Super Eagles defender Ogbu highlights importance of financial planning for footballers

Super Eagles defender Igoh Ogbu has reiterated the necessity for Nigerian footballers to develop the behavior of saving and investing early of their careers, warning that top earnings can depart gamers financially susceptible in the event that they fail to organize for life after soccer.

The Slavia Prague centre-back mentioned younger gamers shouldn’t wait till they safe profitable contracts or be a part of huge European golf equipment earlier than studying tips on how to handle their cash.

In an interview with the American sports activities web site RG.org, the place he mentioned varied points, Ogbu mentioned he was involved that some footballers get carried away by their earnings and neglect to organize for retirement.

“A lot of footballers earn a lot of money and that makes them forget that they have to prepare for the rainy days,” he mentioned.

The 26-year-old suggested gamers to make saving and investing a precedence from the start of their skilled careers, regardless of how a lot they earn.

“You need to understand that the moment you come to Europe, the first thing you need to learn is to start saving and learn about investing. You have to invest,” he mentioned.

Ogbu additionally challenged the mindset amongst younger gamers that financial planning ought to start solely once they begin incomes substantial salaries.

“When I talk about investment, people say, ‘Oh, I haven’t been in a big club,’ but I want you to learn something when you have little, not when you have much. Because when you have much without having learned when you had little, you won’t be able to do much when you have much.”

He warned that anticipating common paydays may encourage gamers to spend with out contemplating the uncertainty of their careers.

“Nowadays, young players always think the next payday is too close — after a few trainings, I’m going to get another one,” he mentioned.

“This mentality is somehow bad. So when we get older, when we are playing, and it is time for us to leave the stage, we force our bodies to keep going because we are not ready to accept reality and tell ourselves, ‘Now it is time to let go.’ But a good farmer always saves seeds for the next season.”

Financial safety after soccer

Ogbu’s warning displays wider considerations about skilled footballers’ preparedness for life after retirement.

A 2021 survey printed by the worldwide gamers’ union, FIFPRO, discovered that 67 per cent of 282 energetic and retired footballers surveyed throughout 33 international locations had been uncertain about their profession paths after soccer. The survey additionally discovered that 54 per cent had obtained no help with planning for a second profession.

Research has additionally highlighted considerations about financial literacy amongst skilled footballers in Africa.

A 2023 research involving 300 skilled footballers in Ghana’s Premier League discovered low ranges of financial literacy and poor financial behaviour amongst respondents. The researchers recognized financial savings and funding habits as vital elements in attaining financial well-being.

Case research

Former Super Eagles defender Ben Iroha presents a sensible instance of how such preparation can form life after soccer. In an interview with PREMIUM TIMES, Iroha mentioned he started planning for retirement whereas he was nonetheless an energetic participant.

After Nigeria made its World Cup debut within the United States in 1994, Iroha recognized Dallas, Texas, as the town the place he wished to settle. He was impressed by the Nigerian group there and the assist the Super Eagles obtained throughout their opening match towards Bulgaria.

He purchased a home earlier than retiring and ultimately moved to Dallas along with his household, the place he established a spare components and automobile enterprise. According to Iroha, the transfer and the enterprise had been half of a plan he had mentioned along with his spouse lengthy earlier than he left skilled soccer.

His expertise has knowledgeable his recommendation to present gamers. While acknowledging that trendy footballers have higher entry to managers and financial advisers, Iroha warned that their revenue and way of life may change considerably after retirement.

“The money’s gonna go,” he mentioned, urging gamers to regulate their spending and spend money on property and different companies.

He additionally warned that letting spending rise alongside earnings may depart even top-level gamers bankrupt.

Ogbu, who joined Slavia Prague in January 2023 after spells with Norwegian golf equipment Levanger, Rosenborg, Sogndal and Lillestrøm, has made 87 appearances for the Czech membership throughout all competitions.