Times are proving to be tough for people the world over, especially at a time most economies are experiencing financial doldrums occasioned by the Covid-19 pandemic.
So dire is the situation that it has come to the attention of Athletics Kenya that some athletes have resorted to borrowing heavily from shylocks to sustain their lofty lifestyles.
The trend is quite worrying given a huge proportion of athletes have found themselves in a quagmire after losing personal properties worth millions of shillings in the process.
Indeed, shylocks are known the world over to reap big where they’ve not sown. Their interest rates are astronomical, to say the least, and most often than not, they end up retaining properties presented as collateral after owners fail to offset the enormous debts.
Kenyan sportspersons ought to familiarise themselves with the hidden clauses guiding such transactions and the resultant legalities arising from their activities with the shylocks.
The clauses are shrouded in mysterious technical languages whose pitfalls can only be understood best by people with a keen eye and those familiar with legal terms.
Athletics Kenya wishes to encourage athletes to desist completely from taking this precarious path which has financially debilitated a host of local athletes and literally brought them from grace to grass.
The best our celebrated athletes could do would be to invest their hard-earned finances wisely in profitable and income-generating enterprises.
Such a wise and timely move would help cushion them from any drastic turn of events brought about by natural disasters and economic downturns as witnessed in recent years.
We have over the years held seminars where we have invited experts in different spheres including finance and investment. It’s high time athletes started taking these seminars seriously and using the knowledge they acquire there to plan their future.
We highly commend athletes who have made great strides in establishing successful business ventures using the handsome cash incentives they earned after breaking a sweat on road and track. They definitely deserve a pat on the back for their exemplary act.
Indeed, there are many openings in the world of business that athletes can successfully pursue, including agriculture, the real estate industry, and the jua kali sectors.
We further recommend taking courses in business administration and management. Getting an education will go a long way in helping them broaden their perspectives on how best to utilize their vast resources.
They may also consult with AK who are in a better position to refer them to individuals with the requisite expertise to offer better insights on investment.
Should push come to shove, athletes should consider borrowing from conventional money lending institutions such as commercial banks and saving and credit cooperatives societies.