Celebs must score sound financial security

2010-12-02 10:14

News of the downfall of many of our heroes, models and celebrities fills me with infinite dismay.

The latest episode was reading about the circumstances of our gentle giant Jacob “Baby Jake” Matlala.

When I saw the headlines I thought the story would be about his state of health, after all the man has been through many a tough boxing battle.

What happened to Matlala’s wealth?

But his story is relevant to all our sports?and?entertainment?personalities. In South African soccer there are not many Shoes Moshoeus, Marks Maponyanes and Lucas Radebes to talk of. The Mahlathinis, Brenda Fassies, Ndaba Mhlongos and Sipho Mchunus of the music industry have as their legacy only their black skins and poverty. Yet these are people who have won numerous awards and gained ­recognition.

At the height of Phillip Ndou’s career a mutual friend referred me to him, and so I called him one afternoon. I introduced myself and told him the purpose of my call, which was to assist him with financial planning. Next thing I was talking to his trainer, who told me how well his brother, a financial planner, was taking care of the boxer.

Interestingly, it is the same trainer who was quoted in a recent article I read as saying that it was not his ­responsibility to look after the finances of the boxers, and that it was up to them to sort out their lives.

I agree with him on that, but this ­story now contains contradictions from the last time we spoke.

Financial security is about lifestyle planning, and lifestyle planning is ­creating a sustainable life for you and your dependants.

Careers in sport, music and entertainment are short-term with lots of potential for earning large sums. But you need to convert those lump sums into annuities to ensure an ­ongoing ­income and save for the rainy days.

It is time we all took control of our ­destinies by being prepared to pay for the services of professionals.

» Diale is a financial planner. He can be contacted on 078 775 0802

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