.
“Athletes dedicate their lives to physical performance, but what about financial performance? This session and our broader partnership is about supporting the players to succeed on and off the field,” he added.
Rehayem warned that many professional athletes face a steep financial drop-off once their contract ends. He encouraged players to “plan beyond your next contract – it’s just as important as your game plan”.
Just some of the many principles shared by Rehayem included:
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Start saving at least 10% of your income from the get go, and automate it “to avoid temptation”
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Consider investing in property as a long-term asset for financial stability
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Avoid lifestyle inflation and don’t build spending habits around temporary high earnings
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Choose your advisors carefully, including an experienced mortgage broker
“I’ve always thought my career will be there, but hearing this today made me realise how important it is to plan ahead and have the right professional team around me,” said Wests Tigers’ Sunia Turuva after the event.
Wests Tigers’ Jarred Haywood added: “It was confronting, but in the best way. I walked out thinking about my future, and how I can make smarter choices starting today.”
