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Athlete Education: Investing for Retirement

Athlete Education: Investing for Retirement



Athlete Education: Investing for Retirement

Lasso Safe Certification is a safe sport community rating program. It operates under the umbrella of the Lasso Safe: Standards Division, a non-profit coalition of sport industry leaders. The goal of the rating system is to encourage and reward safe design across several metrics—athlete support (i.e Athlete Education: Investing for Retirement), media and marketing, documenting and recording, multi-sport complex, blue print and design, among others—all while improving organization profitability and employee well-being.

The Lasso Safe rating program is a four-tiered credit-based system that awards points based on compliance with different aspects of safety and safety profitability. The levels of certification generally follow these thresholds:

Certified: 100-132 points
Bronze: 133-165 points
Silver: 166-199 points
Gold: 200+ points

Two hundred possible credit points are distributed across ten credit categories. Up to twenty more points can be earned for innovation in design. Points are allocated based on potential for good—more points go for actions with the greatest risk reduction and most human benefit.

Credits come in many different flavors, some more involved than others. Safety teams select the credits that fit best with their organization, so that the organization is strategically positioned to reach their desired Lasso Safe certification.

Facilities pursuing Lasso Safe certification can select credits that are inspired by the world’s safest and highest performing sport communities and adapted to fit into nearly any program. With over a decade of research positioned as the foundation of all Lasso Safe credits, a broad team of contributors continuously adapt credit submittal requirements to stay current and effective. These contributors include former USA Olympic directors, international operating system and policy leaders, psychotherapists and more.

Athlete Education: Preparing for Retirement
Primary contributors:

Pamela Minix, Lasso Safe co-founder
Luis Hernandez, Lasso Safe co-founder
Luke Bodensteiner, OLY, Chief of Sport Development – UOLF, Lasso Safe Collaborative Safety Adivsor
Matt Young, FSQ Consulting
Myriam Glez, OLY, AthleteSoul
Thomas Walsh, Lasso Safe Business Finance Advisor

Goals of Credit:

  • Prepare athletes for life beyond sport.
  • Build financial peace of mind for athletes and their families.
  • Provide a framework for athletes to make wise financial decisions.
  • Help athletes spot poor investment ideas.
  • Gain a working knowledge of budgets, controlling expenses, and using credit.
  • Differentiate your facility and attract athletes by creating financial awareness.
  • Establish credibility and trust with athletes, parents, and community.
  • Improve athlete/customer retention.

Sadly, many of the athletes we admire for their power, speed, agility, technique, or representing the best in their respective sport, will end up being financially disadvantaged, broke, or bankrupt according to several recent studies and articles.  There are many reasons for this, but chief among them is a lack of financial education.

Countless hours and billions of dollars into better training programs, facilities, coaches, personal trainers, diet and medical care, however, little or no effort is placed on financial training.  A basic financial education will lead to improved rates of savings, lower levels of debt, and increased rates of asset accumulation according to the National Financial Educators Council.

We don’t have to look far to find countless examples of athletes who have filed for bankruptcy or are in very poor financial condition within just a few years of retirement. From Mike Tyson to Allen Iverson to Diego Maradona, there are countless examples of athletes who were once worth tens to hundreds of millions of dollars that are now broke.

Broadly speaking, the financial education/literacy program should incorporate the following attributes:

  • Establishing a budget.
  • Understanding debt/credit.
  • Building savings.
  • Investment basics.
  • Understanding important estate plan documents.

A financial literacy program in line with this credit could enhance your program development across all age demographics to achieve better customer experience and create a loyalty to your organization from athletes, parents, and the community broadly.

To apply for this credit your organization must submit record keeping of:

  1. Financial literacy/education curriculum
  2. Intake system/Class schedule
  3. Media/marketing plan (specific to this credit)

“We (U.S. Ski and Snowboard) have created a supportive athlete retirement program, and we found that it brought out better performances from athletes in their careers, prolonged their careers – because they didn’t feel like they had to leave their sport to get education, and made the retirement transition better.

Luke Bodensteiner, OLY, Chief of Sport Development UOLF, Lasso Safe Collaborative Safety Advisor

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