Professional basketball athlete Kiefer Ravena who plays for Yokohama B-Corsairs, recognizes the importance of financial discipline in both his career and personal life. Just as he carefully plans his moves on the court, he takes a strategic approach to managing his finances. Here are six practical tips from the athlete himself:
- How do you create a budget, keep track of income and expenses? Do you automate savings?
Kiefer: I try to write down my expense and chart them accordingly from ills, business, extra-curricular etc. It may not be exact but at least I have an estimate on how much I spend with how much I earn.
- How do you prioritize savings?
Kiefer: I prioritize savings with having an end goal of what i want to achieve 10-15 years down the road. It’s always easy to spend when you have high cash flow but as athletes, we know we can’t play forever.
- How do you avoid being an impulse shopper?
Kiefer: I try not to enter stores where I know I’ll but something impulsively. Haha. I just avoid them to not have a reason to buy.
- When dining out or entertaining family and friends, how do you spend your cash?
Kiefer: With family, I try to spend it on experiences instead of something material. Something I know we will always remember and talk about for a very long time. And I have a very small group of friends, and we always split whatever we order or get.
- How do you avoid credit card debt?
Kiefer: First, don’t get one if you know you don’t have control over your spendings. That’s the trap where a lot of people fall into. Second, put a cap on your credit card spendings. So, you don’t overlook your important expenses.
- What are your financial goals? How do you set financial goals?
Kiefer: Financial goals has always been “let your money earn money” if I could invest and earn compared to my workload then, that is the “Goal”.In addition to these smart money moves, having the right financial tools like Cocolife Flexi Protection can support long-term security. Cocolife Flexi Protection offers an investment and insurance plan, giving you to the freedom to design the protection plan based on your needs and goals. What’s more, this unique plan is an income protector too!
In conclusion, the athlete’s approach to financial management offers practical and valuable lessons for anyone. By prioritizing savings, tracking expenses, and tools like Cocolife Flexi Protection can further support your financial journey, combining investment benefits and protection coverage. To know more about Cocolife Flexi Protection, go to https://www.cocolife.com/products/individual-insurance/
