Former Olympian Juliet Cuthbert-Flynn is encouraging athletes to learn about financial literacy early in their career to prepare themselves for life after athletics.
Speaking at the launch of the Drive Phase Podcast on Wednesday, October 9, the World Championship and Olympic medallist urged athletes to consider their future while at the heights of their career.
“You make some serious money in track and field through appearance fees but it is really how you balance because an injury can ruin your finances. You can be out for a long time so you have to keep that in mind. I also calculated, if I can’t run tomorrow, can I afford my mortgage if I get a 9 to 5 tomorrow and that’s how I made my financial decisions,” she explained.
“The money is fast and quick, but you can also lose it fast and quick”— Former Jamaican Olympian, Juliet Cuthbert-Flynn
Cuthbert-Flynn said athletes should identify financial instruments that they can invest in while at their peak.
“The money is fast and quick, but you can also lose it fast and quick. During my time, we didn’t have the major contracts so athletes at the time had to save. A lot of us learned to put our money away and invest, we would learn about stocks, and bonds, mutual funds. We also started looking about retirement and a pension fund because your time in track and field doesn’t last a lifetime,” she added.
According to Cuthbert-Flynn, due to her focus on being fiscally responsible while an active athlete, she was able to begin her entrepreneurial pursuit as the owner of Life Fit Training Centre debt-free.
“The money I saved helped me to start my own business so I bought my equipment for my gym with cash,” she said.
The athlete who represented Jamaica for more than a decade shared her life experiences at the launch of the sports-related podcast, The Drive Phase at the University of the West Indies, Mona on Wednesday, October 9.
“You make some serious money in track and field through appearance fees but it is really how you balance because an injury can ruin your finances.”— Former Jamaican Olympian, Juliet Cuthbert-Flynn
The podcast, which is hosted by Sports Administrator, Dalton Myers, is one of the first of its kind in the Caribbean which allows regional sports enthusiasts the opportunity to have greater insight into sports in the region, as well as international issues and trends affecting or contributing to the Caribbean sporting industry.