Get ready, young athletes and future stars! South African football legend Teko Modise recently sat down at the Ya Rona House to share some epic insights on handling your money like a pro. Even though he is not a financial expert, his journey from scoring goals to mastering money is packed with insights that can help you get your finances in check. Remember: always ask a qualified financial adviser to get the best advice tailored to your needs.
One fan asked Modise about strategies for managing debt and maintaining a positive credit score. Teko confessed:‘I struggled a lot with my credit score early in my career because I bought unnecessary things that affected it. But I learned to spend less and focus on paying off debts, whether it’s a credit card or a loan. Making sure you pay off your debts on time helps boost your credit score and keep you on track.’
When it comes to avoiding common pitfalls like overspending, his advice is simple: ‘Just save! Save, save, save money because we all know there will be a time when you have to retire. Keep it simple and keep saving.’
Reflecting on his football career and endorsement deals, he emphasised the importance of financial education for athletes. ‘It’s a tough one because most footballers have managers, so the expectation is for managers to educate footballers about their contracts. It is also important for footballers to learn as much as they can about their contracts because they are the product that needs to be delivered against these contracts. Knowing your value is essential – many footballers don’t know their worth, so they don’t get the best out of the deals they sign.’
Modise shared a game-changing lesson he learned about money: ‘Let your money work for you. Investing your money and letting it grow is key. That way, you don’t have to work every day or every hour. Even while you’re sleeping, your money is working and growing for you. I learned this later in life, and I wish I had known sooner.’
One of his biggest financial setbacks was owning three cars at once. ‘At some point,I had three cars that I didn’t need. It was a huge setback. Eventually, I sold the cars and realised I only needed one. My advice? Don’t fall into the trap of having a ‘weekend car’ or a ‘daily car’ – it’s not a good idea.’ Learning from his mistakes, he encourages young athletes to make smart, necessary purchases.
Wrapping up the session, he shared a nugget about the variety of financial solutions available, like those offered by Nedbank. ‘Not everyone will have the same financial solution. For example, Nedbank offers different options, like the Stokvel Account. If a stokvel member passes on, the family immediately gets R10 000. This is game-changing for members and their communities.’
Teko Modise might not be a qualified financial adviser, but his journey from financial missteps to becoming financiallysavvy shows how important it is to get smart about money. He encourages young South Africans to seek professional support from certified financial advisers to ensure they make the best decisions for their future.
His journey from the field to financial literacy is a testament to the power of learning and growing. With his guidance and the support of a qualified financial expert, you can take charge of your financial future and enjoy the rewards of your hard work, both on and off the field.
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