10-STEP RETIREMENT SIMULATION for PROFESSIONAL ATHLETES

We are living in unprecedented times. Sports are at a standstill and Players are left wondering what they should do to let the time pass. For Professional Athletes, our current events should have Players think about what life will be like once their playing days are permanently over. It's never too late to think about those things.

So, putting on my Educator's cap, let’s roll through a simulation from a NBA Player perspective:

STEP 1 – OFFICIALLY RETIRE

Filing your retirement paperwork with the Union will make it official. You have signed a lot of documents in the past, but this one is significant. It's literally the first piece of closure in a series of changes, but with this document submitted, you can begin the next chapter in your life.

STEP 2 – OPTIONS

Did I save my money? (Why you always have to go the finance route Uncle Adonal?). Well – the answer to that question will play a huge part in the next steps of the process. Having significant savings for retirement has been my long-standing advice so let's go through this scenario as if a strong personal financial portfolio is in play.

STEP 3 – THE PROCESS

It is a process, something you have never experienced before. You’ve dedicated the past 20+ years to one sport, one cycle, one plan, and the next phase will be full of challenges. Seeing and acknowledging that this phase of your life is going to be very different is going to be helpful.

STEP 4 – GAME OVER

It’s over and the reality will slowly set in. You are good right now – the body may ache, but not too much. The mind still has the “Mamba Mentality” so you are still sharp. The closet is full of Nike and Team gear so you still look the part. Friends and Family are still living well, so they are fine. But take stock of what is around you. Professional Basketball is no more and your personal immediate domain is the area to focus on.

STEP 5 – EVALUATION

Start with a comprehensive list to get all your affairs in order. A stable foundation will be very helpful so focus on that part first. From there, identify interests or hobbies that can become pieces of the puzzle.

1. What do I like to do with my time?
2. What are my interests?
3. What are my goals?

All these are important elements of the evaluation process.

STEP 6 – WHAT TO DO?

You played at the highest level of your chosen Sport, so it’s a given that some opportunities develop to work in Basketball Operations, Coach, or do Media, but keep in mind, this area is not a given and often poses challenges. I personally recommend looking into areas that you can directly control. This could be starting your own business, consulting, writing books, or seeking a position outside of the Sports World.

STEP 7 – FORMULATE A PLAN

Write out a plan – make lists, and set goals. Talk to trusted advisors and former teammates to gain insights. You do not need to write a full-blown Business Plan (yet), so keep this simple and straight forward, All of this will help in both the process of leaving the game, but building genuine excitement for the next play ahead.

STEP 8 – KEEP BUSY!

I don’t’ care if it’s volunteering down at the YMCA, reading to the class at your kids school, or giving a free talk at the local Business Club – get out of the house, be seen, and be active! You are no longer relying on the League's schedule - you are now on a Team of your own!

STEP 9 – PREPARE FOR FAILURE

Unless you are a first-ballot Hall of Famer, chances are you are going to experience some challenges. Grand ideas may falter, investments may fail, best laid plans may not work out. You will get that “we regret to inform you, but we’ve decided to go with a more qualified candidate” for a dream job, people will stop taking your call, and unfortunately, some relationships will end – but being mentally prepared to take the lows in stride will ultimately lead to many brighter days.

STEP 10 – YOU’VE GO THIS!

Find excitement in the challenge – jump into the unknown. Following simple and basic steps – combined with utilizing the many strengths you inherently possess will give you the best chance to succeed as you enter this new phase in life!

I am pulling for you!

AF 31

My latest book “WINNING THE TRANSITION GAME” will be released later this year – make sure we stay connected as more of the project rolls out!